Welcoming Active-Duty, Veterans and Surviving Spouses Home
Here at Fairway, we are proud to help our Service Members and Veterans achieve the American Dream of homeownership.
Home loans backed by the Department of Veterans Affairs (VA) provide affordable home financing options for eligible Service Members, Veterans and surviving spouses.
Since VA loans often require no down payment* with lower closing costs, you can help keep your savings secure. VA loans also feature:
*A down payment is required if the borrower does not have full VA entitlement, or if the loan amount is greater than $424,100
In order to be eligible for a VA loan, you must first obtain a valid Certificate of Eligibility (COE). Your COE is based on length of service or service commitment, duty status and character of service.
See below for available VA loan options.
If you are currently serving in the military with a chance of relocating in the next few years, the flexibility of an adjustable-rate mortgage (ARM) could be the right option for you. ARMs offer lower introductory interest 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.
Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. You can select a 30- or 15-year loan term. The main difference is the 15-year option has 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.
If you’re already a homeowner, a cash-out refinance may help you pay for major expenses like college tuition, debt or home improvements. This option allows you to take cash out of your home equity by replacing your current mortgage with a new loan that is more than the amount owed. You can also refinance a non-VA loan into a VA loan with a cash-out refinance.
An interest rate reduction refinance loan (IRRRL) may help lower your interest rate and reduce your monthly payments by refinancing your existing VA loan. You can also refinance an adjustable-rate mortgage (ARM) into a fixed-rate mortgage with this option. However, you cannot receive cash from loan proceeds with an IRRRL.
There's a lot that goes into qualifying for a home loan. Factors such as credit score, debt, income and more play a huge part of the decision making process. Consider taking my questionnaire and we'll discuss your mortgage options.
First Time Homebuyer
Want a clearer picture of the home buying process? Tap the book below to download my 14-page first time homebuyer booklet.
Copyright ©2019 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. 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.
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