All 11 BBVA Compass Mortgage Programs Explained

Choosing a lender to back your mortgage is just one step in the process. Once you begin examining lenders, you’ll find that each offers a number of programs. In all, there are 11 BBVA Compass mortgage programs that you might consider. Here’s a closer look at each.

Who Is BBVA Compass?

BBVA Compass operates 672 branches across the country. The majority of their branches lie in Texas, but they also feature large coverage in other states. Alabama, Arizona, California, Florida, Colorado, and New Mexico are a few of them. If you live in one of these places, you likely have a branch nearby.

In fact, BBVA Compass is 25th in the United States when it comes to deposit market share. They also hold the title of second largest bank in Alabama, fourth in Texas, and fifth in Arizona. So, there are no worries when it comes to their recognition and accessibility. The Small Business Administration (SBA) even recognizes them as a leading lender. In 2016, BBVA Compass ranked fifth in the nation for total number of SBA loans originated.

With all that in mind, there is no wonder why they hold so many accolades. This all helped them earn a spot on the “Best Banks in America 2015-2016” list featured in Money magazine. They earned the title of best regional bank in the South and West. Plus, they even took home the title of best mobile banking app.

One of the main reasons that customers favor BBVA Compass so much is for their innovation. In addition to their banking app, you’ll never find their site outdated. This makes banking online a breeze, even if you don’t have a branch in your town.

Types of Mortgages

Like most banks, BBVA Compass offers a variety of mortgage products. That’s because no single loan product can fit everyone’s needs. Instead, you’ll want to compare all 11 options BBVA Compass has to offer.

Professional Loans

BBVA Compass offers professional loans for those in certain positions. These professional loans often give more financial flexibility. If you hold a job with high earning potential, you likely qualify.

BBVA Compass has specialty products for medical residents and practicing physicians. They also offer specialty products for oral surgeons, dentists, attorneys, and CPAs. If you fit one of these descriptions, you could take advantage of it.

Typically, if a specialty product is available for your profession, you’ll find the option to be quite competitive. Because of your job’s high-earning potential, these loans often come with many perks. From a lower interest rate to the ability to borrow more, you’ll often find such a product to be the best choice.

In the case of BBVA Compass, advantages include:

  • A low down payment. Most loans require 20% but a specialty product could require a lot less.
  • Higher loan-to-value ratios. Put less down and finance more without having to accept an extremely high interest rate.
  • No private mortgage insurance. For most loans, you need PMI if you put less than 20% down. That’s not the case with these specialty loans, though.
  • Don’t count your student loan debt. In some situations, they may not count your student loan debt against your income, which can help you afford a more expensive home.
  • Multiple forms available. This product applies whether you are looking to purchase, refinance, construct, or take out a home equity loan.

You can learn more about their professional loans here.

Fixed-Rate Loans

A fixed-rate loan allows you to lock in an interest rate when you close. If you anticipate market rates will rise, a fixed-rate loan could be the right option. The exact interest rate you will pay depends on your borrower profile. The length of your loan term will also impact it. A longer loan term will result in a higher interest rate.

In general, fixed-rate mortgage products come in multiple term lengths. However, 15-year and 30-year products are the most popular. A shorter term will score you a lower interest rate, but your monthly repayment obligation will be higher in order to meet the payoff deadline for your home.

The biggest fear most people have when signing a fixed-rate loan is, what if interest rates go down? That could mean you end up overpaying on your loan’s principal balance. However, if market rates do end up decreasing, you can refinance your home at a new rate.

BBVA offers fixed-rate conventional loans. These usually require 20% down and you cannot borrow more than $484,350. Learn more about this option here.

Adjustable-Rate Loans

An adjustable-rate loan can help you take advantage of a low introductory rate. With time, your interest rate will begin fluctuating based on market averages. So, if you do not anticipate interest rates increase over the life of your loan, an adjustable rate mortgage (ARM) could be a good choice.

Similarly to a fixed-rate loan, an ARM will come in multiple term lengths. However, an adjustable rate loan does not have a variable interest rate right out of the gate. Rather, it usually has a period of fixed-rate interest.

A 5/1 ARM, for instance, has a five-year fixed rate term. After those five years, your interest rate will adjust every year. A 30-year 5/1 ARM will have five years of a fixed introductory interest rate followed by 25 years of a variable interest rate.

