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Your home isn’t just a place to live; it’s an investment for you and your family’s future. Here at Fairway Independent Mortgage Corporation, we offer a wide variety of loan options to meet the unique needs of our customers. We understand selecting the right loan product can be overwhelming; however, our mortgage professionals will provide tailored advice to help you make the best decision for you and your family.

VA LOANS

Here at Fairway, we are proud to help our Service Members and Veterans achieve the American Dream of homeownership. Home loans backed by the Department of Veterans Affairs (VA) provide affordable home financing options for eligible Service Members, Veterans and surviving spouses.

VA Loan Highlights

Since VA loans often require no down payment* with lower closing costs, you can help keep your savings secure. VA loans also feature:

No prepayment penalties
No private mortgage insurance (PMI)
100% financing with full VA entitlement*
Fixed- and adjustable-rate mortgages
VA financing fees can be “rolled” into the loan amount
Variety of eligible property types, including townhomes and VA-approved condos

*A down payment is required if the borrower does not have full VA entitlement, or if the loan amount is greater than $424,100

VA Loan Eligibility

In order to be eligible for a VA loan, you must first obtain a valid Certificate of Eligibility (COE). Your COE is based on length of service or service commitment, duty status and character of service.

VA Loan Programs

Adjustable-Rate Mortgage
If you are currently serving in the military with a chance of relocating in the next few years, the flexibility of an adjustable-rate mortgage (ARM) could be the right option for you. ARMs offer lower introductory interest rates that can change after the initial fixed-rate period. Depending on market fluctuations after this initial fixed-rate period, your monthly payments could change due to rates increasing or decreasing.

Fixed-Rate Mortgage
Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. You can select a 30- or 15-year loan term. The main difference is the 15-year option has higher monthly payments, which also means you are building home equity faster. Keep in mind you can use equity as a down payment for your next home or a future cash-out refinance. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you.

Cash-Out Refinance
If you’re already a homeowner, a cash-out refinance may help you pay for major expenses like college tuition, debt or home improvements. This option allows you to take cash out of your home equity by replacing your current mortgage with a new loan that is more than the amount owed. You can also refinance a non-VA loan into a VA loan with a cash-out refinance.

Interest Rate Reduction Refinance Loan
An interest rate reduction refinance loan (IRRRL) may help lower your interest rate and reduce your monthly payments by refinancing your existing VA loan. You can also refinance an adjustable-rate mortgage (ARM) into a fixed-rate mortgage with this option. However, you cannot receive cash from loan proceeds with an IRRRL.

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FHA LOANS

Home loans insured by the Federal Housing Administration (FHA) can make it easier for you to qualify to purchase or refinance a home. This loan option offers flexible qualification guidelines to help people who may not qualify for a conventional mortgage.

FHA Loan Highlights
FHA loans are widely used by first-time homebuyers and people with low-to-moderate incomes since this government-insured mortgage features:
• Low down payments
• Flexible income and credit requirements
• Fixed- and adjustable-rate mortgages
• Loans for 1-4 unit properties and condos may be available
• Down payment funds can be a gift from a relative or employer*
• Home sellers can contribute up to 6% of the closing costs

*Subject to underwriting review and approval.

FHA Loan Programs
Adjustable-Rate Mortgage
FHA’s adjustable-rate mortgage (ARM) insures home purchases or refinances with rates that can change after the initial fixed-rate period. Depending on market fluctuations after this initial fixed-rate period, your monthly payments could change due to rates increasing or decreasing. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase, or the current interest rate on a fixed-rate mortgage is too high.

Fixed-Rate Mortgage
Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. With FHA loans, you can select a 30-, 20- or 15-year term. The main difference is the lower term options have higher monthly payments, which also means you are building home equity faster. Keep in mind you can use equity as a down payment for your next home or a future cash-out refinance. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you.

Streamlined Refinance
If you currently have an FHA mortgage, we may be able to help you reduce your interest rate and lower your monthly mortgage payments with an FHA streamlined refinance. Plus, a streamlined refinance requires limited borrower credit documentation and underwriting for an even easier process. This may be the right solution if you want to convert your ARM to a fixed-rate loan.

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DOWN PAYMENT ASSISTANCE LOANS

Over the last decade research has consistently shown that homeownership has a positive impact on households and communities. The financial benefits range from yearly tax benefits to the creation of wealth over time.

Areas with high rates of homeownership often see lower crime rates, better educational outcomes for children and significant rates of community involvement. Research conducted by the National Association of REALTORS® showed that stable housing created by homeownership led to improved children’s educational achievement, improved civic participation, improved health care outcomes for families, and reduced neighborhood crime rates.

One of the major barriers is that buyers cannot gather sufficient funds for a down payment. This problem has worsened due to higher rents, particularly in metro areas, that make saving for a down payment that much more difficult.
This is why Down Payment Assistance and Home Buyer Programs are so important. We are proud to offer Down Payment Assistance Programs in various states Click to learn more about assistance options near you.

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CONVENTIONAL LOANS

A conventional mortgage refers to any loan that is not insured or guaranteed by the federal government. Conventional mortgages (whether conforming or not) typically have a slightly higher down payment than government loans; however, this loan option normally provides more flexibility with fewer restrictions.

Conventional Highlights
If you have good credit and stable income, a conventional loan might be the right option for you since it offers:
• Lower interest rates for borrowers with good credit
• Flexible mortgage insurance options
• Fewer penalties and fees
• Flexible loan terms

Conventional Loan Programs
Adjustable-Rate Mortgage
An adjustable-rate mortgage (ARM) is a loan term option with interest rates that can change periodically after the initial fixed-rate period. After this introductory period, monthly payments are susceptible to increases or decreases based on market fluctuations, which can also affect the monthly payment. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase, or the current interest rate on a fixed-rate mortgage is too high

Fixed-Rate Mortgage
Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. Plus, you have the option of selecting a 10, 15, 20, 25 or 30-year term. The main difference is the lower term options have higher monthly payments, which also means you are building home equity faster. Keep in mind you can use equity as a down payment for your next home or a future cash-out refinance. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you.

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JUMBO LOANS

A jumbo loan, also known as a non-conforming mortgage, allows you to purchase more expensive homes with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the country, the conventional conforming loan limit is $484,350; however, the limit is $726,525 in higher cost areas. If you have a low debt-to-income (DTI) ratio and a higher credit score, but you don’t have enough funds to bring the loan amount under the conforming limit, a jumbo loan might be the right option for you.

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