Fairway Independent Mortgage Corporation Review 2021

By Jennifer Bradley Franklin

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

At a glance

Fairway Independent Mortgage Corporation

3.9

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Loans offered

Fixed-rate, adjustable-rate, conventional, jumbo, FHA, VA, USDA; refinancing options including cash-out refinancing; renovation mortgages; reverse mortgages; physician loans
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Nationwide availability

Available in all U.S. states; not available in Guam, Puerto Rico, U.S. Virgin Islands, American Samoa or the Commonwealth of the Northern Mariana Islands
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Min. credit score required

Fairway Independent Mortgage Corporation doesn’t publish minimum credit scores or rates for any mortgage products.

Pros and cons

Pros

  • Available in all U.S. states, with more than 700 branch and satellite locations
  • Extensive glossary and online learning library for borrowers
  • Streamlined electronic submission of loan documents
  • FairwayNOW mobile app allows users to track application status, message the lender, upload documents, calculate payments and more

Cons

  • No branch locations in Alaska and West Virginia
  • Doesn’t operate in U.S. territories
  • Doesn’t offer home equity lines of credit (HELOCs)
  • Specific rates are not posted online

Fairway Independent Mortgage Corporation overview

Fairway Independent Mortgage Corporation maintains dual headquarters in Madison, Wisconsin, and Carrollton, Texas. Founded in 1996, the mortgage lender has funded more than $240 billion in loans since its inception. Fairway is strictly a lender and typically sells its loans on the secondary market. It has branch locations in 48 states (not in Alaska or West Virginia) and Washington, D.C. Though Fairway doesn’t offer HELOCs, it does offer these loan types:

  • Fixed-rate and adjustable-rate mortgages
  • Conventional loans
  • Jumbo loans
  • FHA loans
  • VA loans
  • USDA loans
  • Refinancing including cash-out refinancing
  • Renovation mortgages
  • Reverse mortgages
  • Physician loans

Loan types

  • Fixed-rate and adjustable-rate mortgages
  • Conventional loans
  • Jumbo loans
  • FHA loans
  • VA loans
  • USDA loans
  • Refinancing including cash-out refinancing
  • Renovation mortgages
  • Reverse mortgages
  • Physician loans

Lender fees

Fairway Independent Mortgage Corporation lender fees vary by loan type, and the lender doesn’t publish them. However, the Fairway website explains origination fees and other fees, including those for an appraisal, credit report, home inspection, taxes and title charges. Fairway encourages borrowers to work with an individual mortgage consultant in its more than 700 locations across the U.S., who can determine fees based on the borrower’s application and circumstances.

Minimum borrower requirements

While Fairway doesn’t publish requirements, it does offer mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA) and the Department of Agriculture (USDA), each of which can have specific requirements. While VA loans generally do not require a down payment, conventional loans can have a minimum down payment as low as 3 percent, and FHA loans can have a minimum as low as 3.5 percent.

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Fairway Independent Mortgage Corporation consumer reviews

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