Alaska

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!

With spiraling fuel costs putting many Interior Alaska families in the unenviable position of having to choose between food or heat, the Governor and Legislature have decided to take action.

While it can't be described as a perfect solution... I'm not even sure one exists… the Governor and Legislature have made a step in the right direction. With fuel costs among the highest in the nation and winter fast approaching, participating Alaskan's can expect to see an additional $1,200 "resource rebate" included with their Alaska Permanent Fund Dividend this year. This one-time energy relief payout from the state treasury is the product of an energy relief package the Legislature passed two weeks ago.

While the amount of the 2008 PFD hasn't been announced yet, it's widely expected to be in the $2,100 range, per person. With the added resource rebate, each qualifying Alaskan will receive approximately $3,300. This will certainly be a help for those folks who are feeling the pinch from higher energy prices.

Rather than wait for the traditional early October disbursement, Governor Palin announced today the first round of checks would be deposited beginning September 12th. Those who signed up for direct deposit will begin receiving their checks in the first round followed by those receiving a check in the mail.

To be eligible for a PFD, you must have been an Alaska resident for the entire calendar year preceding the date you apply for a divide and intend to remain an Alaska resident indefinitely at the time you apply for a dividend. Unfortunately this will exclude some members of the armed forces stationed at Eielson Air Force Base and Fort Wainwright as many are new to Alaska. The men and women of the Army and Air Force who have met the eligibility requirements (and have applied) will receive a permanent fund dividend check. Read the eligibility requirements.

If you're in the military, to be eligible to receive a 2008 PFD check, you'll need to...

* have arrived in Alaska before January 1, 2007.

* Obtain an Alaska drivers license, register to vote, register a vehicle or sign a lease for off-post housing (or purchase a home). In other words, become part of the community.

* Maintain your Alaskan residency at all times during the qualifying year and intend to remain an Alaskan resident indefinitely.

* Claim Alaska as your state of legal residence with the military before January 1st of the year before the qualifying year.

Have specific questions? Contact your local Permanent Fund Dividend office:

Elizabeth Ladewig 616 E Street Anchorage, Alaska 99501 Phone: (907) 269-0370 Phone: (907) 269-0370

Fairbanks Marjorie Marlow 1005 Cushman Street Fairbanks, Alaska 99701 Phone: (907) 451-2820 Fax: (907) 451-5142

Skyler Lashley 333 Willoughby Avenue Juneau, Alaska 99811-0461 Phone: (907) 465-2326 Fax: (907) 465-3470

---

Thinking about buying or selling real estate in Fairbanks or Interior Alaska? We know Fairbanks real estate – Jesse and Kathy are your local Fairbanks real estate experts. Search Fairbanks homes for sale, sign up for free new listing notifications, view Fairbanks market statistics or browse our virtual relocation package. Have questions? Contact us online or call us at (907) 699-6024. We would love to hear from you.

Alright, we put up with the frigid winter temps, the slick icy roads and the diminished daylight for the majority of the year so we can have warm, dry arctic desert summers. I don't know where our summer went this year but it certainly won't be described as warm and dry. First came the incessent rain followed, of course by flooding and now the national weather service is telling us to prepare for the first frost of the season. Truly?

Sorry to disappoint you egghead weather folks, but we've already crossed that disgusting weather bridge. The photo below was taken two weeks ago at about 7:30AM. That white stuff you see across what was my green lawn... yep, you guessed it. Frost on the pumpkin.

One report tonight suggested we could see temps drop as low as the mid 20's. Break out the electric blankets and get me a cup of hot buttered rum. Mother Nature is off her meds. Stay warm, ya'll. Now where are my electric socks?

Former Fairbanksan and UAF multiple national champion, Matt Emmons, has won the Silver in the 50 meter prone rifle event in Beijing. Emmons won the Gold for the same event at the 2004 Summer Olympics.

Together with his wife, Olympic sport shooting champion Kateřina Kůrková of the Czech Republic, they now hold five Olympic medals.

Congratulations Matt & Katerina on a job very well done!

---

Thinking about buying or selling real estate in Fairbanks or Interior Alaska? We know Fairbanks real estate – Jesse and Kathy are your local Fairbanks real estate experts. Search Fairbanks homes for sale, sign up for free new listing notifications, view Fairbanks market statistics or browse our virtual relocation package. Have questions? Contact us online or call us at (907) 699-6024. We would love to hear from you.

Photo courtesy of Tzatziki

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.