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Toss Your Credit Score a Lifeline!

FICO has a new website where you can get advise about how to improve your scores and how they affect the quality and types of loans you are offered.
The website has a great tool to show you how your APR is affected by your credit scores, how your credit cards offers change, and calculators for loan costs.

Changes to Condo Financing

FHA is now introducing a new program for qualifying condos for FHA loans called DELRAP. This could reduce the hassles condo owners are experiencing when trying to sell by making it easier for buyers to get a loan.

DELRAP stands for Direct Endorsement Lender Review and Approval Process. As of October first DELRAP will be the (primary) way that condominiums will be approved for FHA. It may no longer take months for the FHA to review paperwork on a condo association in order to establish it on the “FHA Approved” list for lending.