FHA

(Federal Housing Administration)

FHA loans are designed for low to moderate income borrowers. They may require a lower down payment and accept lower credit scores than most conventional loans do.

VA

(Veteran's Administration)

VA loans are specifically designed for military veterans and active duty military personnel as well as their spouses. VA does not require a down payment* in most cases and does not require mortgage insurance. The VA also waives the funding fee for qualified disabled vets.

*A down payment is required if the borrower does not have full VA entitlement or when the loan amount exceeds the VA county limits. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit guidelines, and property limits. Fairway is not affiliated with any government agencies or the Department of Veterans Affairs.

USDA-Rural Development

USDA loans are available to very low – low to moderate wage earners that wish to purchase eligible property in rural towns and acreages. USDA does not require a down payment**.

**USDA Guaranteed Rural Housing loans subject to USDA-specific requirements and applicable state income and property limits. Fairway is not affiliated with any government agencies. These materials are not from USDA or RD and were not approved by USDA or RD or any other government agency.

Jumbo / Non-Conforming

Jumbo loans are required for loan amounts exceeding the conforming loan limit ($647,200).

1st Time & Repeat Homebuyers/Bond

Designed for low to moderate wage earners looking to purchase a primary residence. States such as South Dakota offer loans through the Housing Development Authority which utilizes housing bonds, tax credits and other federal and state resources to fund housing programs. To learn more about this program please visit www.sdhda.org.

Reverse Mortgage

Reverse loans are available to homeowners and homebuyers with ages 62 and older. Homeowners with considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment or line of credit.

ARM

Adjustable Rate Mortgage

An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. With an adjustable-rate mortgage, the initial interest rate is fixed for a period of time. After that, the interest rate resets periodically, at yearly or even monthly intervals.

Refinance

A refinance or your current mortgage can either help you improve your rate and terms and/or allow you to access the equity in your home in the form of cash. A cash out refinance can help you consolidate debt, finance a home improvement project, or provide cash for other investment opportunities. Contact one of our certified mortgage advisors to see you can benefit from a refinance.

AFR

American Frontline Rewards

Are you a medical professional, veteran, active-duty military, law enforcement officer, firefighter, teacher or first responder? With American Frontline Rewards, eligible borrowers will receive a closing cost discount.*

*May not be redeemed for cash. One discount up to $500 on closing costs per loan. The actual discount amount is determined by the branch. Discount will be applied as a lender credit on a closing disclosure at closing. Loan must close and fund with Fairway Branch 8350. Offer not available on bond loans. Special incentive offer subject to change without notice. This offer not valid with any other incentives or discounts. Borrower is responsible for the down payment. No part of credit can apply to or offset down payment. Loan must close on or before 4/30/23.

Promotion expires 4/30/23