Doug Capps

Additional Items:

• CUSTOMER SERVICE - This is our #1 goal - we strongly believe in customer service!!
• SPEED - Our underwriting times are typically faster than many in the industry
• COMMUNICATION - We believe this is KEY!
• STABILITY - Fairway Mortgage has been serving Hernando and Desoto County for over 10 years!

For more informaiton about Fairway Mortgage, please contact Doug Capps at (662) 429-5100 Ext. 105. A Licensed MS and TN Mortgage Company, 224 West Commerce St., Hernando, MS 38632. An Equal Housing Lender.

Wow... what an accomplishment!! Out of 85+ branches, our branch wins 2008 Branch of the Year! (Actually, there were two awards - best big branch and we won for the best little branch).

And we achieved this with only 3 loan originators and great processors!! I think that is STRONG!

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632. A MS and TN Licensed Mortgage Company. Equal Housing Lender.

For more information about Fairway Mortgage, please contact Doug Capps at (662) 429-5100 Ext. 105 or visit our website at www.fairwaysouth.com.

13 Things You Should Know About the USDA Rural Development Loan

1. USDA Rural Development has TWO different loans. Rural Development loans are broken down into two different loan types: USDA Guaranteed Rural Housing (GRH) Loans and USDA Direct Loans. USDA Guaranteed loans are originated through local Lenders, Banks and Brokers. The USDA Direct Loan is originated directly through the USDA office. There are distinct benefits of each program.
2. NEW Income Limits - Based upon the number of people in the household: 1 to 4 = $73,600.00 and 5 to 8 = $97,150.00.
3. 100% Financing - NO down payment. Can go up to 102% with financing USDA Funding Fee.
4. NO Loan Limit - Unlike FHA or Down Payment Assistance programs, GRH loans have no maximum sales price limitation. The maximum sales price allowed is determined specifically by the borrower's financial situation.
5. NO First-Time Home Buyer Requirement - You don't have to be a first-time home buyer to benefit from this program. Under certain circumstances, you can even own another home!
6. NO Monthly Mortgage Insurance. Compared to FHA mortgages, mortgage payments on USDA loans are less because of the lack of mortgage insurance.
7. Flexible Credit and Qualifying Guidelines - A 620 credit score is preferred. Credit scores from 580 - 619 can be done with STRONG compensating factors.
8. Finance Closing Costs - Borrower's closing costs/pre-paid items can be financed into the loan as long as there is room between the purchase price and the appraised value. NO other loan program allows for this!
9. NO Limit to Seller Contributions - Most lenders/investors stick to the 6% rule.
10. Appraisal Requirements - The appraisal requirements for RD loans are similar to standard conventional loans.
11. Finance Required Repairs - Any lender required repairs can be financed into the loan, up to 10% of the purchase price. 150% of the repair amount is required. Of the 150%, 50% has to be from the borrower or the seller for any cost over-runs. Work has to be from licensed professionals. Upon completion, any money left over is returned.
12. NO Pools - Currently, USDA guidelines do not allow financing homes with in-ground pools without a waiver.
13. FAIRWAY MORTGAGE #1 in Desoto County. Fairway Mortgage closes more USDA Guaranteed Loans than any other mortgage lender, bank or broker in North Mississippi!

Don't let your clients miss out on a great loan opportunity!

For more information regarding the USDA Guaranteed Rural Housing loan, please give me a call Doug Capps at 662-429-5100 Ext. 105.

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is "A MS and TN Licensed Mortgage Company." An Equal Housing Lender.

FOR MISSISSIPPI ONLY:

The MS Home Corp Mortgage Revenue Bond (aka MS Bond Money) and the MS Home Corp DPA (Second Mortgage) programs have not adjusted to meet the new FHA 3.5% down payment requirement. These (2) programs will remain at 3%.

This mean first-time homebuyers will need to provide the .5% difference.

Fairway Independent Mortgage Corp, "A MS and TN Licensed Mortgage Company" 224 West Commerce St, Hernando, MS 38632. An Equal Housing Lender.

As many of you are aware, there are many Lenders that have ceased originating and funding USDA Rural Housing loans until funds for the USDA program have been appropriated.

Fairway Mortgage has (2) Investors that will allow us to continue funding USDA loans regardless of the funds appropriation.

If you have any questions or any clients that need assistance, please let know.

Fairway Independent Mortgage Corp, "A MS and TN Licensed Mortgage Company" 224 West Commerce St, Hernando, MS 38632. An Equal Housing Lender.