Fairway Mortgage: Quick Turnaround For Home Loan Dreams

Fairway Independent Mortgage Corporation is a nonbank mortgage lender based in Madison, Wisconsin. It is one of the largest mortgage lenders in the country, with services available across all 50 states and the District of Columbia. Fairway Independent Mortgage offers a range of loan options, including fixed or adjustable rates, conventional, FHA, VA, USDA, and jumbo loans. They also provide assistance programs for first-time homebuyers, such as the Chenoa Fund and the Fairway Community Access program, to help overcome financial hurdles. With a focus on customer service, Fairway aims to provide fast and efficient loan processing, offering digital solutions and personalized experiences to meet the unique needs of their customers.

Fairway Fast Mortgage's Speed Team

The Speed Team at Fairway Fast Mortgage offers an unrivalled, personalized experience for customers seeking home loans. Fairway Fast Mortgage is known for its fast turn times in the industry, with a team that is committed to providing exceptional customer service, speed, and support.

Fairway Fast Mortgage offers a wide variety of home loan options to meet the unique needs of its customers. Whether you are a first-time homebuyer with a low down payment, in the market for a jumbo-sized loan for a larger home, or qualify for a specialty loan, Fairway Fast Mortgage can help. The company also offers the Chenoa Fund, a down payment assistance program that provides eligible homebuyers with a second mortgage to cover their down payment and closing costs, making homeownership more accessible to low and moderate-income borrowers.

Fairway Fast Mortgage's 2-1 Buydown option allows customers to decrease their monthly payment for the first two years and take advantage of a free refinance if rates are lower within 12 months of closing. The company also services mortgages, managing payments and escrow for home loans, in all states except New York.

Fairway Fast Mortgage provides multiple avenues for customers to apply for a mortgage, including via a smartphone app, directly on their website, or by speaking to a loan officer in one of their many physical branches. The company fosters an environment that promotes community and culture and has been recognized as a Top Workplace for five consecutive years. With a focus on unparalleled customer service, Fairway Fast Mortgage is dedicated to helping Americans achieve their dream of homeownership.

Chenoa Fund's second mortgage option

Fairway Fast Mortgage offers a wide variety of home loan options to meet the unique needs of its customers. The Chenoa Fund is a down payment assistance program that provides eligible homebuyers with a second mortgage to cover their down payment and closing costs.

The Chenoa Fund is a national down payment assistance program provided through the CBC Mortgage Agency, a tribally-owned government organization that strives to increase affordable and sustainable homeownership. The Chenoa Fund provides qualifying homebuyers with second mortgage loans that may fund up to 3%-5% of their down payment on a house. The minimum accepted credit score is 600, and the fund offers both repayable and forgivable second mortgage options.

The Chenoa Fund works in conjunction with a fixed-rate FHA first mortgage on a single-family property, providing assistance of up to 3.5% of the home's purchase price. This covers the FHA loan's 3.5% down payment requirement. The second mortgage terms for down payment assistance are based on the borrower's qualifying income and HUD's Area Median Income (AMI) requirements. If the borrower earns less than 115% of the AMI, the down payment assistance can be forgiven. If the borrower earns 115% or more of the AMI, there is an option to repay the down payment assistance.

The Chenoa Fund conventional loan program is a 3.5% second mortgage, which can be used for closing costs (0.5%) and the 3% down payment requirement for 97% LTV conventional mortgage financing. This assistance is offered through Fannie Mae's HomeReady program for low- to moderate-income borrowers. The Chenoa Fund does not have income limits, and it is available in all states except New York.

2-1 Buydown for lower monthly payments

A 2-1 buydown is a temporary interest rate buydown that reduces the buyer's monthly mortgage payment for the first two years of homeownership. This type of buydown is particularly useful for those who want a lower initial payment but don't want an adjustable-rate mortgage.

Here's how it works: the home seller, buyer, or builder pays to reduce the buyer's mortgage rate by 2% in the first year and 1% in the second year. This brings down the monthly payment, making the first two years of homeownership more affordable. After the second year, the mortgage rate returns to its standard level for the remainder of the loan term, which is usually 30 years.

For example, if you're buying a $300,000 house with a 7% interest rate, your monthly payment would be $1,995. But with a 2-1 buydown, you could get a 4% interest rate for the first two years, reducing your monthly payment to $1,432. This lower initial payment can be extremely helpful for first-time homebuyers who may be facing higher upfront costs.

It's important to note that a 2-1 buydown doesn't help you qualify for the loan itself. You still need to qualify for the mortgage assuming the full payment, and the buydown only affects the rate at the beginning of the loan. However, it can help you qualify for a larger loan amount by lowering your initial monthly payments.

Fairway's customer service

Fairway Independent Mortgage Corporation is a non-bank mortgage lender based in Madison, Wisconsin. It is one of the largest mortgage lenders in the country, and was the 9th largest residential mortgage lender in 2022. Fairway has a reputation for top-notch customer service and has a plethora of brick-and-mortar branches.

Fairway offers a wide variety of home loan options to meet the unique needs of its customers, including fixed or adjustable rates, conventional, FHA, VA, USDA, jumbo, rate-and-term, or cash-out refinance. The company also provides specialty loan types, such as first-time homebuyer, physician, renovation, and reverse mortgage. Fairway's Chenoa Fund is a down payment assistance program that provides eligible homebuyers with a second mortgage to cover their down payment and closing costs, helping low to moderate-income homebuyers.

Fairway's Speed Team assists customers in getting a mortgage fast, with a hometown feel. The company's ability to provide options while being timely in the process is one of its key advantages. Fairway offers pre-approval for mortgages, with the option to apply directly from the app and get approved in minutes. The app also allows customers to upload documents securely, receive status updates, and message their loan officer and/or real estate agent at any time during the process. Fairway Express Close, their e-closing technology, enables borrowers to participate in a digital closing experience, providing a more convenient, faster, and more secure process.

Overall, Fairway Independent Mortgage Corporation is committed to providing exceptional customer service, a wide range of loan options, and timely processes to assist Americans in achieving their dream of homeownership.

Fairway's app and e-closing technology

Fairway Independent Mortgage Corporation has a reputation for top-notch customer service and a wide array of physical branches. The company has been recognised as a 2025 Top Workplace for five years in a row.

Fairway offers affordable lending options to help people purchase a home and stabilise their housing costs. The company also provides a Chenoa Fund down payment assistance program to help eligible low- to moderate-income homebuyers cover their down payment and closing costs.

Fairway's app, FairwayNow, is available on the App Store. The app allows users to apply for a loan in under 10 minutes, track their loan progress with real-time push notifications, and calculate loan scenarios with full monthly payments. It also enables users to connect to home searching sites in-app and securely scan loan documents with their phone's camera.

Fairway has also been making advances in closing technology, offering borrowers a digital experience. The company's eNote transactions have been the largest migration of eNotes in the mortgage industry, and almost 80% of Fairway's eligible closings include one or more digital components. This enables transactions that are fast, easy, convenient, transparent, and reliable.

Frequently asked questions