Generally, the introductory fixed rate you can get on an ARM is less than the fixed rate you can score on a completely fixed-rate mortgage. For that reason, many people get an ARM to save money with a plan to refinance when the fixed-rate period ends.

BBVA offers adjustable-rate conventional loans. These usually require 20% down and you cannot borrow more than $484,350. Learn more about this option here.

Jumbo Loans

The Federal Housing Finance Agency (FHFA) sets limits for how much a lender can loan for a conforming loan. The fixed and adjustable-rate loans offered through BBVA are conforming loans, so the $484,350 limit applies. That means, regardless of your income or credit score, you cannot borrow more than that amount to purchase a house.

This can pose an issue for those wanting to purchase a luxury home or large lot, and/or move to a more expensive area of the country. If you fall into one of those scenarios, you will likely consider a jumbo loan. A jumbo loan is a loan that exceeds the FHFA’s conforming loan limit.

At BBVA Compass, jumbo loans are:

  • Loans that exceed $484,350 and go up to $5 million.
  • Available for purchasing, refinancing, and construction.
  • Available for both primary and secondary/vacation homes.
  • Either fixed or adjustable rate products.

You can learn more about this option here.

Lot Loans

If you are looking at the homes available in your area and not seeing a house that fits your needs, you might consider construction. In this case, getting a “lot loan” allows you to finance a land purchase. This is great if you want to buy property to build on later.

The lot loans from BBVA Compass allow for:

  • Lots as large as 10 acres in size.
  • Loan amounts up to $1,000,000.

These generous limits allow you to buy anything from a sprawling waterfront lot to a small hobby farm and so much in between. You can learn more about this option here.

Construction Permanent Loans

If you’re ready to start the building process sooner, a construction-to-permanent loan might be better than a lot loan. A lot loan can work well if you are looking to buy land and build on it later down the road. When you’re ready to build, a construction-to-permanent loan is what you’ll need.

If you already have property (or a lot loan for a piece of property), you can apply for a construction-permanent loan. You can also apply for a construction permanent loan if you are ready to buy land and build a house at the same time.

A construction permanent loan will:

  • Allow you to finance up to $5,000,000. The money can cover both the purchase of land and the construction of your home (or just home construction).
  • Allow you to postpone mortgage payments for up to 12 months while your home is under construction.
  • Secure a permanent interest rate on the loan prior to construction.
  • Give you added flexibility when it comes to payment options.

Learn more about this mortgage product here.

Foreign National Loans

If you are a foreign national, this BBVA Compass mortgage product may be ideal for you. Many foreign physicians come to the United States with a work visa. This means they can deliver care in many different positions.

The most popular titles include patient care technician, medical assistant, and registered nurse. However, these positions do not necessarily qualify you for a professional loan. And, even if it does, you might find that the foreign national loan product is a better fit.

BBVA Compass offers this product in a variety of markets across the country. Both condominiums and single-family homes qualify for the program. You can get a loan up to $2,000,000, which is a generous limit. This loan could come in the form of a fixed-rate or adjustable-rate product.

In states other than Texas, you will have the option to cash-out and refinance down the road as well. Learn more about this product here.

FHA Loans

The Federal Housing Administration, or FHA, offers a competitive loan product. There is no limit to how much you can earn in order to qualify. However, this loan program puts caps on how much you can borrow. In 2019, the loan limits range from $314,827 to $726,525.

If you feel like you can find a home within the given limit, this program could be a good fit. Your limit will depend on your income and location. The most appealing thing about the FHA mortgage program is that it offers a low 3.5% down payment option for borrowers with good credit. This government-backed program is also easier to qualify for than a conventional loan.

USDA Loans

Loans from the USDA (United States Department of Agriculture) are rapidly growing in popularity. Like FHA loans, these government-backed loans are also easier to qualify for. That’s because banks know that the government will help cover any losses should a borrower default on their loan.

The USDA home loans actually have a better advantage than FHA loans. That is, they require no down payment whatsoever. That could save you thousands out of pocket. However, the USDA does have income caps. That means, if you earn more than a certain amount, you will not qualify. However, the USDA does not have a set cap on how much you can borrow.

You can find out if you qualify for the USDA program by using their eligibility tool.

VA Loans

Between loan limits and income limits, many physicians will pass up the FHA and USDA programs. Despite their low down payment requirements, the extra hoops you have to jump through may disqualify or deter you. However, you should not be so quick to pass up this government program.

