Fairway Independent Mortgage Review 2020: Getting money isn’t easy, we all know that, but the amazing thing is that there are platforms that could provide you with a loan, one such platform is the Fairway Independent. The Fairway Independent is an amazing platform that offers people mortgage loan, read on to know more about them
In this article:
What is Fairway Independent?
Fairway Independent was founded in 1996 and is headquartered in Madison, Wisconsin, and Carrolton, Texas. By 2017, it was licensed in all 50 states and had over 6,000 employees under its wing.
Despite its unfavorable BBB reviews, it was deemed one of the 30 Best Places To Work in Madison, Wisconsin by Madison Magazine in 2019.
How to Qualify for a Fairway Independent Mortgage
Fairway Independent Mortgage lets FICO credit scores as low as 580 for FHA loans but doesn’t specify a minimum credit score for conventional loans.
However, you typically need a FICO credit score of at least 620 to get approved for such a loan. The lender’s maximum debt-to-income ratio can vary depending on the situation.
Self-employed borrowers, for instance, may qualify with a higher ratio.
Fairway Independent Mortgage requires a down payment of at least 5% for most of its loans. Loans insured by the federal government, including VA, FHA, and USDA loans, have low or no down payment requirements.
The lender is licensed in all 50 states.
What Types of Loans does Fairway Independent Offer?
Fairway Independent provides conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, reverse mortgages, and mortgage refinancing.
1. Conventional. Fairway Independent offers both fixed- and adjustable-rate mortgages with terms of 10 to 30 years.
2. FHA. Government-backed Federal Housing Administration loans come with more lenient lending requirements and terms that range from 15 to 30 years.
3. VA. Eligible veterans, service members, and their families may qualify for a Veterans Affairs loan with a valid Certificate of Eligibility from the US Department of Veterans Affairs.
Fairway Independent VA loans feature no prepayment penalties or private mortgage insurance and offer $0 down payment options.
4. USDA. If the property you’re interested in purchasing is located in a qualifying rural area, you may be eligible for a 30-year fixed-rate USDA loan with no-down-payment options.
5. Jumbo. Nonconforming jumbo loans at Fairway Independent typically start at $484,350. These jumbo loans are available as both fixed- and adjustable-rate loans, but a high credit score and low debt-to-income ratio are required.
Fairway Independent Mortgage Loan Products
In case you’re searching for a fixed-rate loan, Fairway has a few term choices: 10, 15, 20, 25, or 30 years, contingent upon the loan type.
Moreover, on the off chance that you need a flexible rate mortgage, Fairway offers those, as well, however, doesn’t list its ARM expressions on the web. Fairway didn’t react to numerous solicitations for a meeting and data.
Therefore, it likewise offers an assortment of government-supported loans, including FHA loans, USDA loans, and VA loans.
Fairway Independent Fees
You won’t find any info about loan fees on Fairway Independent’s website. Instead, you’ll need to fill out an application in-person or online to receive an estimate of potential rates and fees.
Lenders normally charge origination fees that amount to 2% to 5% of the total loan cost. During the closing process, be ready to encounter any of the following fees:
- Credit report
- Document preparation
- Home inspection
- Private mortgage insurance
- State taxes
- Title charges
Fairway Independent Requirements
Though Fairway Independent has made it known that credit score and down payment requirements differ for each of its home loan products, it was incapable to confirm specific credit score requirements.
Typically, conventional loans require a minimum credit score of 620, while credit scores of 580 may qualify for VA and FHA loans.
Before you start the online application process, gather the following:
- Full name and personal contact information
- Social Security number
- Pay stubs from the past 30 days
- W2s and 1099s from the past two years
- Personal tax returns from the past two years
- Profit and loss statements, if self-employed
- List of your assets — including savings, real estate, car titles, retirement accounts, and other investment records
Step To Step Ways On How to Get Loan With Fairway Independent
- Go to Fairway Independent’s website and click Apply Now.
- Tell Fairway Independent more about the property you’d like to purchase, including the property’s location, its purchase price and what type of loan you’d like to apply for. Click Next.
- Tell Fairway Independent more about yourself, including your date of birth, Social Security number and current residential address. You’ll also need to provide Fairway with your employment and income information, including the name of your employer and your monthly income. Click Next.
- Tell Fairway Independent more about your assets and liabilities, including real estate holdings, child support, and job-related expenses. Click Next.
- Review Fairway Independent’s eDisclosure Agreement and click I Agree. Review your application information and click Submit.
A Fairway Independent loan officer contacts you within one business day to follow up on additional documentation and the next steps in the lending process.
Benefits Of Using Fair Independent
1. Loan selection. Not only does Fairway Independent’s loan selection include conventional loans, but it also offers USDA, FHA, VA, and jumbo loans.
2. Unique loan options. Fairway Independent opens up your property purchasing options with a unique home renovation loan designed to help you tackle the cost of renovations upfront.
3. Mobile application. In addition to the online application available on its website, Fairway also offers a mobile application through the FairwayNow mobile app.
Frequently Asked Questions
Q1. How do I get in touch with Fairway Independent?
A.Contact a member of the Fairway Independent team through Facebook Messenger, by email at [email protected] or by filling out the corporate contact form on Fairway’s website. You can also call 800-201-7544weekdays from 8:30 a.m. to 5:30 p.m. CST.
Q2. What can I do with the FairwayNow mobile app?
A. With the FairwayNow mobile app, you can search for properties, apply for loan preapproval, calculate payments, upload documentation and directly contact your loan officer.
Q3. What can I do with a Fairway Independent renovation loan?
Fairway’s HomeStyle loan allows you to cover repairs, renovations or energy-efficient improvements on either a primary or investment property. There are no restrictions on repairs so long as the improvements are permanently affixed to the property, add value to the property and are completed by a licensed contractor.