Archive for December, 2014

Fairway's own Steve Jacobson named 2014 Mortgage Executive Magazine's CEO of the Year! by Barb Crea

December 22nd, 2014
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We are PROUD to announce that our very own Steve (Jake) Jacobson is featured as Mortgage Executive Magazine’s CEO of the Year 2014! CONGRATULATIONS to Jake, our founder and leader!!! Jake’s passion and commitment to Fairway and the industry are evident each and every day – a well-deserved award for a very humble individual. The full feature can be found here:  http://bit.ly/1v0p06l.less

Fairway Independent Mortgage Corporation was founded in April 1996 with seven employees in Madison, Wisconsin.  Today we are over 2,000 employees with over 280 locations nationwide, including our branch here in Bloomington, MN. In 2013, Fairway closed 26,000 loans for $5.53 billion, ranking #15 on Mortgage Executive Magazine’s Top Mortgage Companies Ranking.  We were voted #1 best mortgage company to work for in America based on the number of loan officer votes in Mortgage Executives Magazine’s annual ranking of the 50 Best Mortgage Companies to work for.   As of November 30, 2014, we are over $5 Billion in volume with a strong focus on purchase business.

As Jake challenges all of us to approach each day as “game-day,” we focus on customer service being a way of life.  Not only are we dedicated to finding the best rates for our customers, we also offer some of the fastest turn times in the industry.  Our goal is to act as a trusted advisor, providing highly personalized service and guiding customers through every step of the loan process.  It’s all designed to exceed your expectations, guarantee your satisfaction, and earn your trust.

At Fairway, we strongly believe the way we do things is just as important as what we do.  Every day we are guided by our Core Values which form the foundation on which we work and conduct ourselves.  These values are how we interact with each other and they guide us in determining how to best serve our customers, employees, and local communities.  They are the practices we use every day, in everything we do. Read the rest of this entry »

Great news – Fannie and Freddie offer new loan program rollouts!…by Randy Cullen

December 12th, 2014
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Fannie Mae and Freddie Mac are each launching 3% down payment mortgage programs to help boost the real estate market. These product offerings have been absent from the market except for bond issues related to first time homebuyers. Minnesota Housing, our state housing finance agency, was able to retain the 97% LTV product within their product offerings, which has been a blessing for so many first-time and move-up buyers; however, the tightened credit standards kept many other potential buyers who did not qualify for those programs on the sidelines.

We see borrowers who have great jobs and great credit, but may have little available cash for down payment and closing costs.  Many young buyers are saddled with large monthly rent expenses or large student loan payments, among other items, as they begin their careers.  Some 45% of renters delayed purchasing a home because they could not afford the down payment. These program rollouts will put them back in the game!

First, let’s look at the 3% down payment 30 year fixed rate conventional loan option from Fannie Mae.

  • At least one of the borrowers must be a first-time buyer.
  • This applies to a one-unit principal residence.
  • The 97% MCM (My Community Mortgage Option) offers lower monthly mortgage insurance options.
  • Home buyer education is required.
  • The conforming conventional mortgage limits in our area apply ($417,000).
  • 3% seller concessions are allowed.
  • The product is available starting Saturday, December 13, 2014. Fannie is updating their automated system this weekend to incorporate the changes.

Freddie Mac will roll out their 3% down payment option, Home Possible, on March 23, 2015. Read the rest of this entry »

Here are some tools to help home buyers this season… by Barb Crea

December 5th, 2014
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With the hustle and bustle of the holiday shopping season in full swing we have been blessed with a very nice break in our weather!  After a snowfall that seemed like it might be here until next April or May thanks to the cold weather that followed, they are now talking about a possible “brown” Christmas – bah humbug…  Minneapolis Weather forecasts are calling for several above average temperature days over the next month which will make it easier for the holiday shoppers, as well as the home buyers out there still trying to find that perfect house.

Here are a couple of tools to help your buyers:

  • MN Housing’s STEP UP Program is NOW available to even more Minnesotans! They have INCREASED the Income Limits in the 11-County Twin Cities Metro Area to $124,000.  Do you have buyers wanting to move-up, move-down, or move-sideways with little or no equity in their current home?  MN Housing’s Step-Up Program may just be the answer with the HFA Preferred Risk Sharing Conventional Program with as little as 3% down and NO mortgage insurance. Down payment and closing cost assistance is available.
  • Do you have buyers frustrated with finding what seems like the perfect home, only to find that it’s in need of updating, repairs, and more?  There ARE options:
    • FHA 203(k) Renovation Programs
    • FannieMae’s Homestyle Renovation Mortgage
    • For that more ambitious project we can arrange interim construction financing for eligible buyers, including complete teardowns and rebuilds.
  • Where are YOUR clients looking for real estate information? According to NAR, one out of two home buyers found their house online and then called a real estate agent.  Thirty-six percent of all American households ‘Google’ Real Estate as a topic at least 1x each week.  It’s become America’s pastime to check out real estate online – by nature we are nosey people.  We love to watch real estate trends in our neighborhoods and monitor the value of our homes.  These days, 51% of homes are now viewed on mobile apps. Read the rest of this entry »