Fairway Independent Mortgage Offers Down Payment Assistance to First-Time Buyers - Yahoo Finance

1 year ago 44

, /PRNewswire/ -- Fairway Independent Mortgage Corporation, the nation's 3rd largest retail owe lender, contiguous announced the Fairway Community Access^TMprogram (FCA)*, a caller programme to assistance prospective first-time homebuyers presently residing successful prime communities crossed the country, including Atlanta, Georgia; Baltimore, Maryland; Chicago, Illinois; Detroit, Michigan; Memphis, Tennessee; and Philadelphia, Pennsylvania.

Fairway Offers Downpayment Assistance to First-Time Homebuyers

The FCA programme aims to assistance eligible individuals wrong the designated markets navigate the higher location prices and owe interest rates that whitethorn beryllium barriers to taking the archetypal measurement to homeownership.

"More and much radical tin nary longer spend lodging successful their ain communities," said Cynthia Vasileiadis, Fairway's Executive Vice President of Fair Lending. "Housing prices are adjacent all-time highs and rents are expanding astatine grounds rates. Fairway is taking enactment that volition marque it easier for residents to bargain their archetypal location successful the section neighborhoods they already cognize and love."

Fairway's FCA programme is designed to trim the interaction of precocious down payments and closing costs arsenic an obstacle to homeownership. FCA offers qualified first-time homebuyers up to $7,500 toward a recently purchased home. That fig comprises a $7,000 recognition toward the buyer's down outgo oregon closing costs and up to $500 successful the signifier of an appraisal credit** if an appraisal is required for the transaction. To suffice for the FCA program, applicants indispensable presently reside successful the designated communities and beryllium first-time homebuyers with nary ownership involvement successful immoderate different properties. Additionally, the location purchased indispensable beryllium the homebuyer's superior residence — nary 2nd location oregon concern properties qualify.

The targeted communities are bulk number markets. A caller survey showed that portion 72% of achromatic households are homeowners, lone 42% of Black households ain their home. Research from the Center for Responsible Lending and the National Fair Housing Alliance has shown that this disparity is commonly owed to little wealthiness among number families, and the nationalist income spread makes it much hard for Black and number families to accumulate capable savings to acquisition a home.

In summation to the $7,500 of fiscal assistance, the FCA programme volition connection warranty assistance. If the borrower elects to acquisition a location warranty, Fairway volition supply a recognition for a 1-year location warranty to assistance supply fiscal extortion that volition screen unexpected location repairs and replacements connected location systems, including electrical systems, plumbing, h2o heater, washer, and room appliances owed to mean deterioration and tear. The FCA programme volition besides supply acquisition connected the homebuying process and link applicants with owe professionals and different resources successful the section assemblage who volition service arsenic purchaser advocates to assistance applicants execute their homeownership goals.

*Program offering is constricted and whitethorn beryllium taxable to availability astatine the clip of lock. Qualification required.

**Qualification is required.

About Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation (NMLS #2289) is simply a full-service owe lender based in Madison, Wisconsin, and Carrollton, Texas, with much than 7,900 squad members and 700 branches nationwide. Fairway funded $72.5 billion in 2021. For much information, spell to fairway.com.