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As a full service Mortgage Banker, Fairway’s advantage comes from our ability to control the process. Utilizing in-house processing, underwriting and funding, we take the loan from start to finish in our offices with our people. Additionally, we provide adaptive and flexible loan options.

 

 

 

 

 

Conventional Loans

 

 

 

 

 

 

Conventional loans are secured by government sponsored entities or GSEs such as Fannie Mae and Freddie Mac. Conventional loans can be made to purchase or refinance homes with first and second mortgages on single-family and up to four family homes. In general, the Fannie Mae and Freddie Mac’s single family, first mortgage loan limit as of 2019 is $484,350 (amounts vary by county and are $726,525 for King, Pierce and Snohomish). This limit is reviewed annually and, if needed, adjusted to reflect changes in the national average price for single- family homes.

 

 

 

 

 

Reverse Mortgage

Loans

 

 

 

 

 

 

For qualified seniors 62 and older, a reverse mortgage loan, the most common of which is the HECM (Home Equity Conversion Mortgage), is a way to turn a portion of the equity in your home into cash without having to make monthly mortgage payments. As long as all loan terms are met, the loan becomes repayable when the last borrower leaves the home. As part of the loan, the borrower is required to continue paying property taxes and insurance and maintain the home. According to the US Department of Housing and Urban Development, more than a million households across the nation are using a HECM reverse mortgage insured through the Federal Housing Administration (FHA) that enables seniors to help manage their ever-increasing living expenses. Most, but not all, reverse mortgages today are federally insured through the Federal Housing Administration’s Home Equity Conversion Mortgage (HECM) Program. This advertisement talks about HECM loans only. To learn more about the potential advantages of a reverse mortgage, just give us a call.

 

 

 

 

 

 

 

Jumbo Loans

 

 

 

 

 

 

Loans larger than the limits set by Fannie Mae and Freddie Mac are called jumbo loans. Because jumbo loans are not funded by government-sponsored entities, they usually carry a higher interest rate and some additional underwriting requirements. In most areas of the country, the 2019 conventional conforming loan limit is $484,350; however, the limit is $726,525 in higher cost areas. If your purchase or refinance balance is above this limit, a good strategy to lower your overall interest payments is to use a combination of a first and second mortgage. This type of loan structure is referred to as an 80/10/10, 80/15/5 or 80/20, depending on the relative size of the first mortgage, the second mortgage and the buyer’s equity in comparison to the total amount of indebtedness plus the borrower’s equity. Every situation is different, and we can help you evaluate if this option is right for you.

 

 

 

 

 

 

 

VA Loans

 

 

 

 

 

 

The Department of Veterans Affairs (VA) guarantees loans offered by Fairway to help qualified veterans, reservists, and active-duty armed services members finance their homes.

VA loans are suited for veterans with:

  • Low or moderate income
  • Limited savings
  • VA loans offer:
  • A no down payment option
  • Flexible income, debt and credit requirements to help borrowers qualify
  • Down payment and closing costs that may be funded by a gift, grant, or secured loan
  • A variety of fixed-rate and adjustable-rate loan options.

 

 

 

 

 

FHA Loans

 

 

 

 

 

 

An FHA Loan is a very popular route for the first time homebuyer to take, but an FHA loan is not a program reserved only for first time homebuyers. You can buy your third or fourth home with an FHA loan. The only stipulation is that you may only have one FHA loan at a time.

The Federal Housing Administration (FHA), a wholly owned government corporation, was established under the National Housing Act of 1934 to improve housing standards and conditions. Its goal was to provide Americans with an adequate home financing system through insurance of mortgages and to stabilize the mortgage market.

While FHA Loans are the most popular route for first time homebuyers, they aren’t the only one. Contact us to learn about other options if you’re a first time homebuyer.  You might qualify for aid.

 

 

 

 

Other Loans

Click to learn more about the

1,000s of loans out there. 

 

 

 

 

 

Researching loans is a great first step in preparing to buy a home. Well done!  One of the greatest advantages of working with a loan advisor is the massive amount of loans we are aware of and can help you acquire. Unlike a bank, that is tied to their in-house programs, we can access specialized loan programs that will best fit your specific needs and assets. The best way to prepare to buy a house really is to reach out and start learning.

Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.

Fairway

Fairway Independent Mortgage Corporation NMLS Entity ID 2289
EQUAL HOUSING LENDER

Copyright ©2019 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.

Our Social Media

Contact Info

Bob Rankin, NMLS 112345
Branch Manager, SVP

Fairway Independent
Mortgage Corporation
4020 Lake Washington Blvd NE,
Suite 202
Kirkland, WA 98033

206-673-2121

Winterrankinteam@fairwaymc.com

Complaints may be directed to: (877) 699-0353 or Email us: customerservice@fairwaymc.com

As a full service Mortgage Banker, Fairway’s advantage comes from our ability to control the process. Utilizing in-house processing, underwriting and funding, we take the loan from start to finish in our offices with our people. Additionally, we provide adaptive and flexible loan options.

