Friday, June 23, 2017

How long to wait after BK, short sale and what are the credit bureaus doing now?

BIG(?) changes to credit reporting coming on July 1st
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BIG(?) changes to credit reporting coming on July 1st

 

 

 

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Hi Kens, 
Happy Friday!!  
A pretty common question we get is... how long do I have to wait until I can buy a home?  This question coming from buyers that have filed bankruptcies, had short sales, foreclosures and have had issues.  We are always here to help answer those questions and for those of you that like to keep the information handy, we've updated the guidelines and waiting periods for you on our new flyer... Click on the link to get your copy of "You Can Buy Again".
 WaitingTimesbuyAgainFIMC.pdf

And you may have heard about the big changes to our credit reports starting on July 1, and if not, here's a quick refresher... Effective July 1, the major credit reporting agencies will no longer report Civil Judgments and tax liens on personal credit reports.  The good part of this is... it may help a few people with their scores.  The downside is, we may be confronted with issues when title work is obtained, later into the application process.  

The major lending agencies, Fannie Mae and Freddie Mac, study gazillion's of mortgages closed and denied and do not feel this change is going to have much impact at all on future approvals or denials.  Our top credit analyst has told us basically the same too... after analyzing a ton of credit reports leading up to today, they are not seeing a wide variance in changes and scores.  So, while the media and housing/lending industry may be making this "news"... this isn't going to change our day to day lives and create or diminish opportunities in our market to any negligible degree.
When you have questions about credit reports, waiting periods and such, call us.  We have access to one of the top credit analysts in the US and have the resources to help.  And I hope you like the "Waiting Times" flyer, we reference that information all the time.  Would you like a copy of it with your contact data on it, to use as a handout on buyer appointments and Open Houses?  Call me or your Loan Officer at FAIRWAY and we'll have them custom made for you. 

To Your Success,
Ken and the Crew at FAIRWAY

  Why are we leading the US in FHA loans?  Because of our flexibility in underwriting.  Having our own underwriters helps on the tough loans and gives us more flexibility on lower credit scores and difficult issues.  And, often times we can pair up FHA with a 1st time home buyer discount, $1500 credit at closing and even first time home buyer tax credits that most lenders don't have.  Want help with an FHA buyer... call us.  We do FHA!
Ken's Korner... Your source for news, tips, motivation and inspiration.


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kenp@fairwaymc.com
FAIRWAY Independent Mortgage Corp.
801 Estelle Drive
Lancaster, PA 17601
United States
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Friday, June 16, 2017

Fed Bump, "free" money for buyers and The Big Parade!!

"Free Money?" What?????
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"Free Money?"  What?????

 

 

 

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Hi Kens, 
Happy Mid-June to you and the market is still humming along.  To help the market thru the summer, here is some good news.
1. The Fed Bump will not have much if any impact on mortgage rates.
           
(Want more info on the Fed Bump?... Click here)
2. We have a new program, we're able to provide a credit of up to $1,500 to buyers that qualify with no rate increase!  Call me for details at 717-431-9299.
3. The Parade of Homes starts this week... a great opportunity to see what builders are creating today in all different price ranges.  
Listen in, get some more details and when you have questions or need assistance... We're here to help.  We Serve People!

To Your Success,
Ken and the Crew at FAIRWAY

  Our clients love our APP...  I've had several thousand documents uploaded securely via the APP, by our clients in just the past few months.  
Ken's Korner... Your source for news, tips, motivation and inspiration.


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FAIRWAY Independent Mortgage Corp.
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Lancaster, PA 17601
United States
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Monday, June 12, 2017

What do Furby's and Tickle Me Elmo have in common with Real Estate Today?

One of the reason's we're having some appraisal issues
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One of the reason

 

 

 

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Hi Kens, 
Listen on today's short call to learn the relationship between Furby's, Tickle Me Elmo andhomes today. 

To Your Success,
Ken and the Crew at FAIRWAY
                                                       
Ken's Korner... Your source for news, tips, motivation and inspiration.


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FAIRWAY Independent Mortgage Corp.
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United States
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Friday, June 2, 2017

Is it getting easier to get a mortgage, again?

Having appraisal issues? And some local home sale stats
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Having appraisal issues?  And some local home sale stats

 

 

 

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Hi Kens, 
Happy Friday coming to you from Ken and FAIRWAY!
The largest investor of conventional mortgages in the US, "Fannie Mae", is on the verge of making it easier for more buyers.  Fannie has announced more leniency on their Debt to Income (DTI) ratios starting this summer.  This is great news for all of us in the industry.  While "Freddie Mac" (2nd largest investor to Fannie) has offered offered leniency on the DTI ratios, Fannie has not.  Many lenders only have access to one or the other, so this evens the game for some lenders, but primarily, just opens the door for more people to buy the home of their dreams.  As usual, higher ratios have to be supported with the proper credit, income, employment history and assets.  
And listen in to get a quick snapshot of the most recent stats about Lancaster County home sales and listings.  
  
  Do you have the most powerful PITI calculators at your finger tips?  No?  Call me, I'll create your own custom APP with some really cool features on it. 
Ken's Korner... Your source for news, tips, motivation and inspiration.


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United States
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Friday, May 26, 2017

Memorial Day...

The start of the summer and for remembering...
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The start of the summer and for remembering...

 

 

 

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Hi Kens, 
This weekend will be the most heavily traveled weekends in over 10 years, be safe out there.
And while Memorial Day for many is the unofficial start of summer, Memorial Day is celebrated in honor of and to remember, all Military People that died while serving.  Let us remember, if just for a moment... why we have the freedoms and rights we do and are able to live in this great Country.  
Enjoy your weekend, be safe, have fun and take a moment and say thank you and remember those that gave their lives for what we have today. 

To Your Success,
Ken and the Crew at FAIRWAY

           
Ken's Korner... Your source for news, tips, motivation and inspiration.


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FAIRWAY Independent Mortgage Corp.
801 Estelle Drive
Lancaster, PA 17601
United States
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