Visit us at any of our offices and see what it means to get mortgage loans your way – the Fair Way.
A Loan Designed Specifically for You
|Loan Options||Interest Rates||Highlights||Best If You…|
|Fixed-Rate Mortgage,||Fixed||Plan on staying in your home for an extended period.|
|Adjustable-Rate Mortgage (ARM)||Adjustable||Plan on selling or refinancing within a few years.|
|Conventional Mortgage||Fixed or Adjustable||Have good credit and a larger down payment to possibly receive lower rates with more flexible terms.|
|Jumbo Mortgage||Fixed or Adjustable||Purchase a property above the conforming loan limits ($453,100 in most areas).|
|FHA||Fixed or Adjustable||Are a first-time homebuyer or have a limited amount of funds for a down payment.|
|USDA||Fixed or Adjustable||Purchase a home in USDA designated rural areas.|
|VA||Fixed or Adjustable||Are active-duty military, a veteran or military spouse.|
|Refinance||Fixed or Adjustable||Already own a home and want to restructure your mortgage to fit your current financial situation.|
|Renovation Mortgage||Fixed or Adjustable||Own or want to purchase a home that needs repairs or renovations.|
|Reverse Mortgage**||Fixed or Adjustable||Are 62 or better and want to turn your home equity into tax-free** cash without having to make monthly mortgage payments. (must continue to pay taxes and insurance and maintain the home)|
*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 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.
A down payment for VA loan is required if the borrower does not have full VA entitlement or when the loan amount exceeds the VA county 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 VA, HUD, FHA, USDA, or RD and were not approved by VA, HUD, FHA, USDA, or RD or any other government agency.