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Loan Programs

 

Loan Programs

FHA/VA LoansThe Federal Housing Administration (FHA) is a federal agency within the US Department of Housing and Urban Development (HUD). The same options exist for FHA loans as the Fixed Rate Loan (10-30 year). FHA's objective is to assist providing housing opportunities and is widely used for 1st time home buyers. FHA loans are also available for refinancing a home. There are FHA guidelines. Consult with a Fairway Independent Mortgage loan officer for details. The advantages for the FHA loan are: great for 1st time home buyers, lower down payment than a conventional loan, down payments can be a gift from someone.

VA loans are mortgage loans guaranteed by the Veterans Administration, an agency of the federal government that provides services for eligible veterans.

USDA (Rural Housing) and OHFA Fairway realizes that not everyone has the ability or resources to make a substantial down payment. USDA loans are provided to the borrower that wants to own a home, but has not managed to save for a down payment. To see if you qualify, please consult with a Fairway Independent Mortgage loan officer.

Fixed Rate Mortgage

Fixed Rate Mortgages have interest rates that remain the same over the life of the loan term. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable. Fixed rate mortgages are available for 30 years, 20 years, 15 years, and even 10 years.

 

Adjustable Rate Mortgage
Adjustable rate mortgages (ARM) are loans that allow the interest rate and usually the payment to adjust periodically during the life of the loan (up or down). Most ARM's start at a lower-than-market interest rate and then adjust based on a prevailing index plus margin.

Jumbo Loans
Jumbo Loans are nonconforming loans that are higher than the loan amounts acceptable to Fannie Mae and Freddie Mac Loans over $417,000.

1st Time Home Buyer Options
1st Time Home Buyer options include OHFA loans, FHA, VA, and  USDA.

 
Brian Thomas, Loan Officer NMLS #5868
Fairway Independent Mortgage Corp. NMLS Entity ID#2289
4070 Bridgewater Parkway Suite 1, Stow, OH  44224
Office:  (330) 923-8085
Fax:  (330) 923-3760
briant@fairwaymc.com
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FIMC NMLS #2289
Complaints may be directed to:
(877) 699-0353 or customerservice@fairwaymc.com
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