LOAN OPTIONS
"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."
A LOAN DESIGNED SPECIFICALLY FOR YOU
CONVENTIONAL
A conventional mortgage refers to any loan that is not insured or guaranteed by the federal government, as opposed to government-insured loans including Federal Housing Administration (FHA), U.S. Department of Veteran Affairs (VA) and U.S. Department of Agriculture (USDA).
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.
REFINANCE
With a refinance, you pay off your current loan with a new loan and restructure the mortgage to fit your needs. You could also save a considerable amount of money over the life of your loan and potentially improve your overall financial outlook.* Determine if refinancing is right for you by using our refinance calculator.
JUMBO
A jumbo loan, or 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 $510,400; however, the limit is $765,600 in higher cost areas.
USDA
Home loans guaranteed by the United States Department of Agriculture (USDA) provide affordable financing options for properties located in designated small towns, suburbs and exurbs. This program helps eligible low- to moderate-income families achieve homeownership by offering a no down payment option.
RENOVATION
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.
VA
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.
FHA
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.
*By refinancing your existing loan, your total finance charges may be higher over the life of the loan.
USDA Guaranteed Rural Housing loans subject to USDA specific requirements and applicable state income and property limits. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit guidelines, and property limits. Fairway is not affiliated with any government agencies. These materials are not from the VA, HUD, FHA, USDA, or RD, and were not approved by a government agency.