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

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.

Renovation Financing

What Is a Renovation Loan?

When using a renovation mortgage loan to purchase a new home, Fairway will combine the amount of the purchase contract and the necessary repairs and improvements to calculate your adjusted sales price. You can also use a renovation loan to refinance your existing mortgage and finance the costs of your desired repairs and improvements into the new home loan.

If the house is uninhabitable while being renovated, you can finance up to six months of your mortgage payment into the loan to alleviate you and your family from having to make two payments at the same time.

Eligible repairs and upgrades may vary from loan program to loan program, so be sure to ask your Fairway mortgage advisor about all your options when discussing the specific details of your project.

Renovation Loan Highlights

When shopping for a home, you may come across properties that aren’t quite what you’re looking for but have the potential to be your dream home with some repairs or renovations. With a renovation loan, you can roll the cost of financing or refinancing a home and repairs into one loan – saving you time and money.

  • HomeStyle Renovation Loan
  • Limited 203(k) Rehabilitation Mortgage
  • Standard 203(k) Rehabilitation Mortgage

Are renovation mortgage loans a good idea?

If the home you are living in or the home you are looking at for purchase needs repairs, or if you simply have a wish-list of upgrades that you would like to make, a renovation mortgage might be right for you. Keep in mind that since renovation costs are being financed into your home loan along with the mortgage amount, this could result in a higher monthly mortgage payment than other mortgage loan options.

At Fairway, your renovation loan will take the form of a fixed-rate mortgage, which protects you from rising interest rates in the future. Remember, though, that renovation mortgage programs will differ in terms of their down-payment requirements and types of eligible repairs, so speak with your Fairway mortgage advisor about all your options today!

Can you use a VA home loan for renovations?

If you are active-duty military, an eligible veteran or a surviving spouse, Fairway has a VA renovation loan option available. An advantage of the VA renovation loan is that eligible borrowers may be able to borrow up to 100% of the future home value*, along with an additional $35,000 in alterations to make minor, cosmetic, non-structural improvements. There are also Conventional renovation loan programs and FHA renovation loan programs out there, for those who are not eligible for a VA home mortgage loan.

If you are not eligible for a VA loan, you may still be able to finance 100% of the purchase and necessary renovation costs with a USDA renovation loan**. Ask your Fairway mortgage advisor what you qualify for today!‍

*A down payment is required if the borrower does not have full VA entitlement or when the loan amount exceeds the VA county limits. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit guidelines, and property limits.

**USDA Guaranteed Rural Housing loans subject to USDA-specific requirements and applicable state income and property limits.

Renovation Loan Options Also Include:

 

HomeStyle Renovation Loans

You can use a Fannie Mae HomeStyle Renovation loan to finance just about any type of upgrades on a primary residence, a second home or an investment property. This even includes some“luxury” items like a brand new in-ground swimming pool. There are no required improvements or restrictions on the types of repairs allowed, nor is there a minimum dollar amount for the repairs. However, repairs or improvements must be permanently affixed to the real property and be completed by a licensed contractor, according to the FannieMae HomeStyle renovation loan guidelines.

Limited 203(k) Rehabilitation Mortgage

In addition to financing the purchase of your new home, an FHA Limited 203(k) can provide up to $35,000 in additional funds for alterations to your new or existing home. Keep in mind that the scope of repairs is limited to minor, cosmetic, non-structural items, such as updating a kitchen or bathroom with new flooring or cabinets, or for purchasing new appliances.

Standard 203(k) Rehabilitation Mortgage

If the home you are considering needs more than $35,000 in repairs and improvements, or if the repairs needed are structural in nature, the StandardFHA 203(k) might be the right solution. The Standard FHA 203(k) option is ideal for more intensive home remodels and can provide additional funds*** to help with eligible repairs, including adding additional square footage.

*** Final disbursement of funds is subject to final inspection.

Reverse

What Is a Reverse Mortgage Loan?

A reverse mortgage loan is a type of mortgage loan that is reserved for borrowers aged 62 years or older who either own their home outright or have significant equity in their home. A reverse loan can be used to turn a portion of that significant equity stake into cash for retirement. The money received by the homeowner through a reverse mortgage loan usually comes tax free.*

You may also see a reverse loan referred to as a Home Equity Conversion Mortgage (HECM). This variation of reverse mortgage loan is insured by the U.S. Government’s Federal Housing Administration (FHA) and is only available through FHA-approved lenders, like Fairway. ‍

*This information does not constitute tax advice. Please consult a tax advisor regarding your specific situation.

