Finding the best physician mortgage loan is a big decision since it’s quite an investment. Fairway Independent Mortgage Corporation specializes in doctor loans for medical professionals and offers various products.
In this Fairway Independent Mortgage Corporation physician loan review, we reveal what programs Fairway Independent Mortgage Corporation offers and show how they relate to other options available in the industry.
About Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation has been in business since 1996 and is licensed in all 50 states.
They have 650+ branches and take pride in the many awards and accolades they’ve earned through the years.
- BBB score: A+
- CEO: Steve Jacobson
- Phone number: 800-201-7544
- Services offered: Mortgage loans
Fairway Independent Mortgage Corporation Physician Loan: Fast Facts
Here are some quick facts about Fairway Independent Mortgage Corporation’s physician mortgage program.
- Financing options: Varies and includes no down payment options
- Physician loan products: Fixed and adjustable-rate loans available
- Maximum loan amount: Varies by borrower
- Qualifying degrees: Varies
Fairway Independent Mortgage Corporation Physician Loan Qualifications
Fairway Independent Mortgage Corporation offers various physician loan programs to allow as many doctors as possible to secure the necessary financing.
- Down Payment: Varies, starting at no down payment
- Owner-Occupied Property: May be used for purchase or refinance (after six months) of primary residence
- Eligible Degree: Varies
- Cash reserves: Varies based on the loan program
- Verified Income: Some programs allow you to qualify with an executed employment contract up to 90 days before starting
How to Apply
Our Fairway Independent Mortgage Corporation physician loan review found that it’s fairly easy to apply for a physician loan with Fairway Independent Mortgage Corporation.
1. Talk to a Loan Officer
Fairway highly suggests you contact a Fairway Independent loan officer to determine your eligibility for a physician mortgage loan. They will show you the options based on your credit, income, employment, and the amount you need to borrow.
Getting an idea ahead of time can make shopping for the perfect home much less stressful since you’ll know what you can afford. Pre-qualifications are usually good for a few months, giving you time to weigh your options.
2. Gather Your Documents
Once you know the mortgage program you qualify for, it’s time to gather your documents. While each mortgage program differs, most borrowers need the following:
- Paystubs and W-2s to prove past income if already working
- Employment contract if using it to qualify for a physician loan
- Bank statements for the last two months to prove the funds needed for the down payment and closing costs
- Proof of government-issued identification
- Proof of employment
3. Apply for the Loan
When you’re ready to look at available homes, apply for the mortgage and get pre-approved. The pre-approval letter your loan officer will provide will help you when you find your dream home and want to make an offer.
The pre-approval letter is usually good for 60 to 90 days, but it varies by loan program. If you don’t find a home within that time, you can have the approval extended but may have to provide updated documentation, such as paystubs and bank statements, to prove you still qualify for the loan.
4. Close the Loan
After getting pre-approved and finding a home, it’s time to clear the final conditions and close the loan.
The lender will take care of some of the conditions, such as ordering a home appraisal and title search, to ensure the home is worth at least as much as you offered. And the seller has the right to sell the property.
When all conditions are cleared, you can close the loan and enjoy your new home!
Physician Loan Alternatives
Fairway Independent Mortgage Corporation offers many options for physician mortgage loans, which is great for doctors with different qualifying factors.
However, there are other lenders offering physician mortgage loans you may want to consider.
1. Flagstar Bank
Flagstar Bank offers ‘professional loans,’ so they aren’t specifically for doctors, but doctors often qualify. They don’t require a down payment if you have at least a 720 credit score and allow low down payments on loans up to $1.5 million. Flagstar Bank doesn’t require PMI, and they offer fixed and adjustable rate loans for physicians.
2. Regions Bank
Regions Bank offers physician mortgages for new and established doctors in the following states: AL, AR, FL, GA, IL, IN, IA, KY, LA, MS, MO, NC, SC, TN, and TX.
They offer no down payment options up to $750,000 and 5% down on up to $1 million. Like most banks, they don’t require PMI, and the program is open to residents, fellows of medical programs, dentists, and doctors of osteopathy.
3. BMO Bank
BMO Bank has a physician loan program for new doctors. You can borrow up to $2 million with a 10% down payment or 5% down on up to $1.5 million.
The loans are available as fixed or adjustable-rate loans, and they also allow refinancing on doctor loan programs. The program is available to anyone with an MD, DDS, DMD, or DO degree, and you can close the loan with an executed employment contract.
4. KeyBank
KeyBank offers a physician loan program for medical doctors and dentists. They allow loans up to $3.5 million and down payments starting at 5%. They offer fixed and adjustable-rate loans and don’t require PMI.
Discover The Best Lenders Answer just a few questions about your career, where you're buying, and how much you want to borrow. Our service will then show you the exact programs you're eligible for from vetted physician loan specialists who will guide you through every step of the process – obligation-free!
Pros and Cons
Understanding the pros and cons of working with Fairway Independent Mortgage Corporation is important when deciding which physician loan is right for you.
Pros
- Has many loan options available, including non-physician loans
- Works in all 50 states
- Offers physician loan refinances after six months
- May qualify with an executed employment contract
Cons
- No online application option
- Isn’t transparent about its pricing or loan limits for physicians
- Must contact a loan officer to apply
Frequently Asked Questions
Is Fairway Independent Mortgage Corporation legit?
Fairway Independent Mortgage Corporation is legitimate and licensed in all 50 states. They offer many loan programs, including physician loans.
However, some people may not think of them as ‘legit’ because they don’t offer many details on their website about their programs or rates like other banks offer.
How much money can I borrow with a Fairway Independent Mortgage Corporation physician loan?
How much you can borrow with Fairway Independent Mortgage Corporation depends on the loan program you qualify for using your credit score, debt-to-income ratio, and available funds. Fairway offers loan programs with varying loan amounts to help doctors reach their goals.
What is the interest rate on physician loans versus conventional loans?
The interest rates for physician loans are somewhat higher than conventional loans because of the risk involved. If you qualify for a loan with little to no down payment and don’t pay PMI, the lender takes a risk. To compensate for this, they often charge higher interest rates.
What credit score do you need for a physician loan?
The required credit score for physician loans varies by lender and loan program. The higher your credit score is, the better rates and terms you’ll get. Usually, doctors need a credit score of 700 or higher to qualify for the best physician loan programs.
