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There are other loan programs that don’t allow us to ignore the student loan debt, but that do feature higher qualification guidelines to help you qualify, even with those student loan payments. Borrowers must complete theRefinance Bonus Request formto claim a bonus offer. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus.
Loan or savings calculators are offered for your own use and the results are based on the information you provide. The results of this calculator are only intended as an illustration and are not guaranteed to be accurate. Splash Financial loans are available through arrangements with lending partners. Your loan application will be submitted to the lending partner and be evaluated at their sole discretion. For loans where a credit union is the lender or a purchaser of the loan, in order to refinance your loans, you will need to become a credit union member. The Splash Student Loan Refinance Program is not offered or endorsed by any college or university.
Down payment required
A mortgage professional submits all your documentation and your loan file to the loan processor after you are pre-approved and have found a property. It isn’t easy to find information on credit checks. The website of Fairway Independent does not provide information about rates, fees, and loan requirements. For members of the military who plan to move within the next few years, an adjustable-rate mortgage may be your best option. With home loans offered by the Department of Veterans Affairs, service members, Veterans, and their surviving spouses can affordably finance their homes.
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
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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
Taking advantage of Fairway Independent’s home renovation loan will open up your property buying options. When considering a physician loan from Fairway, there are a few advantages to borrowers who use this program. You need a 620 credit score for a conforming or USDA mortgage, 600 for a VA mortgage, and 580 for an FHA mortgage. However, you may be able to show alternative credit data, such as utility bills, for Fairway to consider your application even if your score is lower.
The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.
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.
College tuition, debt or home improvements can be paid. While medical school debt can negatively impact income in the early stages of one’s career, doctors are more likely to be more accessible and more affordable options for new medical professionals. Loans to new medical professionals are intended to assist them in breaking into the field. Suppose doctors have just graduated or just begun residency. In that case, they may be at a disadvantage when applying for a regular mortgage due to a high debt-to-income ratio and not having proof of employment or income. Some households earn an income ratio but not enough funds to meet the conforming loan limits; jumbo loans may be an excellent option.
From providing POS systems to small tourist shops to data security and account management Matthew has provided business solutions to many individuals. Fairway mortgage earns 3 of 5 stars for average mortgage interest rates. We believe everyone should be able to make financial decisions with confidence.
Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs . In some cases, additional information was provided by a lender representative. Our lowest APR is only available to customers with the best credit and other factors. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history . Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates.
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