Reverse Mortgage Loan FAQs

  • Who is eligible for a reverse mortgage?
  • Borrower(s) must be 62 years or older
  • Must be homeowner and either own home outright or have significant equity
  • Must live in home as primary residence (more than six months out of the year)
  • Property must be a single-family home, a 2- to 4-unit dwelling or an FHA-approved condo
  • Must meet minimal credit and property requirements
  • Must receive reverse mortgage counseling from a HUD-approved counseling agency
  • Must not be delinquent on any federal debt

Potential Advantages of a Reverse Mortgage Loan

You can receive money from the equity you have in your home, and it is usually tax free.*

You can receive these loan proceeds in a lump sum, in a line of credit, in a monthly cash flow payment or in a combination of these three options.

*This information does not constitute tax advice. Please consult a tax advisor regarding your specific situation.

You may be able to eliminate your monthly mortgage payment.

‍With a reverse mortgage loan, you can refinance a traditional mortgage and free yourself of the burden of fixed monthly mortgage payments, as long as you live in your home as a primary residence, stay up to date on property taxes and homeowners’ insurance (and homeowners association dues, if applicable) and maintain the home.

You will never owe more than what your home is worth when your loan matures and your home is sold.**

When a maturity event occurs (e.g., the property is no longer the principal residence of at least one borrower) and the loan becomes due and payable, neither you nor your heirs are responsible for paying the deficit if the balance owed on your reverse mortgage exceeds the home value. If at the time of your passing your heirs wish to keep your home, they can purchase it for 95% of the current appraised value of the property or the balance owed, whichever is less.

**There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrower is still responsible for paying property taxes, insurance and maintenance (and HOA fees, if applicable). Credit is subject to age, property and some limited debt qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.

How much home equity is needed for a reverse mortgage loan?

The specific percentage varies by lender and the type of reverse mortgage, but the general rule of thumb is to have at least 50% equity in your home.

 

Can you refinance your home loan if there is a reverse mortgage loan in place?

Reverse mortgage refinancing is an option that makes sense in certain situations. It may have been several years since you closed, and rates may have lowered, or it may make sense to switch from an adjustable rate to a fixed rate through a refinance. Perhaps your home has appreciated in value, and you have additional equity you’d like to tap into. Refinancing may increase the amount of money you are eligible to receive.

Can you sell the home if there is a reverse mortgage loan in place?

Yes. You can sell a house with a reverse mortgage already in place. However, keep in mind that when you sell the home, your reverse mortgage comes due, and you will need to pay off the reverse mortgage loan balance, plus interest and fees, at the time of the sale.

Foreign National Programs

Fairway Independent Mortgage Corporation is one of the very few lenders offering American Home financing options for Canadian Foreign Nationals.

Guidelines:

  • 75% maximum loan-to-value (LTV)
  • Investment properties are ok
  • Minimum $75,000 loan amount
  • No pre-payment penalties
  • 3/1, 5/1, and 7/1 ARM products
  • SFR, townhomes, and condos
  • Loan amounts up to $3 million

Downpayment Assistance is a new page. Here is the verbiage for that as well:

Downpayment Assistance:

HOME PLUS MORTGAGE PROGRAM

The Arizona Home Plus mortgage program has been updated to offer a greater variety of opportunities to Arizona home buyers who need down payment assistance. These expanded options include different down payment amounts, higher maximum loan amounts and income limits, different loan programs and different qualifying criteria.

The Arizona Home Plus home loan program is popular because the funds have been consistently available over the past few years.  As such, many people in Arizona have been able to achieve the pride, stability, freedom and wealth that accompanies home ownership.  The assistance program is structured as a three-year, no interest, no payment, soft second mortgage, forgiven monthly at a rate of 1/36 over the term of the lien.  Once again, the lien is completely forgiven after you stay in the home for three years without refinancing.  This type of lien is sometimes referred to as a silent second mortgage because you do not have to pay interest or make payments.  Money from the Home Plus assistance is combined with government-sponsored mortgage programs and can be used for down payment and/or closing costs equal to as much as 5% of the mortgage loan.

