An adjustable-rate mortgage loan (ARM loan) might be the right option for you if you plan to move within seven years, since they feature lower introductory interest rates.
Highlights of adjustable-rate mortgage loans include:
If you have good credit and stable income, a Conventional loan might be the right option for you, since Conventional loan programs traditionally offer more options to the borrower.
Highlights of Conventional loans include:
The FHA was formed in 1934 to spur greater homeownership numbers in the U.S. The FHA mortgage loan is designed to help low- to moderate-income families attain homeownership.
Highlights of FHA mortgage loans include:
Fixed-rate mortgage loans can be a Conventional mortgage loan, an FHA mortgage loan, a VA mortgage loan, a USDA mortgage loan, a Jumbo mortgage loan — any of these!
Highlights of fixed-rate mortgage loans include:
Jumbo mortgage loans are ideal for borrowers with good credit who don’t have enough funds on hand to bring the home loan amount under the FHFA’s current conforming loan limit.
Highlights of Jumbo mortgage loans include:
Medical professionals have a unique set of challenges with homeownership. Fairway mortgage advisors know the ins and outs of helping medical professionals apply for physician loans.
Highlights of physician loan mortgages include:
A refinance loan may be the right decision for you if your home’s value has significantly increased or current interest rates are considerably lower than they were when you purchased your home.
Highlights of refinance loans include:
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.
Renovation loan options include:
Reverse mortgage loans can be used to turn a portion of the equity in your home into cash that can be used for many different purposes that may enhance and extend your retirement.
Highlights of reverse mortgage loans include:
USDA mortgage loans 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.
Highlights of USDA mortgage loans include:
VA mortgage loans provide affordable home financing options for eligible service members, veterans and surviving spouses. Here at Fairway, we are proud to help our service members and veterans achieve the American dream of homeownership.
Highlights of VA mortgage loans include:
*Appraised property value may affect loan amount.
**The cash from equity is usually tax free. This information does not constitute tax advice or financial planning advice. Please consult a tax advisor for tax advice and a financial planner regarding enhancements to retirement plans. 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. Must be at least 62 years old. Loan proceeds are not considered income and will not affect Social Security or Medicare benefits. Your monthly reverse mortgage advances may affect your eligibility for some other programs. Consult a local program office or your attorney to determine how, or if, monthly reverse mortgage payments might affect your specific situation. At the conclusion of the term of the reverse mortgage loan contract, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to you and you may need to sell or transfer the property to repay the proceeds of the reverse mortgage with interest from your assets. We will charge an origination fee, a mortgage insurance premium, closing costs or servicing fees for the reverse mortgage, all or any of which we will add to the balance of the reverse mortgage loan. The balance of the reverse mortgage loan grows over time and interest will be charged on the outstanding loan balance. You retain title to the property that is the subject of the reverse mortgage until you sell or transfer the property and you are therefore responsible for paying property taxes, insurance, and maintenance. Failing to pay these amounts may cause the reverse mortgage loan to become due immediately. Interest on reverse mortgage is not deductible to your income tax return until you repay all or part of the reverse mortgage loan.