Frequently Asked Questions

Bridge loans are available to help you buy a new home before selling your current one. This type of short-term loan gives you access to your current home's equity, making it easier to manage your down payment or closing costs on the new place. Once your current home sells, you can use those funds to pay off the bridge loan. It’s a great option if you find a house you love and don’t want to wait for your old home to sell first. Availability and details can vary based on your situation, so it’s good to talk about your options to see if it’s the right fit for you.

To get pre-approved for a mortgage, you’ll need to show some basic documents. Lenders usually ask for recent pay stubs to prove your income, W-2 forms or tax returns from the past two years, and recent bank statements. You’ll also need a photo ID, like a driver's license, and info on any debts you have, like car payments or credit cards. If you're self-employed, you may need a few extra documents, such as business tax returns or profit and loss statements. Having everything ready helps the process go faster.

First time home buyers have different loan options. Some loans let you put as little as 3% down, like certain conventional loans. FHA loans are popular too, with a minimum down payment of 3.5%. Some buyers might even qualify for VA or USDA loans that don’t require a down payment at all. There are also programs that can help with down payment assistance. Your exact options depend on your credit, income, and the type of property you’re buying.

We do offer VA loans, which are designed for veterans, active-duty service members, and some members of the National Guard and Reserves. To be eligible, you usually need to have served a minimum period of active duty, have an honorable discharge, and meet some income and credit guidelines. VA loans come with benefits like no down payment for most borrowers, no private mortgage insurance (PMI), competitive interest rates, and limited closing costs. These loans can help make buying a home easier and more affordable for those who have served.

We do offer FHA loan options. For most FHA loans, you’ll need a minimum credit score of 580 to qualify with a down payment as low as 3.5%. If your credit score is between 500 and 579, you might still qualify, but a 10% down payment is usually required. FHA loans are popular because they can be more flexible on credit requirements compared to other mortgages, making them a good choice for people with lower credit scores or limited savings.

We do offer jumbo loan options for people who need to borrow more than the standard loan limits. With a jumbo loan, you’ll usually need a higher down payment—often at least 10% to 20% of the purchase price, but it depends on your credit, income, and the loan program. Lenders also want to see that you have enough money in reserves after closing, often covering several months of mortgage payments. These requirements can vary, so it’s best to talk through your specific situation with a mortgage advisor to get exact numbers.

A mortgage broker helps you look at different loan programs from various lenders and explains the pros and cons of each. They break down interest rates, monthly payments, and other costs so you can see what fits your budget best. With their guidance, you get to compare options side by side and find the loan that makes the most sense for your situation.

I'm a licensed mortgage advisor and lender, which means I can help you refinance your current home loan. I work directly with borrowers to find the right refinance options, answer questions, and guide you through the process from start to finish. Whether you're looking to lower your interest rate, reduce your monthly payment, or take cash out, I’ll help you understand your choices so you can make the best decision for your situation.

We do offer reverse mortgages, which are special loans for homeowners age 62 or older who have significant equity in their homes. To qualify, you need to live in the home as your main residence and be current on any federal debts. The home usually has to be a single-family house, a HUD-approved condo, or certain types of multi-unit properties you live in. Your credit and income are reviewed, but you don’t have to make monthly payments on the loan while you live in the house. Instead, the loan is paid off when you move out or sell the home. An official counseling session is required before you can get a reverse mortgage, to make sure you understand how it works.

The Fairway Cash Guarantee is designed to make your offer as strong as a cash offer, even when you’re using a mortgage. Here’s how it works: if your financing falls through after your offer has been accepted—because of something related to your loan—Fairway steps in to buy the house with cash, or gives the seller a $10,000 cash incentive if they decide not to wait. This gives sellers more confidence in your offer, since they know there’s a safety net. It helps you stand out and compete with cash buyers, which can really make a difference in a competitive market.

In most cases, pre-approval can be issued the same day you submit your application and all required documents. If your paperwork is complete and there aren’t any unusual complications, expect to hear back within 24 hours. Quick and reliable pre-approvals help you know exactly what you can afford before you shop for a home.

If you’re self-employed and applying for a mortgage, there are a few good ways to prove your income. Lenders usually want to see your last two years of federal tax returns, including all schedules. If you pay yourself through a business, they’ll also ask for business bank statements or profit-and-loss statements to show how much you actually make. Some programs let you use just 12 or 24 months of personal or business bank statements instead of tax returns if it’s hard to prove income the usual way. Organizing these documents ahead of time and making sure your business and personal expenses are easy to track really helps. If you have questions about which documents you’ll need for your specific situation, it’s best to talk it through so we can figure out the smoothest path for you.

You can use a range of mortgage calculators and digital tools to help estimate your monthly payments, figure out how much house you can afford, compare rent versus buy options, see potential savings on a buydown, and get a clear picture when looking at refinancing. There’s a mortgage payment calculator, a refinance calculator, debt-service ratio calculator, affordability calculator, net proceeds tool for when you sell, and more right on the website. To track your loan progress and upload documents securely, you can use the Fairway Now app, which also has mortgage calculators, milestone updates, document upload, and messaging. These tools are designed to give you quick answers and keep you in control of your loan from start to finish.