A VA loan is available through the United States Department of Veterans Affairs. Only certain active duty and retired service members qualify, along with their spouses. However, if you do qualify for a VA home loan, you will enjoy some incredible benefits. This makes a VA home loan appealing, even next to a physician loan product.

  • No down payment. Most borrowers will not have to front a down payment to purchase a home. This beats the FHA program and most specialty physician-only products.
  • No private mortgage insurance. Just like a physician-only loan, the VA loan does not require PMI. That means no monthly mortgage insurance premium. This beats the FHA and USDA loans, which both require PMI.
  • Limited closing costs. This program allows the seller to pay for up to 100% of the buyer’s closing costs. You can also receive up to 4% in concessions from the seller. That means you can enter your new home with thousands of dollars. That’s money you can invest in the property.
  • Lower interest rates. On average, VA home loans have a lower interest rate than many other loan programs.
  • No prepayment penalty. Pay off your VA loan early without any financial penalty for doing so.
  • Second tier entitlement. If you have used your VA loan benefits in the past, you may still be able to go through the program again.
  • Assumable mortgage. A VA loan can be set up as an assumable mortgage. That allows someone else to take over your mortgage payment. They’ll get to keep your monthly payment amount and interest rate.

You can learn more about this program here.

Home Ownership Made Easier (HOME)

The final program you might consider from BBVA Compass is the HOME program. In certain areas, you may have no problem getting a loan through this program even as a high-income earner. It all depends on where you are shopping.

  • The maximum Loan-to-Value (LTV) ratio is 100%. That means you will not have to put anything down if you do not want to.
  • BBVA Compass may pay your closing costs, up to $4,500. This could save you thousands of out-of-pocket.
  • You do not have to have private mortgage insurance, even without a down payment.
  • Borrowers can take Seller Contributions. That means the seller can contribute to help cover your closing costs.
  • Borrowers can take Gift Funds. That means friends and relatives can give you money towards your down payment or closing costs.
  • Borrowers can take Down Payment Assistance (DPA) if BBVA Compass approves the program.
  • Income limits may apply. But if you are shopping in a low or moderate income census tract, they may not.
  • You will receive homeownership education.

Learn more about this program here.

Choosing the Right Mortgage Product

Buying a home requires research at every stage of the process. However, if you put in the time, you can definitely walk away with a beautiful home that fits your needs.

As a physician, you have even more options than the average borrower. So, it’s worth getting in touch with a few different lenders. Ask them questions and work to understand your options.

Here at Curbside Real Estate, we are more than happy to help. Reach out to us today to get advice and get on the path to your dream home.

Choosing the Right Huntington Mortgage Product

Huntington mortgage products address a wide variety of circumstances. Offerings include some of the nation’s most popular programs, including FHA loans. But the specialty mortgages also stand out. Among them is a mortgage specifically designed for doctors and physicians. If you’re considering a Huntington mortgage, this guide will walk you through your options.

About Huntington

Hunting started in 1866 as The Huntington National Bank. Today, it operates from its hallmark location in Columbus, Ohio. While the headquarters proudly sits in the Midwest, the company serves the entire country. As of December 2018, its assets totaled an incredible $209 billion. This makes Huntington one of the nation’s largest banks.

There are many reasons why you might recognize the Huntington name. Insurance and investments no doubt top the list. However, if you are looking to purchase a home, there’s a whole other category of products to consider. If you’re in need of a mortgage loan, Huntington has many options.

Huntington offers a number of mortgage products to fit the needs of most any borrower. These include popular FHA and USDA loans and conventional, jumbo, and specialty products. It doesn’t matter whether you’re already a Huntington customer or not.

Available Mortgage Products

As a physician seeking a mortgage, you have a lot of options. Like many banks, Huntington offers specialty mortgage products. These are loans dedicated to certain professionals. But as a physician, you are not limited to these specialty products. Look into all the loan programs available through Huntington before making your decision.

Specialty Physician Mortgages

Huntington offers multiple specialty mortgage products. Of them, the Physician Only loan is one of the most popular. As the name implies, this loan product is for physicians and residents only. If you fall into one of those categories, this product could fit your needs. You may qualify whether you are buying or refinancing a home.

