Loan Programs

The Best Loan for Your Lifestyle

Finding the ideal loan for your needs is our Mortgage Planners' specialty. By navigating through the conditions of each loan, Fairway’s goal is to find the best loan for your lifestyle and  ensure that you are comfortable in your payment and get you approved quickly and easily.

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VA Loans

We are proud to offer and specialize in VA home loans. VA-guaranteed home mortgage loans are made by Fairway Independent Mortgage Corporation and guaranteed by the U.S. Department of Veterans Affairs (VA) to eligible veterans for the purchase or refinance of a home.


If you are active duty military and you have PCS (Permanent Change of Station), here are five reasons to consider using your VA Home Loan:


  • Competitive Interest Rates: Even with less-than-perfect credit
  • 100% Financing
  • Flexible Credit Requirements: We’ll work with your credit and give you plenty of options along the way
  • No Monthly Mortgage Insurance: Unlike conventional and FHA loan products with monthly mortgage insurance premiums that could add to your monthly payment, there is NO monthly mortgage insurance with the VA loan
  • VA Funding Fee Financing: The VA funding fee can be financed into the loan

First-Time Homebuyer

Buying your first home is one the biggest financial decisions you will make in life. It is too important to trust just anyone to guide you through the process of what loans are right for your lifestyle and budget. At Fairway, we employ Mortgage Planners who work tirelessly with first-time homebuyers to ensure that they are aware of the entire loan process, and answer all of your questions along the way.

 

We have a variety of home loan programs available for first-time homebuyers. Even if you do not have a long credit history or a large down payment, our Mortgage Planners are happy to meet with you for a complimentary look at whether now is the best time to buy your first home.

Jumbo Loans

A jumbo loan, also called a non-conforming loan, is a home mortgage loan that allows financing for loan amounts that exceeds certain loan parameters. Since home prices for larger or luxury homes can often exceed this amount, this loan might be perfect for the house of your dreams. With the fluctuating market, jumbo home mortgage loans do call for stricter requirements than in years past, but still follow a similar process that a typical loan would. You will generally need a 20% down payment and could potentially receive lower fixed or adjustable rates offering flexibility for financing with a bigger loan.

Refinance

Interest rates have been quite low for the past few years, but if you didn’t take advantage, there is still time before rates go up. Our Mortgage Planners discuss your financial goals to analyze the best loan product to meet your refinancing needs.


There are many benefits to refinancing your home:


  • Paying down current debt
  • Reducing monthly mortgage payments
  • Funding large life events such as college tuition or a wedding


We would be happy to take a look at your current mortgage interest rate and provide you with details on whether refinancing is right for you.

USDA Loans

USDA loans can be an excellent option in lending. There are a variety of reasons why this loan may be good for you, but the bottom line may be its affordability. Since this loan is one of the few that require no money down, it is a popular choice for first-time homebuyers.

Some of the benefits of USDA loans are:


  • Fixed interest rates
  • No down payment
  • No maximum loan amount
  • Available for new or existing homes
  • 100% financing
  • Seller can pay closing costs
  • Affordable 30-year loans

Renovation Home Loans

A renovation loan is designed for houses that are damaged or in need of rehabilitation. This loan covers not only the cost of the property, but also the cost of necessary home repairs. A vast range of repairs, including bathroom remodeling, roofing, flooring, and air conditioning systems can be funded with this loan.


Often the loan will also include up to 20% “contingency reserve” so that you will have the funds to complete the remodel in the event it ends up costing more than the estimates suggested. The remodeling funds include parts and labor and the work must be performed by a licensed general contractor.


Contact us to learn what types of homes qualify.

Conventional Loans

Conventional conforming loans are not made by a government entity, like FHA and VA loans, but instead follow the terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. These established guidelines generally call for a minimum credit score, certain income requirements, and a minimum down payment.


Conventional home mortgage loans have either fixed or adjustable rates. A fixed-rate mortgage, or FRM, means that your mortgage monthly payments remain fixed for the period of the loan and typically have a term of 15 or 30 years. A shorter-term loan usually results in a lower interest rate. An adjustable-rate mortgage, or ARM, fluctuates in relation to the rate of a standard financial index; therefore, monthly payments can go up or down accordingly.

FHA Loans

Fairway Independent Mortgage specializes in FHA mortgage loans, especially for first-time homebuyers or those without a 20% down payment. For those with a lower credit score or credit issues, our underwriters can explain some variances in payment and put your loan on the road to success. Even in the case of filing bankruptcy, a borrower may obtain an FHA loan after two or more years of re- establishing good credit. Our FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.

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We would love to meet wit you to discuss which loan program is best for your financial future. Begin today!


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