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In addition to months with members earning more than property taxes, homeowners insurance and an annual fee must also be affordable. For a set period, an ARM has a fixed interest rate, after which the rate fluctuates periodically. Ratesfeed connects the key players in the world of finances. We facilitate the connection between financial specialists with individuals who need the services.
Fairway is one of a select few lenders that offer VA renovation loans. VA homeowners can borrow up to 100% of the improved value of the home plus an additional $35,000 to pay for minor upgrades. The U.S. Department of Agriculture backs zero down payment loans for consumers who meet the program’s income and rural location limits.
Down payment required
A down payment is not required for families with low-to-moderate incomes. A conventional loan requires a 5% down payment (3% for first-time buyers); jumbo loans, second homes, multifamily properties, and investment properties require higher costs. You should also compare other physician loan options to see if one of them better serves your needs. Carefully consider what works for you and make the choice most likely to work for your immediate and long-term needs. But if I wasn't familiar with it, it would have been a little overwhelming because I didn't receive a lot of direction on what to do and how to do it.
Even though you might qualify for a loan amount of up to $2 million with Fairway Independent Mortgage Co., it doesn’t mean that it’s the right choice for you. Before moving forward with one of these mortgage loans, consider the drawbacks. Here’s what physician home buyers need to know before committing.
Fairway mortgage loan types
View statements and securely pay your medical bills online. Although medical school debt can result in a lack of income early on, doctors are more likely. Fairway is a direct lender, and it isn't owned by a bank or another company. Steve Jacobson founded Fairway in 1996 and still acts as the CEO.
It’s just a matter of finding the right loan type based on your credit, down payment, location, and financing goals. Overall, these reviews make it a top company for service out of the major mortgage lenders. After you submit your information, a Fairway loan officer will contact you via phone or email to discuss your needs. Third-party consumer rating agencies (like J.D. Power) rank Fairway highly for customer service, and it has a wide range of loan options.
Frequently Asked Questions about Physician Group at Fairway Independent Mortgage Corporation
I was calling her all the time, asking her a million questions and she answered every question. They gave you an allotted amount of time to submit certain documents. And if I didn't have those documents right away because I was waiting for my boss or whoever to send something else in, they were very patient. It was a very smooth and understanding process instead of them just looking at you like you're a number. Its location on this page may change next time you visit.
Only some medical degrees are eligible for this physician loan. Nurses can’t get this type of home mortgage from Fairway. Our table shows average rates and loan costs from 2021, the most recent data available at the time of writing. Your own rate will likely be higher because mortgage rates have increased since then. Our #1 priority is that our readers make great financial decisions. That's something we don't compromise on even if we make less money because of it.
FHA
However, you should note that the lower term option will require higher monthly payments so that you can build equity more quickly. Fairway Independent Mortgage streamlines the mortgage lending process by offering borrowers a comprehensive selection of loan products and customer service options. This is one of the most common questions we receive, regardless of loan type. However, these program guidelines change often, so what’s best is to have a conversation with your Fairway mortgage advisor so that we can determine what the best option is for you. Doctors just getting their career started while saddled with large student loans may be able to take out a Fairway physician loan with extra qualifying flexibility.
They provided feedback and insight into the numbers behind the interest rate... Understanding how to apply for an FHA loan will get you that much closer to qualifying for a low down payment mortgage. We would much rather keep all your home loan options open and guide you to make the right decision, rather than push you into a loan product just because it matches your job title. Medical professionals have a unique set of challenges on their journey to homeownership. FairwayNEXT provides convenient ways to obtain valuable information about your mortgage loan, such as where to make your first payment as well as who your current servicer is.
Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Morty was the rep who started my home-buying process but sometimes his secretary takes a long time to get back to me with information. I asked her if he could improve on that a little bit. It's a little longer than I would like it to be but we'll work through that when the time comes.
Fairway Independent Mortgage Corporation physician mortgage loan products are available nationwide except Rhode Island and Pennsylvania. It is necessary to sign several final documents during the closing. Don’t forget to bring a photo ID and the payment for the down payment, closing costs, prepaid interest, taxes, insurance, and any additional fees. We will hand over the keys to you after all closing documents and funds have been disbursed.
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