The programs are for medical doctors who hold an MD, DO, DDS, DVMM, or DMD title. They are appealing to lenders because they know that qualified applicants have a high-earning potential. Plus, medical professionals also have high-job stability. For these reasons, going through such a program can include big perks.

In the case of Huntington’s Physician Only Mortgage, the advantages include the following:

  • Flexible down payment. Some physicians may qualify for up to 100 percent financing. That means you don’t have to pay anything out of pocket for your down payment.
  • No Private Mortgage Insurance (PMI). PMI is generally required for a loan if you put less than 20 percent down. With this loan product, you will not need PMI under any circumstance.
  • Early Payoff. Unlike some other mortgage products, you can repay this loan at any time. There are no prepayment penalties.

This product is available to finance a purchase of up to $2,000,000. Options include both fixed- and variable-interest rates.

FHA Loans

The Federal Housing Administration (FHA) offers multiple mortgage products. There are no income limits for this program. However, the program caps how much you can finance. Still, the low 3.5 percent down payment option makes this an appealing avenue for some physicians.

USDA Loans

The United States Department of Agriculture operates the USDA loan program. However, the program’s income limits can disqualify many physicians. The median income in your county will determine your eligibility. Regardless, if you want to put nothing down, this program could fit your needs.

VA Loans

Many physicians turn down FHA and USDA loans due to caps and rates, but you shouldn’t be so quick to do so with a VA loan. Those who qualify for a VA loan should think twice about considering this option.

A loan through the U.S. Department of Veterans Affairs will probably be competitive. Even when compared to a physician-only loan, VA loans hold up. For one, they typically do not require a down payment. Secondly, they generally require no PMI. That said, determining (and proving) your eligibility for one may take some work.

Conventional Loans

A physician-only mortgage can look quite promising. However, it’s always worth familiarizing yourself with all the options available to you. Conventional loans come in the form of both fixed-rate and adjustable-rate mortgages. These are loans that a bank funds directly, without government backing.

The average physician can easily qualify for a conventional loan. In the process, you could score a competitive interest rate. However, the average conventional loan requires 20 percent down. Also, if it’s a “conforming” loan, you will not be able to finance more than $484,350. For these reasons, a physician-only loan product may be a better choice for you.

Jumbo Loans

If you are looking to take on a fixed- or adjustable-loan product, the cap may deter you. If you’re shopping in an expensive market, you might want to consider a jumbo loan. A jumbo loan is one that exceeds the $484,350 conforming loan limit. Interest rates for jumbo loans are lowering with time. However, you’ll still need to consider the average 20 percent down payment.

Choosing The Right Program

Huntington offers a very comprehensive physician-only loan product with no down payment. The PMI, competitive interest rate, and impressive $2,000,000 financing cap, make it a very exciting option for qualifying borrowers.

But it’s always good to know what’s out there. Before you make your decision, shop around. By doing so, you will find a program with the limitations and interest rates that fit your needs.

Complete Guide to US Bank Home Mortgage Programs

When it comes to selecting a mortgage product, anyone can begin to feel overwhelmed. From no down payment options to jumbo loans, finding a program that fits your needs takes time. Making the right decision requires an understanding of what’s out there. If you’re considering a traditional home mortgage, US Bank home mortgage programs are worth looking into. Here’s a complete overview of what US Bank offers and what you should think about.

Overview of US Bank

US Bank has branches across the country. It’s actually the nation’s fifth-largest bank, making it easy to access. The corporation started in 1863. It began in Cincinnati and later expanded with other regional banks. Today, their headquarters are in Minnesota. Across the country, they employ over 73,000 people. Being such a large bank, they have a wide variety of mortgage products to offer.

US Bank offers conventional loans, jumbo loans, and specialty loan products. Here’s a look at all of them.

Specialty Loan Programs

Are you a physician? As a high-income earner, you may qualify for a low to no-down-payment mortgage. And, it will likely come with a generous lending cap and a lower interest rate than some other products.

US Bank does not openly advertise their specialty loan programs on its website. However, they do offer such products. Reaching out to a mortgage loan specialist will be the first step in learning more.

As a physician, you’ll get to experience certain perks by going through a specialty program. However, it’s good to know what’s out there. Below, you’ll find an explanation of the other mortgage programs US Bank offers.

Jumbo Loans

The Federal Housing Finance Agency, or FHFA, sets limits for conventional mortgages. This limit gets updated each year as prices change.