Program Highlights:

 

  • There isn’t a minimum amount that you have to provide to close.  The down payment assistance can potentially cover all of your down payment and closing costs.
  • No first time home buyer requirement for most programs.
  • The assistance money received is a silent second that has no interest, no payment and is forgiven monthly over the first three years of home ownership.  The lien is completely forgiven after you stay in the home for three years without refinancing.  The purpose of the silent second is to provide stability and ensure the ongoing success of the Home Plus Assistance Program in Arizona.
  • Qualified members of the U.S. military (active and Veterans) are eligible for an additional 1% of down payment assistance.
  • The money continues to be consistently available.

How to Qualify:

  • Discuss the details with one of our team mortgage experts today by following the apply now link above or calling us at 602-288-8842

HOME IN FIVE ADVANTAGE

If you are buying a house in Maricopa County and you need help with your down payment and closing costs, you should consider the Home In Five Advantage program.  This program has been very popular and used by home buyers in Phoenix and other parts of Maricopa County for more than six years.

Simply put, this is a great down payment assistance program.

Program Highlights:

  • Assistance for down payment and/or closing offered up to 5%.  An additional 1% is available to qualified Veterans, active duty Military, active Reservists and active National Guard.
  • The assistance money is actually available.  Many down payment assistance programs run out of funds within a short period of time.
  • The Home in Five assistance money received is a silent second mortgage that has no interest, no payment, and is forgiven monthly over the first three years of home ownership.  The lien is completely forgiven after you stay in the home for three years without refinancing.  The purpose of the silent second is to provide stability and ensure the ongoing success of the Home in Five down payment assistance program in Arizona.
  • You do not have to be a first time home buyer.

How to Qualify:

  • Buy a house anywhere in Maricopa County, including in the City of Phoenix with no limit to purchase price outside of guidelines for the mortgage program you choose
  • New or existing single family homes, 2 to 4 unit homes, condos, and town homes
  • Qualify for a FHA, VA or USDA loan with a maximum debt-to-income ratio of 50%
  • Minimum FICO score is 640
  • Income from all borrowers may not exceed $112,785
  • Take a convenient homebuyer education course

PIMA TUCSON HOMEBUYER’S SOLUTION

The Pima Tucson Homebuyer’s Solution helps overcome barriers so you can buy a home in Tucson, Arizona.  The benefits are similar to those offered by the programs listed above and are offered in all of Pima County including the City of Tucson.

There is no purchase price limit to this program other than the maximum amounts of the loan program that you choose.  For example, in 2022, the maximum FHA loan amount in Pima County is $420,680.  Household income cannot exceed $122,100.

A Pima Tucson Homebuyer’s Solution conventional loan program is now offered through the both the Fannie Mae FHA Preferred loan program and the Freddie Mac FHA Advantage loan program.

Program Highlights:

  • Down payment assistance options available between 2.5% and 6%.  You can choose what is best for you based on your loan scenario.
  • There is no first time homebuyer requirement.
  • Down payment assistance money received through the Pima Tucson Homebuyer’s Solution is a silent second that has no interest, no payment, and is forgiven monthly over the first three years of home ownership.  The lien is completely forgiven after you stay in the home for three years without refinancing.  The purpose of the silent second is to provide stability and ensure the ongoing success of the down payment assistance program in Tucson and all of Pima County.
  • The assistance money offered to help you buy a home in Tucson or other parts of Pima County has been consistently available and has continuous funding.

How to Qualify:

  • Qualify for a FHA, VA, USDA or conventional loan with a maximum debt-to-income ratio of 50%
  • Minimum FICO score is 640.  Some of the different mortgage programs and down payment amount scenarios may require a higher score.
  • Household income cannot exceed $122,100
  • Take a convenient homebuyer education course

NEIGHBORHOOD STABILIZATION PROGRAM

In the wake of the 2008 mortgage crisis, the federal government took action to help bolster the weakened economy and help fix the housing market.  This included the creation of the Neighborhood Stabilization Program.  As the name suggests, this program was formed to stabilize areas that had suffered from foreclosures.

This program includes grant money that has been offered to states, local governments and select non-profit entities.

It was originally created in 2008 as part of the Housing and Economic Recovery Act.

It was then continued through a second round of funding provided in 2009 under the American Recovery and Reinvestment Act.

Next, additional funds were authorized under the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010.

Mortgage Calculator

See What You Qualify For

Trust the Experts

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.