VA Lending Products
If you’re a military veteran or still in active service, you may qualify for a Veterans Administration (VA) loan when looking to purchase a new home in the Houston Texas real estate market or throughout the State of Texas. These often have lower closing costs, which can help keep your savings secure. Features include: 100% financing with full VA entitlement, VA financing fees that can be “rolled” into the loan amount, and No prepayment penalties *
* A down payment is required if the borrower does not have full VA Entitlement, or if the loan amount is greater than $453,100.00. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits.
Cash Out Refi
A VA cash-out refinance* from Fairway Independent Mortgage Corporation is a flexible, affordable way to finance major expenditures. For example you can pay for home remodeling projects, college expenses, or pay off a second lien with the proceeds—the choice is yours.
Other features and benefits include:
- Up to 90% financing** is available for loans up to $453,100 with full VA entitlement
- A VA cash-out refinance can replace an existing VA or non-VA mortgage†
- Both fixed- and adjustable-rate mortgages (ARMs) are available
- Depending on the equity in your home, you may be able to pay for discount points and closing costs with the proceeds
- VA entitlement and/or equity must equal a minimum of 25% of the appraised value
- In addition, you’ll be personally guided through the home financing process with all of your questions answered in everyday language.
*For refinance transactions: If you are a servicemember on active duty, prior to seeking a refinance for your existing mortgage loan, please consult with your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.
**90% cash-out refinance is eligible by county limits.
†Refinance of a non-VA acquired property is considered cash-out.
As a current VA borrower, you may be eligible to lower your monthly mortgage payment with a VA Streamline Refinance*† from Fairway Independent Mortgage Corporation. Or, if you have an adjustable-rate mortgage (ARM), it may be the ideal time to refinance to a fixed-rate loan.
Other benefits and options include:
- Refinance up to 100% of your home’s value (LTV)**
- You may qualify to close with no cash out of pocket—roll your closing costs, prepaids and funding fee into your loan amount
- Lower interest rates and fees
- Higher lending limits available in many areas
- Less documentation required so there’s less paperwork
Verification of employment is required if payment increases more than 20%.†For refinance transactions: If you are a servicemember on active duty, prior to seeking a refinance for your existing mortgage loan, please consult with your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.
**100% financing must include funding fee.