In October 2018, the FHFA updated the limit to $453,100. This marked a 6.8% increase from the prior year. Certain areas do have higher limits, though. In areas where homes cost more across the board, the base limit is $679,650. This includes counties in California and New York.

If you want to finance a home above the limit, you’ll have to apply for a jumbo mortgage. This is a type of financing intended to go beyond the FHFA’s limits.

A jumbo loan is not a conventional mortgage. That means Fannie Mae/Freddie Mac cannot guarantee or secure it. This makes getting approval for a jumbo mortgage a bit more difficult. With no government backing and a large amount borrowed, jumbo loans are very risky for the lender.

Generally, a person using a jumbo loan will be shopping in a much higher price range than the average purchaser. This could mean large plots of land and all sorts of luxury property is being financed. For these reasons, a jumbo loan has special underwriting requirements. There are also tax implications to consider.

The interest rate for a 30-year jumbo loan from US Bank starts at 4.397%. A jumbo loan does require a down payment of up to 30%.

Fixed Loans

US Bank also offers a fixed rate conventional mortgage. This is one of the most popular mortgage products at any lending institution. As a conventional mortgage, the amount financed has to be under the FHFA’s limits.

What’s appealing about a fixed rate mortgage is that the interest rate gets locked in the day you close. This is particularly appealing when it looks like interest rates will be increasing. Since this is usually the case, a fixed rate mortgage is often the preferred choice. Of course, if rates happen to drop during the life of your mortgage, you could refinance.

Fixed rate mortgages come in different loan terms. US Bank offers four terms in all. This includes a 30-year fixed, 20-year fixed, 15-year fixed, and 10-year fixed. Generally, the sooner you promise to repay the amount borrowed, the lower the interest rate will be.

The interest rate for a 30-year fixed mortgage from US Bank starts at 4.574%. A conventional fixed-rate loan does require a down payment of up to 20%.

Adjustable Loans

An adjustable rate mortgage (ARM) is a loan product that, as the name implies, adjusts over time. As interest rates change, so will the rate you pay as you pay off your mortgage loan. Of course, the changes aren’t as drastic as you may have thought.

Typically, an adjustable rate mortgage will have a short fixed-rate term. For US Bank, the fixed-rate term will range from 3 years to 10 years. After that, the loan will convert into an adjustable rate product for the remainder of its term.

For instance, if you sign for a 5/1 ARM with a 30-year term, you’ll start with a 5-year fixed rate period. After that, the loan’s interest rate will adjust every 1 year for the remaining 25 years of the loan.

Usually, the fixed interest rate that kicks off an ARM is lower than what you could get with other products. For this reason, some borrowers sign up for an ARM with plans to refinance once the fixed rate period ends.

However, even if interest rates increase drastically, your loan has some protections in place. Most ARMs will have it written in the contract that the rate can only go up (or down) by so many points. But, in a marker of rising rates, it could still end up costing you.

The interest rate for a 10-year ARM from US Bank starts at 4.456%. A conventional ARM does require a down payment of up to 20%.

FHA Loans

The FHA mortgage program is a very popular one. It’s operated by the Federal Housing Administration. One of its most appealing aspects is its low down payment. It’s also backed by the government. This means banks are more likely to take on buyers because the backing lowers the bank’s risk.

You do not have to be a first-time homebuyer in order to qualify for the FHA program. However, you cannot have more than one open mortgage with the FHA at any given time. This means it will not work for an additional home purchase if you already have a loan from the FHA.

An important consideration to keep in mind is that the FHA does set lending limits. This means you cannot borrow more than a certain amount. The average home value in your county will determine the limit. Nationally, loan limits range from $294,515 to $679,650. You can buy a home that costs more than the limit by paying the difference out-of-pocket (i.e., as a down payment when you close).

Of course, one of the perks of going through the FHA program is that you have to put substantially less down. It also means you can have a less-than-perfect credit score and still get approved. For these reasons, you’ll pay a higher interest rate compared to other products.

The interest rate for a 30-year FHA loan from US Bank starts at 5.695%. A loan through the FHA program does require a down payment of 3.5%.

VA Loans

The Department of Veterans Affairs (VA) operates its own mortgage program. However, a VA home loan can be a bit difficult to get. Only eligible service members and veterans can use the program. But, if you’re able to get in, you’ll enjoy some great perks.

