Our Programs

Our Financing programs

 

From conventional loans, to VA loans and home refinancing – we can help! 

Our Programs

Read About Our Loan Programs

Conventional

If you are planning to borrow $548,250 or less for a single-family home, you should also consider a Conforming / Conventional loan. Conventional Financing is not insured by a government entity, like FHA and VA Financing, but instead follows the guidelines set forth by Fannie Mae and Freddie Mac. These established guidelines usually call for a minimum credit score, certain income requirements, and a minimum down payment.
Conventional Loans have either fixed or adjustable rates. A fixed-rate mortgage means that your interest rate and principal and interest portion of your mortgage payment remains the same for the life of the loan, and typically has a term of 15 or 30 years. A shorter-term loan can often denote a lower interest rate. An adjustable-rate mortgage, or ARM, fluctuates in relation to market index; therefore, monthly payments can increase or decrease accordingly.
Conventional loans generally have the most rapid qualifying process, as the guidelines are clear and concise. However, every conventional mortgage lender will review and verify a borrower’s credit, income and assets, along with an appraisal of the property.

FHA

If you have credit challenges, an FHA loan may be the right answer for you, especially if you have been through a foreclosure or bankruptcy. These loans usually have higher debt ratio allowances, which can make a difference when you have steady income but have debt from college loans, credit cards, etc.
This FHA insurance allows lenders such as Fairway to provide home loans with down payments as low as 3.5% of the purchase price. The less restrictive guidelines allow borrowers who may not qualify for a conventional loan to refinance and consolidate debts into a low, fixed-rate loan.

Jumbo

A jumbo loan, a type of non-conforming loan, is a home mortgage that allows financing for loan amounts that exceed the conforming maximum of $510,400 (depending on what area of the country you’re in, loan amount may vary). Since home prices for larger or luxury homes can often surpass this amount, this loan might be perfect for the house of your dreams.
A jumbo loan is your best (or only) option if you need to borrow between $510,401 and $3,000,000 for a home purchase or refinance. Jumbo loan rates can be higher, lower, or the same as conforming loan amounts.
With the fluctuating market, jumbo home mortgage loans do call for stricter requirements than in years past, but still follow a similar process of a typical loan. You will generally need a 10-20% down payment and will be able to potentially receive lower fixed or adjustable rates offering flexibility for financing with a bigger loan.

VA

VA loans are made by Fairway Independent Mortgage Corporation and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase or refinance of a home. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses. A VA loan is generally available with no down payment and no monthly mortgage insurance, making this a great option for eligible veterans.
Fairway is committed to helping military families across the country by partnering with the American Warrior Initiative.

USDA

Owning a home outside of city limits may be easier than you thought with USDA home financing from Fairway Independent Mortgage Corporation. The USDA Guaranteed Rural Housing mortgage is available for salaried, non-salaried and self-employed borrowers, and is not limited to first-time homebuyers.

  • 0% down payment required
  • 620 minimum FICO
  • Primary residence only
  • Fixed-rate financing available at USDA interest rates
  • Gift funds allowed for closing costs
  • New construction financing options available

To see if your property is eligible, click here and call me to discuss.

Refinance

Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home for large purchases, or change mortgage companies. Most people refinance when they have equity on their home, which is the difference between the amount owed to the mortgage company and the value of the home. Five common reasons people refinance their homes are:
  1. You can reduce the interest rate (and, therefore, interest costs) by financing at a lower rate. This is a primary reason for refinancing. Depending on the circumstances, you can save a lot of money!
  2. You can extend the repayment time; thus, reducing the monthly mortgage payment. This increases your cash flow. That money can then be used to pay off high-interest debt (e.g., credit cards, school loans).
  3. Reduce your payment by changing from a variable-rate to a fixed-rate loan. This frees you from the sometimes expensive interest rate/payment fluctuations that can occur in a volatile real estate market.
  4. Rather than extending the term, you may decide to shorten the term and reduce the interest rate – for example, moving to a 15-year fixed rate. This may not increase your payment much and will still allow you to pay off your house years sooner.
  5. Finally, if you are a homeowner who understands investing money, you can refinance in order to raise cash for investments, improve overall cash flow, etc.
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Work with a Mortgage Planner

Hiring professionals is a great way to ensure that you have the best person in place to help you with decisions, which is why working with a Mortgage Planner is incredibly important. At Fairway Independent Mortgage Corporation, we take the time to discuss your overall financial objectives, look closely at your credit and spending, and work with you to determine what the best loan for your life will be. After all, buying a home is usually the largest financial decision you will make, and you will need the best advice and guidance from someone you truly trust.

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