About Anchorage County, AK

This week marks the last chance you will have to experience and enjoy one of Anchorage's outstanding events. There is nothing as beautiful as an Alaskan summer in Anchorage with its vibrant colors, warm sun, amazing scenic wonders, and its special festivities.

One of our man-made wonders is about to close its doors for another season. I am sorry to see it go but am looking forward to next spring when the Anchorage Market and Festival will return again with its excitement, fun, entertainment and wonderful foods.

The Anchorage Market and Festival is one of the largest and most successful open-air markets in the nation. This year marked the 16th and most successful season for the Anchorage Market and Festival. In 1992, the market opened with about two dozen merchants, which has grown to over 400 vendors and 314 booths.

The Anchorage Market and Festival offers everything from its own Alaska section which features Alaskan grown produce and food products to foods from around the world. Alaskan artisans also present their works of art and handmade crafts.

The Market is more than just food and crafts it is shopping, dinning and entertainment. You can dine as you shop and with 36 food booths there is a wide variety of cuisine selections. While shopping and dinning you can also enjoy a some wonderful performances by street entertainers (locally, known as buskers) along with special performances presented near the headquarters area.

The Anchorage Market and Festival has become a destination event for Alaskans and visitors alike with over 30,000 attending each week. The numbers reflect those who come back again and again to enjoy the ambiance and the many offering of all the vendors.

By the way, the market is open for 18 weeks with over 30,000 attending each week that makes a total of 540,000 visitors. Considering that the number of those living in Anchorage is about 300,000 that is rather impressive don't you think?

Unfortunately, this is not a year long event and must come to an end. September 7 will be our last day to enjoy all the wonderful offering to be had; so hurry - your last chance is upon you.

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Watch the Market Video!

The old song "Meet Me At The Fair" is quite apt for Alaskans and visitors to the area this week. This is the final week for the Alaska State Fair, which ends September 1^st.

There is nothing that has the same energy as a State Fair. The Alaska State Fair is no exception to the rule. This year's fair should prove to be the largest and grandest fair of them all, as we celebrate our 50^th year of statehood.

Our State Fair celebrates all that is Alaska and is conveniently located just outside of Anchorage on the beautiful scenic Glenn Highway. The Alaska Railroad will provide transportation by bus and train making it easy for everyone to attend.

When you get to the fair, be sure to visit the Craftsman House with its "Wild Salmon On Parade" exhibit. Alaskan artisans will be displaying sculptures representing our state's magnificent salmon. This is absolutely a must see! (Hours: noon - 8 pm). This exhibit is only one of the many free attractions that will be included with your fair admission.

Of Course, there is no way that I can tell you about all the exhibits, concerts, contests and events that will be featured at this year's fair. The schedule is "chuck full" of things to see and do; so be sure to check it out.

So, come one and come all (Louie, too) for a fun filled day at the Alaska State Fair!

Credit scores have always been important, no matter what a person was buying. They are more important now than ever; especially to someone considering a home purchase.

A recent study has shown that most people do not understand how credit scores are determined or how they affect them.

Credit Scores can save you money or cost you money. High credit scores can earn lower interest rates on some purchases while low credit scores may raise your interest rate dramatically or have the purchased denied.

It is no secret that the mortgage industry has tighten their lending guidelines considerably and credit scores will affect your ability to purchase more now than ever. However, your credit score is not the only factor a lender looks at when you apply for a mortgage loan.

Factors:

• Documentation
• Credit scores
• Debt-to-Income Ratios
• Risk-based Financing

Documentation: It is very important that you keep good financial records. Credit reports are not always correct. Be sure to keep receipts and documentation. You will need copies of at least two year's income tax records when applying for a mortgage loan.

Credit Scores: A credit score is more than just a payment history that affects about 35% of your total score. Your debt ratio also contributes highly to your total score by about 30%. Recent purchases also affect your total score (10%). The length of time of you have had credit is another factor (15%). Miscellaneous factors make up the final 10%. Credit scores range from 300 - 850. Most people fall in the 620 - 700 category. Those with credit scores of 700 and higher are considered to be strong borrowers, while anyone below 600 is considered to be a high risk borrower.

Debt-to-Income ratios: Mortgage lenders also take into consideration how much debt you owe in relation to how much you earn (gross earnings). This is called font-end ratios (house payment/gross income) and back-end ratios (other debt/gross income).

Risk-Based Financing: Although risk-based (paying certain fees or higher interest rates depending on your credit score) financing is nothing new, risk-based financing is not a new thing to the mortgage industry either. However, it is a new thing for FHA, Fannie Mae and Freddie Mac. FHA has recently implemented a new policy in which the mortgage insurance premium, paid by a borrower, is determined by their credit score. Beginning November 2009, Fannie Mae and Freddie Mac will be basing their loan fees on credit scores and loan-to-value ratios.

If you are considering a home purchase, it would be wise for you to consult with a lender as soon as possible. A skilled mortgage professional will be able to determine how current guidelines and the new risk-based pricing will affect your purchasing power as well as which loan product would be most advantageous to you.

Every borrower's situation is different. Do not make the mistake of assuming you can or cannot purchase a home.