Pre-Approval* Letters – Why They Aren’t All Created Equal

*Pre-approval is based on a preliminary review of credit information provided to Fairway Independent Mortgage
Corporation which has not been reviewed by Underwriting. Final loan approval is subject to a full Underwriting
review of support documentation including, but not limited to, applicants’ creditworthiness, assets, income
information, and a satisfactory appraisal.

Low Down Payment Options* for First-Time Homebuyer

*Eligibility subject to program stipulations, qualifying factors, applicable income and debt-to-income (DTI)
restrictions, and property limits. Fairway is not affiliated with any government agencies. These materials are not
from HUD or FHA and were not approved by HUD or a government agency.

 

 

 

 

 

Conventional Loans

 

 

 

 

 

 

Conventional loans are secured by government sponsored entities or GSEs such as Fannie Mae and Freddie Mac. Conventional loans can be made to purchase or refinance homes with first and second mortgages on single-family and up to four family homes. In general, the Fannie Mae and Freddie Mac’s single family, first mortgage loan limit as of 2019 is $484,350 (amounts vary by county and are $726,525 for King, Pierce and Snohomish). This limit is reviewed annually and, if needed, adjusted to reflect changes in the national average price for single- family homes.

 

 

 

 

 

Reverse Mortgage

 

 

 

 

 

 

For qualified seniors 62 and older, a reverse mortgage, the most common of which is the HECM (Home Equity Conversion Mortgage), is a way to turn a portion of the equity in your home into cash without having to make monthly mortgage payments. As long as all loan terms are met, the loan becomes repayable when the last borrower leaves the home. As part of the loan, the borrower is required to continue paying property taxes and insurance and maintain the home. According to the US Department of Housing and Urban Development, more than a million households across the nation are using a HECM reverse mortgage insured through the Federal Housing Administration (FHA) that enables seniors to help manage their ever-increasing living expenses. To learn more about the potential advantages of a reverse mortgage, just give us a call.

 

 

 

 

 

Jumbo Loans

 

 

 

 

 

 

Loans larger than the limits set by Fannie Mae and Freddie Mac are called jumbo loans. Because jumbo loans are not funded by government-sponsored entities, they usually carry a higher interest rate and some additional underwriting requirements. In most areas of the country, the 2019 conventional conforming loan limit is $484,350; however, the limit is $726,525 in higher cost areas. If your purchase or refinance balance is above this limit, a good strategy to lower your overall interest payments is to use a combination of a first and second mortgage. This type of loan structure is referred to as an 80/10/10, 80/15/5 or 80/20, depending on the relative size of the first mortgage, the second mortgage and the buyer’s equity in comparison to the total amount of indebtedness plus the borrower’s equity. Every situation is different, and we can help you evaluate if this option is right for you.

 

 

 

 

 

VA Loans

 

 

 

 

 

 

The Department of Veterans Affairs (VA) guarantees loans offered by Fairway to help qualified veterans, reservists, and active-duty armed services members finance their homes.

VA loans are suited for veterans with:

  • Low or moderate income
  • Limited savings
  • VA loans offer:
  • A no down payment option
  • Flexible income, debt and credit requirements to help borrowers qualify
  • Down payment and closing costs that may be funded by a gift, grant, or secured loan
  • A variety of fixed-rate and adjustable-rate loan options.

 

 

 

 

 

FHA Loans

 

 

 

 

 

 

An FHA Loan is a very popular route for the first time homebuyer to take, but an FHA loan is not a program reserved only for first time homebuyers. You can buy your third or fourth home with an FHA loan. The only stipulation is that you may only have one FHA loan at a time.

The Federal Housing Administration (FHA), a wholly owned government corporation, was established under the National Housing Act of 1934 to improve housing standards and conditions. Its goal was to provide Americans with an adequate home financing system through insurance of mortgages and to stabilize the mortgage market.

While FHA Loans are the most popular route for first time homebuyers, they aren’t the only one. Contact us to learn about other options if you’re a first time homebuyer.  You might qualify for aid.

 

 

 

 

Other Loans

Click to learn more about the

1,000s of loans out there. 

 

 

 

 

 

Researching loans is a great first step in preparing to buy a home. Well done!  One of the greatest advantages of working with a loan advisor is the massive amount of loans we are aware of and can help you acquire. Unlike a bank, that is tied to their in-house programs, we can access specialized loan programs that will best fit your specific needs and assets. The best way to prepare to buy a house really is to reach out and start learning.

Our Social Media

Contact Info

p>Bob Rankin, NMLS 112345
Branch Manager, SVP

Fairway Independent
Mortgage Corporation
4020 Lake Washington Blvd NE,
Suite 202
Kirkland, WA 98033

206-673-2121

Winterrankinteam@fairwaymc.com

Complaints may be directed to: (877) 699-0353 or Email us: customerservice@fairwaymc.com

Fairway

Fairway Independent Mortgage Corporation
NMLS ID 2289
EQUAL HOUSING LENDER

Copyright ©2019 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.