Fairway Buy and Save Program:
Fairway has rolled out our new Fairway Buy and Save Program. We are pleased to announce the release of this program for all FHA, USDA and VA loans (with the exception of DPA). The program allows for abatement credits to be provided by third-parties (ie., realtors, sellers, builders) equal to 3 payments or up to the maximum IPC allowance per Agency. The funds are placed into an escrow account and the Servicer will make the payment(s) for the borrower based on the amount of funds that are in that account.
- Eligible loan types: FHA, VA, USDA (no DPA)
- IPC: FHA & USDA 6%, VA 4%
- The payment must cover the full PITI
- HOA not included
- 15 or 30 year Fixed only
- Allowed for 1,2 or 3 months
- Standard agency guidelines apply
NEW Conforming Loan Limits:
The FHA national low-cost area mortgage limits, which are set at 65% of the 2023
FHFA CLL of $766,550, is as follows:
- One-unit: $498,257
- Two-unit: $637,950
- Three-unit: $771,125
- Four-unit: $958,350
The FHA national high-cost area mortgage limits, which are set at 150% of the 2023 FHFA CLL of $766,550, is as follows:
- One-unit: $1,149,825
- Two-unit: $1,472,250
- Three-unit: $1,779,525
- Four-unit: $2,211,600
Alaska and Hawaii are special exception areas, due to the higher cost of construction and FHA has adjusted for a higher ceiling, as follows:
- One-unit: $1,724,725
- Two-unit: $2,208,375
- Three-unit: $2,669,275
- Four-unit: $3,317,400