Mortgage Loan Products to meet your needs!

Information on each Mortgage Loan Product can be found by clicking on the Loan name below or the “Find out more” link.

Conventional mortgage loan

A Conventional loan could be the perfect fit for individuals with a strong credit standing and stable income, given that these loans typically provide borrowers with a wider array of choices.

The key advantages of Conventional loans are as follows:

Borrowers with good credit can benefit from lower interest rates, resulting in potential long-term savings.
Compared to certain other loan programs, Conventional loans come with fewer penalties and fees, making them a more cost-effective option.
The flexibility of down payment options ranging from 3% to 20%..

Jumbo Mortgage Loan

Jumbo mortgage loans cater to borrowers with favorable credit scores for homes that are higher than current conforming loan amounts.

Key features of Jumbo mortgage loans encompass:

Higher purchase limits, providing borrowers the opportunity to secure financing for properties that exceed the standard conforming loan limits.
The ability to purchase more substantial and upscale homes that may not be covered by conventional loan programs.
Versatility in usage, offering options for primary residences, second homes, or investment properties, allowing borrowers to utilize the loan for various real estate purposes.

Established in 1934 with the aim of promoting higher homeownership rates in the United States, the Federal Housing Administration (FHA) offers mortgage loans tailored to assist low- to moderate-income families in achieving their homeownership goals.

Key advantages of FHA mortgage loans are as follows:

Low down payment requirements, making homeownership more accessible and affordable for qualifying applicants.
Flexibility in income and credit requirements, providing opportunities to a broader range of potential homebuyers.
The option to utilize gift funds received from a relative or employer for the down payment, easing financial burdens and expanding funding sources for eligible borrowers.

VA mortgage Loan

At Fairway, we take immense pride in assisting eligible service members, veterans, and surviving spouses in realizing the American dream of homeownership through VA mortgage loans, which offer affordable and accessible home financing options.

The key advantages of VA mortgage loans are as follows:

No prepayment penalties, allowing borrowers the flexibility to pay off their mortgage ahead of schedule without incurring any additional charges.
Exemption from private mortgage insurance (PMI), reducing overall costs for qualifying applicants.
100% financing with full VA entitlement*, enabling borrowers to secure a home loan without the need for a down payment.
VA financing fees can be included in the total loan amount, easing the burden of upfront expenses.
A wide variety of eligible property types, including townhomes and VA-approved condos, expanding the range of housing options for eligible borrowers.

USDA Mortgage Loan

USDA mortgage loans offer accessible and cost-effective financing solutions for properties situated in designated small towns, suburbs, and exurbs. This initiative is designed to support eligible low- to moderate-income families in realizing their dreams of homeownership through a compelling no-down-payment option.

Key features of USDA mortgage loans comprise:

Financing up to 100% of the appraised property value.
The option to finance the up-front portion of the guarantee fee.
More lenient credit score requirements compared to other loan programs.
Enjoying lower interest rates, helping borrowers save on overall costs.
Reduced closing costs, making the homebuying process more affordable.
Flexibility to utilize gift funds to cover closing costs, easing financial burdens.
30-year fixed-rate mortgage terms, ensuring stable and predictable payments over time.

Renovation Mortgage Loan

During your home search, you might encounter properties that don’t precisely match your ideal vision but have the potential to become your dream home with the right repairs or renovations. Embracing the concept of a renovation loan, you can consolidate the financing or refinancing of a home together with the cost of repairs into a single loan, offering both time and cost savings.

Renovation loan options consist of:

HomeStyle Renovation Loan
Limited 203(k) Rehabilitation Mortgage
Standard 203(k) Rehabilitation Mortgage

These options provide you with the flexibility and financial support needed to transform a promising property into your perfect home, tailored to your preferences and requirements.

Reverse Mortgage Loan

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:

The ability to turn a portion of the equity in your home into cash
The option to eliminate your monthly mortgage payment

Refinance Loan

Opting for a refinance loan can be a smart choice if your home’s value has experienced a substantial increase or if current interest rates are significantly lower than when you initially bought your home.

Key benefits of refinance loans are as follows:

The opportunity to shorten your loan’s term, resulting in potential long-term savings on interest payments.
The possibility of securing a lower interest rate, leading to reduced monthly mortgage expenses.
Combining a first and second lien into a single loan provides simplicity and potential cost savings.
Accessing your home’s equity allows you to utilize the built-up value for various purposes such as home improvements, debt consolidation, or other financial needs.

Physician Mortgage Loan

Homeownership poses distinct challenges for medical professionals, but at Fairway, our mortgage advisors are well-versed in assisting medical professionals with physician loans.

Key advantages of physician loan mortgages are:

The ability to exclude deferred student loans from the debt-to-income (DTI) calculation, making it easier for medical professionals to qualify for a mortgage.
Low down payment options, providing flexibility for medical professionals, even those who may not have substantial savings for a down payment.
Flexible closing dates, accommodating the unique schedules and timing constraints that medical professionals often face due to their demanding work commitments.