Active-duty and former members of the military qualify as long as they meet service requirements. To do so, one of the following must be true:

1. You have spent at least 90 days served during wartime.

2. You have spent at least 181 days served during peacetime.

3. You have spent at least 6 years in the National Guard or reserves.

This program also extends to eligible spouses. The VA will need to issue any borrower a Certificate of Eligibility in order for US Bank to close on the loan.

Not only can you potentially close on a home without making a down payment, but you can also enjoy a lower interest rate than most mortgage products. While both of these things will vary depending on your scenario, these perks are what draw many military members in.

The interest rate for a 30-year VA loan from US Bank starts at 4.981%. A loan through the VA program requires as little as 0% down.

USDA Loans

While not as well-known as FHA and VA loans, USDA loans are another government program that can help you buy a home. Oftentimes, homebuyers dismiss this option thinking they are not eligible.

The United States Department of Agriculture operates the USDA home loan program. However, it’s not just farmland and rural communities that are eligible. In actuality, you can purchase a range of property types with this program. And, more areas qualify than you may think.

You can see if your county qualifies for the program at the USDA website. The purpose of the program is to help build up and grow more rural areas of the country. However, this does not mean you can’t buy a beautiful home. Rural communities and small-to-medium towns usually qualify. Even some cities are in the program, although the USDA is gradually removing areas that are experiencing good growth.

Unlike FHA, there are no lending limits. However, there are income limits. These income limits vary by county depending on how much the average local household earns. The number of people in the household will increase the limit on how much a borrower can earn and still qualify for the program.

The interest rate for a 30-year USDA loan from US Bank varies. A loan through the USDA program requires as little as 0% down.

Choosing a Loan As a Physician

If you’re a physician looking to purchase a home, any one of the above programs may be appealing to you. However, you should be able to narrow down your options quickly.

For instance, the loan limits set by the FHA may be too restrictive for your preferences. Meanwhile, the income limits set by the USDA might fall short when considering how much you earn. Or, you might not qualify for the VA program.

At the same time, you might be leaning towards one of these options because of the low down payment. In that case, you’ll be glad to know that specialty mortgage products exist to fit your needs.

How Does A Physician Home Loan Work?

Typically, these specialty home loans will come in a 30-year, 20-year, 15-year, or 10-year term. It may be a fixed rate or adjustable rate setup, depending on your preferences. US Bank offers a 3/1 ARM, 5/1 ARM, and a 10/1 ARM, but other options may be available to you.

Benefits of a Physician Home Loan

A specialty program tailored to your income as a physician could close with as little as 5% out of your pocket. This means you can enjoy a low down payment in combination with a competitive interest rate – and a higher borrowing potential.

Usually, these programs do allow for up to 100% of your down payment to come in the form of a gift. That means a relative can cover the down payment for you. Both MD and DO usually qualify.

The Perfect Mortgage to Get Your Perfect Home

Explore all the extra perks your high-potential career affords you. If you’re interested in learning more about physician loan programs, you can reach out to US Bank at their website. With a specialty mortgage program, you can get into your perfect home with less hassle and happier.

Fairway Mortgage: The Right Solution for You?

If you’re in the market for a mortgage, you’ve probably heard quite a bit about Fairway Independent Mortgage Solutions, and you’re also probably wondering if, indeed, it is the right mortgage solution for you. Let’s take a look at the pros and cons of Fairway Mortgage.

 

What Does Fairway Mortgage Do?

Originally founded in 1996 in Madison, Wisconsin, Fairway Independent Mortgage Solutions — known simply as Fairway Mortgage — takes pride in offering an enviable list of mortgage solutions for all credit types. Fairway Mortgage says that they’re committed to education, and offers potential and current customers one of the most comprehensive mortgage glossaries and FAQs in the business.

Fairway Mortgage

The Pros of Fairway Mortgage

Obviously, the wide variety of mortgage solutions offered by the company makes it one of the biggest pros. They offer several fixed-rate loan options, ranging from 10 years to 30 years. They also offer a variety of ARM (adjustable-rate mortgage) solutions, but don’t list their terms online.

Another “pro” of Fairway Mortgage is that they offer a variety of government-backed mortgage solutions. In addition to offering so-called “conventional” loans, Fairway offers a variety of government-backed loans, including loans backed by the Federal Housing Administration, U.S. Department of Agriculture, and Veterans Affairs.

