FHA and HUD may drop your Credit Score, Careful!

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New FHA guidelines, that start on April 1st, may hurt your credit scores!!  New FHA guidelines will require any home buyer that has collection accounts that total over $1000.00 to payoff the accounts or start a repayment plan and have at least a 3 month payment history on the repayment plan.  AND, this includes medical collection accounts which were often "ok" when it came to a mortgage application.

Unfortunately, if you payoff a collection account or start a repayment plan, your credit score is going to drop like heavy brick.  This is a very tricky situation for homebuyers to work thru and getting proper guidance is key.  Also important, if you plan to get into the home market... get your credit analyzed NOW, even if you aren't getting into the market for several months.  The more time you have to work on collection accounts, the more options you will have available.

If you are in the position of having collection accounts that total more than 1000 and want to buy a home... make sure you get professional credit advice.

Ken Pederson
FAIRWAY Independent Mortgage
Mortgage broker in Lancaster
nmls: 134943

FAIRWAY PA is Hiring...

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We have several positions open and available... If you are interested in any of these positions, please submit your resume and cover letter via email to us at kenp@fairwaymc.com

1. Mortgage Loan Officers  (Experience is required)
2. Production Assistants  (Experience as a Loan Officer, Processor or Underwriter is preferred)
3. PT Administrative Assistant  (Experience required)

If you know someone that might be interested, please forward this accordingly.
Equal Opportunity Employer

FAIRWAY Independent Mortgage Corp.
3008 Columbia Avenue
Lancaster, PA
Mortgages in PA
717-431-9299

Win a book... Answer this weeks trivia question

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OK, answer the trivia question below and your name will go into a drawing for one of our "Book of The Week" give-aways.

Q: Who am I?  I played 11 of 14 seasons with the LA Rams and while only a 14th round pick, I played in 8 Pro Bowls and was a member of the "Fearsome Foursome".

Send your answer to info@fairwaymc.com and we'll contact the winner later on Friday.  Thanks for playing trivia!

Mortgage Lender in Lancaster, PA?

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Are you looking for a Mortgage Lender in Lancaster?  Look no farther than FAIRWAY Independent Mortgage Corp.  FAIRWAY is a nationwide, Mortgage Banking Firm that specializes in helping people make sound financial decisions with their home purchase and refinancing.  Mortgage Lender in PA.
FHA, Conventional, USDA/Rural Housing, VA (Military Mortgage Specialist) and JUMBO loans are all available...

Buying a home or thinking of refinancing... Call us at 717-431-9299 and we can help you to purchase a home in Lancaster or surrounding areas.  

Where to get a Reverse Mortgage?

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With the "big three" (Wells Fargo, BOA and Met Life) getting out of the Reverse Mortgage business, where does a senior go?  Right to FAIRWAY Independent Mortgage Corp.  We work with several of the leading RM lenders in the US and are able to help our clients with the right product that fits them.

Reverse Mortgages in Lancaster or any part of PA, we can help.

717-431-9299 and ask for Dennis if you would like to discuss a Reverse Mortgage.   

WIN... Opening Night Tix to Lancaster Barnstormers

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Want to win two tickets to the Barnstormers Opening Night Game at Home?  Just answer the question below, correctly, and you will be entered into our contest.  Winner to be announced at 4:30PM on Friday.

Question:  Name this dog breed:
1. Originally bred for work and hunting.
2. The male is often a better pet than a female?  (hmmm)
3. They have been known to pick up objects with their paws.  (do you know yet?)
4. They are hypo-allegenic and not likely to cause allergenic reactions.
5. Typically ranked 2nd on the list of most intelligent dogs?

OK, name that breed and send your answer to info@fairwaypa.com

6. Need one more clue?  Their breed name means... "to splash in the water" in a foreign language.

Looking for a HARP 2 refinance?

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First, what is a HARP 2 refinance?  HARP 2 is an "add-on" to a refinance program that started in 2011.  HARP 2 has created leeway in the refinance program for most conventional loans to refinance, even if the borrower and/or property do not qualify under some guidelines.  This "leeway" or flexibility is going to allow many more home owners who could not refinance before, to take advantage of the low mortgage rates and save some money on their refinance.  Not enough space to go into full details here, however, here are some guidelines:
1. An appraisal may not be required saving money and giving some homeowners the ability to refinance, even if their mortgage has a higher balance than the home is worth.
2. Lower than normal credit scores for qualifying guidelines, but a clean 6 to 12 month payment history on the mortgage is required.
3. Very flexible qualifying ratios for debt and payment to income.
4. Home loan must have been purchased by Fannie Mae or Freddie Mac prior to June 1 of 2009.

The first step is to find out if your mortgage is owned by Fannie Mae (FNMA) or Freddie Mac (FHLMC).  And even if you make your payments to a bank or service company, your mortgage may still be owned by FNMA or FHLMC.
      A. Fannie LookUp
      B.  Freddie LookUp
Once you get this clarified, then get your mortgage statement and call FAIRWAY at 717-431-9299.  We may be able to help you with a HARP 2 refinance.  More importantly, if we can't help you, we'll guide you accordingly.   For a HARP 2 lender in Lancaster and/or PA... call us at 717-431-9299.  Fully licensed Mortgage Banking Firm.