Lyndee Paulus - Loan Officer - NMLS 1716116

©Fairway Independent Mortgage Corporation | NMLS 2289

1389 Center Drive Suite 200 Park City, UT 84098 | Direct: 435-604-0893  | Mobile: 970-389-0494

Copyright ©2018 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. Branch Contact: 1389 Center Drive Suite 200 Park City, Utah 84098,  Direct: 435-604-0893, Mobile: 970-389-0494. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.

FHA LOANS

Opening Doors To Homeownership

Home loans insured by the Federal Housing Administration* (FHA) can make it easier for you to qualify to purchase or refinance a home. This loan option offers flexible qualification guidelines to help people who may not qualify for a conventional mortgage.

  

FHA Loan Highlights

FHA loans are widely used by first-time homebuyers and people with low-to-moderate incomes since this government-insured mortgage features:

  • Low down payments

  • Flexible income and credit requirements

  • Fixed- and adjustable-rate mortgages

  • Loans for 1-4 unit properties and condos may be available

  • Down payment funds can be a gift from a relative or employer*

  • Home sellers can contribute up to 6% of the closing costs

  • *Subject to underwriting review and approval.

FHA Loan Programs

Adjustable-Rate Mortgage

FHA's adjustable-rate mortgage (ARM) insures home purchases or refinances with rates that can change after the initial fixed-rate period. Depending on market fluctuations after this initial fixed-rate period, your monthly payments could change due to rates increasing or decreasing. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase, or the current interest rate on a fixed-rate mortgage is too high.

Fixed-Rate Mortgage

Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. With FHA loans, you can select a 30-, 20- or 15-year term. The main difference is the lower term options have higher monthly payments, which also means you are building home equity faster. Keep in mind you can use equity as a down payment for your next home or a future cash-out refinance. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you.

Streamlined Refinance

If you currently have an FHA mortgage, we may be able to help you reduce your interest rate and lower your monthly mortgage payments with an FHA streamlined refinance. Plus, a streamlined refinance requires limited borrower credit documentation and underwriting for an even easier process. This may be the right solution if you want to convert your ARM to a fixed-rate loan.

*Fairway is not affiliated with any government agencies. Thest materials are not for HUD or FHA and were not approved by HUD or a government agency.