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Common
Questions
I'm looking for rates
Can I still get a mortgage
if I don't have the best credit?
What if I do not
have any credit?
What Are The
Loan Amount Limits For 2004
I'm looking for rates.
Rate shopping can actually cost
you money. When you call a mortgage company and ask what their rate is it
is like calling a restaurant and asking how much a meal will cost you.
Will you order salad, wine, appetizers, or desert? These are all questions
that need answered before you can get an accurate cost. Mortgages work in
a similar way. Many mortgage companies will promise you the lowest rate.
The lowest rate is not always the best rate. If that mortgage company
cannot get the loan to close, the lowest rate will never mean anything.
The interest rate you qualify for depends on a series of factors like your
income, the property, your credit, and so on. If you do not meet all the
requirements for that rate it was a waste of your time. You need to be
able to find a mortgage loan officer you feel comfortable with. You need
to trust them. I promise, I will listen to
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your needs and your
individual situation to find you the best rate you'll qualify
for. To see how competitive our rates are, call me at
717-587-7552 or email steve@ineedamortgage.info. Choosing the
right person can save you a lot on time and money.
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Can I Still Get A Mortgage Even If I Do
Not Have The Best Credit?
When you apply for a mortgage, we look at several areas. We will
look at your income, assets, debt and credit history to make a
decision on your loan. There are so many different mortgage
programs. So even if you have some dings on your credit, you may
still be able to get approved for a mortgage. You should do
yourself a favor and find out if owning a home is possible for
you.
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What If I Do Not Have Any Credit?
If you do not have any credit you may still be able to purchase
a home. We can take a look at developing a credit report of
current companies you pay on a regular basis. These are
companies that do not report to credit bureaus. These include
most utilities, car insurance, cell phones, pagers, etc. No
credit is better than bad credit!
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What Are The Loan Amount Limits For
2004?
For conventional, conforming loans, the limits are as follows:
1 unit property: $333,700
2 unit property: $427,150
3 unit property: $516,300
4 unit property: $641,650
A conforming loan limit is the cut-off between a non-jumbo and
jumbo loan. A jumbo loan typically has higher interest rates
associated with it. Even if you loan amount is above $333,700,
there are ways to keep the loan amount under the conforming
limits. Call to find out how!
For FHA loans in Lancaster County, the limits are as follows:
1 unit property: $160,176
2 unit property: $205,032
3 unit property: $247,824
4 unit property: $307,992
For FHA loans in Chester County, the limits are as follows:
1 unit property: $228,349
2 unit property: $257,193
3 unit property: $312,477
4 unit property: $360,551
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Classic Mortgage Services is located at 2929 Willow Street
Pike in Willow Street, PA 17584
You can reach them by phone at (717)
464-6950, fax at (717) 464-6922, or by
clicking here.
Classic Mortgage is a equal housing lender and is licensed
by the PA Dept. of Banking.
Classic Mortgage is an equal opportunity employer. |
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