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say about us!

 
See below for our featured loan programs.

3.5% Down.

0% Down, No MI.
Offered in eligible areas.
 
0% Down, No MI
veteran's loan.
 
 
Each program is a 30-year fixed rate mortgage.

Standard closing time for each program is 4-6 weeks.


We Are Lenders, Not Brokers
With In-House Underwriting.


Official "HUD" Approved Lender


 

FHA Loan Program

The Department of Housing and Urban Developement (HUD), through it's Federal Housing Administration (FHA), insures a loan called the FHA 203(b) program. 
More  Information  on HUD

The FHA Loan Program is a 30-year fixed rate mortgage with a 3.5% down payment requirement requiring a minimum credit score of 620. What this means to you as the home buyer is:

The FHA Loan Program requires 3.5% down - Minimum down payment required is 3.5% of Sale Price
     1)  Any Earnest Money that you are required to give to your realtor at the time of an accepted purchase contract will count towards your down payment.
     2)  Appraisal Fee (Fixed fee of $500.00) collected at the time of your application will also count towards your down payment.
 
If, for example, you are purchasing a $100,000 house, your minimum down payment required would be $3,500.00.  If your seller/realtor required you to put down $500.00 in earnest money on top of the $500.00 for your appraisal, your down payment would be lowered to $2,500.00.

MI/MIP - Mortgage Insurance
     MI stands for Mortgage Insurance.  MIP stands for Mortgage Insurance Premium.  This is an insurance policy that is required by the government for any loan program that has a down payment of less than 20% of the sale price.  Because the down payment requirement on the FHA 30-year fixed rate mortgage is only 3.5%, there is a Mortgage insurance requirement. The up front Mortgage Insurance Premium is financed into your loan with no cash requirement from you, the home buyer.  The Mortgage Insurance Permium is included in your monthly payment for the life of the loan.

620 Minimum Credit Score - While Department of Housing and Urban Developement does not have a minimum credit score requirement for FHA Loans, all Investors currently have a 620 minimum credit score requirement. 

 
If you would like to see if you qualify for this program,
fill out our Pre-approval application.

For more information about this loan program, Click here.
 
 
If you have any additional questions,
don't hesitate to call us at: 330-337-3260
Toll Free at: 866-920-9305

Fax us at: (330) 337-3266

    
 
Fairway Independent Mortgage Corp - 550 E State Street Suite 1, Salem OH 44460
Local Phone: 330-337-3260 - Fax: 330-337-3266
©2016 Fairway Independent Mortgage Corporation NMLS ID 2289 EQUAL HOUSING LENDER - All Rights Reserved
Complaints may be directed to: (877) 699-0353 or Email Us: customerservice@Fairwaymc.com