Fairway Mortgage also offers one of the most unique mortgages in the industry. This mortgage, called a HomeStyle Renovation Loan, allows the borrower to take out both the cost of renovations and the cost of the mortgage in one lump sum. You can take out this loan if you’re refinancing your existing home or if you’re purchasing a “fixer-upper.” There’s no limit to what you can spend on the renovations, provided that the renovations are “permanently affixed to the real property, add value to the property and [are] completed by a licensed contractor,” per Fairway’s website.

But perhaps the biggest pro of all is that Fairway Mortgage is one of the few mortgage providers that has adopted new technology in an industry that has been notoriously loath to do so. In addition to making their online portal easily accessible, they’ve devised a proprietary mobile app, a 24/7 call center, and 24/7 email help. And the process of getting the loan through Fairway is among the simplest in the business — just eight steps applied throughout the website for a variety of products.

In this increasingly digital world, having a mortgage company that is nearly 100% virtual is nothing if not a positive thing.

Fairway mortgage

The Cons of Fairway

Of course, Fairway Mortgage doesn’t solely have positive traits.

One of the biggest drawbacks of Fairway Mortgage is that their services aren’t available in all states. Per their website, Fairway doesn’t offer loans in North Dakota, Alaska, or West Virginia. So, if you’re looking to move to one of those states — or, your position as a physician takes you to any of those locations — you won’t be able to get a loan from Fairway.

Another drawback to Fairway is that they aren’t completely transparent with their rates. Rather than make their rates a matter of public record — as you’ll get with a conventional loan — Fairway requires that you part with your personal information in order to get full information on their rates. If that’s an issue for you — especially in an era where privacy is a luxury — then Fairway may not be the best solution for you.

But perhaps the biggest drawback to Fairway Mortgage is that it doesn’t offer physician’s loans. That means that, as a physician, if you’re looking for a physician’s loan, you can’t go to Fairway.

What Makes Curbside Real Estate the Better Choice?

We admit that we aren’t always the right choice, but if you’re in the market for a physician’s loan, there are a number of reasons why Curbside Real Estate is the right solution for you.

1. We offer physician’s loans. Our loans are specifically designed for doctors like you, and we have an extensive network of physician’s loan lenders that can work with your unique situation to find a solution that’s perfect for you.

2. We have an extensive realtor network. Some of you already have a home “on hand” that you’d like to purchase. But many more of you haven’t found your “dream home” quite yet. For those of you that fall into the latter category, we take pride in helping you take the guesswork out of choosing the right real estate agent. Our network of trusted, and vetted, professionals can connect with you to fulfill your every need.

3. We’re all about our customers! Unlike Fairway Mortgage, which may leave you in the lurch once you get that “letter of commitment,” we take great pride in offering a premier customer service experience to all who come to us looking for help. We continually walk with you throughout the process to make sure it’s going smoothly. We make sure you’re getting the premium service you deserve. And if something goes wrong, we work overtime until everything goes right for you!

4. Physician’s home loans have better terms than most conventional offerings. There are a number of benefits to getting a physican’s home loan. For example:

  • Lower down payments (5-10% of purchase price)
  • No PMI (private mortgage insurance)
  • Concierge service that works around your busy schedules
  • Competitive rates
  • Flexible with student loan debt

We have pre-negotiated rates and discounts from each physician lender within our network, so our clients can have peace of mind that they’re getting the best rate and discount on fees. These special rates and discounts are available exclusively to Curbside’s physician clients.

What Can Curbside Real Estate Do for You?

The home-buying process is nothing if not stressful. But when it comes to working with Curbside Real Estate, we’re here to take some — if not all — of the stress out of the home-buying process for you.

Curbside Real Estate is a concierge service for physicians in the home-buying process. Think of us as your “Curbside Consult” for real estate.

Founded by a physician who wanted nothing more than to help other physicians, Curbside Real Estate loves to help save physicians time, money, and a whole lot of stress, and we’re proud of what we’ve been able to accomplish in such a short time.

But most of all, Curbside Real Estate has a sense of social responsibility. Through our Giving Shelter program, we provide those who are less fortunate with a home to live in, clean water well, full meals, and education…and it doesn’t cost you anything extra for us to do so.

So what are you waiting for? If you’re in the market for a physician’s home loan, contact us today to see what we can do for you.