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The Yahoo view: Fairway Independent Mortgage Corporation offers several loan options and has locations in 48 U.S. states. It has a wide array of mortgage and home-buying resources, making it one of the best mortgage lenders for bad credit.
Fairway Independent Mortgage Corporation is a seasoned mortgage lender offering a variety of loan products nationwide. The company offers the standard conventional, FHA, VA, and USDA loans, as well as more specialized options like physician and renovation loans.
Fairway has physical branch locations in 48 states and Washington, D.C., and is ranked above average in J.D. Power’s 2024 Mortgage Origination Satisfaction Study.
Learn more: How physician mortgage loans work
Key benefits:
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Fairway Independent Mortgage has hundreds of locations across 48 states and Washington, D.C.
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You can apply online, in person, or over the phone.
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The lender offers many loan options, including renovation loans and ones for medical professionals.
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Borrowers have access to many home-buying resources and calculator tools.
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The Fairway Community Access™ program offers affordable housing grants, which can reduce your closing costs or down payment.
Need to know:
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There are no branch locations in Alaska or West Virginia; however, Fairway is still licensed to offer mortgages in these states.
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The lender does not offer home equity loans or HELOCs.
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Fairway claims the No. 1 spot on J.D. Power’s Mortgage Originator Satisfaction Survey.
Visit the Fairway Independent Mortgage website to get started.
Fairway Independent Mortgage offers the following types of home loans:
Fairway Independent Mortgage does not offer the following types of home loans:
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Interest-only mortgages
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Lot loans
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Construction loans
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Guest house loans
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Second home loans
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Nonqualified mortgages
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Investment property loans
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Energy efficient mortgages
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1% down payment mortgages
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Buydown loans
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Bridge loans
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Manufactured home mortgages
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Piggy-back loans
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ITIN mortgages
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HELOCs
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Home equity loans
Dig deeper: 4 types of home renovation loans and how to choose
Fairway Independent Mortgage Corporation offers FHA loans for purchasing a home, refinancing, and renovating a property. Its FHA loan options include adjustable- and fixed-rate FHA loans, FHA 203(k) loans, and FHA Streamline Refinances, which allow you to refinance one FHA loan into another easily.
FHA loans account for just over 25% of all Fairway’s mortgage origination business, according to 2023 Home Mortgage Disclosure Act data. They are the lender’s second-most popular mortgage product after conventional loans, and Fairway is one of the best FHA mortgage lenders right now.
Learn more: Best FHA lenders of 2025
Fairway Independent Mortgage Corporation doesn’t offer home equity loans or home equity lines of credit (HELOCs), though it does have cash-out refinancing options. This is another tool you can use to borrow from your home equity.
In a cash-out refinance, you’ll get a new mortgage loan with a larger balance than your current one, then use those funds to pay off the old loan. You’ll get the difference back in cash and can use it for anything you wish. Homeowners choose this option to pay for home repairs or pay off credit card debt — if they can also improve the interest rate of their existing mortgage.
Dig deeper: What is a cash-out refinance, and how does it work?
Fairway is not very transparent about its interest rates. There are no advertised or sample rates on the website, so you’ll need to fill out an application or talk to a lender to get a rate quote.
Yahoo Finance uses 2023 Home Mortgage Disclosure Act data comprised of 10 million home loan applications to score mortgage lenders on issued mortgage rates and total loan costs. We score each lender on a scale of 1 (lowest) to 5 (highest).
For example, regarding mortgage rates, a lender with a lower score charged a higher-than-median mortgage interest rate for loans issued in 2023. A higher score would indicate that a lender granted lower-than-median home loan interest rates to borrowers in 2023.
With total home loan costs, a lower score would indicate that a lender charged higher-than-median total home loan costs in 2023. A high rating would mean that a mortgage lender offered lower-than-median all-in home loan costs in 2023.
What this means: Fairway Independent Mortgage offered a higher-than-median mortgage rate of 6.75% and a near-median total loan cost of $6,999.75 to borrowers in 2023.
To apply for a mortgage with Fairway Independent Mortgage Corporation, you must fill out an online application through the lender’s website, call 800-201-7544 (or your local branch’s number), or visit one of the company’s hundreds of locations nationwide. Keep in mind: There are no locations in Alaska or West Virginia, though there is a digital application process available for these states.
The homepage features a prominent “Get Pre-Approved” button. A disclaimer clarifies that the process is strictly a preliminary review, and final loan approval can only happen after a full underwriting.
Turns out, the “preapproval” is nothing more than a contact form. You input basic info — nothing personal — until the last step, when your name, email address, and phone number trigger a contact.
The button probably should be relabeled as “contact us.”
Read more: How to get a mortgage preapproval
Fairway has lots of helpful resources for borrowers, including the following:
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A homeownership insights podcast
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An informative video series
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A homeownership hub with tips and strategies
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Home-buying guides
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Mortgage FAQs
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A mortgage glossary
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Credit resources
Its calculator tools include:
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Monthly mortgage payment calculator
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Rent vs. buy calculator
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Refinance calculator
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Home affordability calculator
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Mortgage comparison calculator
Learn more: How much house can you afford? Use Yahoo Finance’s home affordability calculator
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Fairway earns our highest 5-star score in the Online Features category for excellent digital educational resources.
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It also earns 4 stars in Affordability by offering a broad range of loan options.
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Fairway Independent Mortgage falls short in rate transparency. There are no sample mortgage rates available on its website.
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A mortgage from Fairway is likely to be slightly overpriced. According to our analysis of HMDA data, its loan costs are average, but Fairway’s mortgage rates are slightly higher than average.
Learn more: 5 strategies for getting the lowest mortgage rate possible
Fairway Independent Mortgage vs. loanDepot
Fairway and loanDepot offer similar types of mortgage loans, though loanDepot offers HELOCs, while Fairway does not. Fairway offers renovation loans and medical professional loans, which can make it easier for doctors and other medical pros to qualify despite high student loan balances. The better fit depends on the best mortgage for your needs.
LoanDepot has more potential borrower incentives, offering everything from cash bonuses and closing credits to waived future refinancing fees. Unfortunately, loanDepot has a below-average rating on J.D. Power’s satisfaction study, while Fairway earns a better-than-average ranking. Neither lender clearly advertises its rates.
loanDepot mortgage review
Fairway and Pennymac offer slightly different loan options. Pennymac offers home equity loans, investment property loans, and a mortgage rate buydown program, while Fairway has a medical professional loan and renovation loan.
Pennymac offers more borrower incentives and also advertises its mortgage rates more clearly. Fairway does not advertise its rates, but it does have a much higher rating on J.D. Power’s satisfaction study.
Pennymac mortgage review
Fairway Mortgage is generally considered a good mortgage company. It was rated above average for customer satisfaction in J.D. Power’s 2024 study and No. 1 in its 2023 study.
Fairway Independent Mortgage has been around for nearly three decades. The company was founded in 1996.
Fairway’s credit score minimums vary by loan program. You’ll usually need a 620 for conventional loans, a 580 for FHA loans, a 580 for VA loans, and a 640 for USDA loans.
Methodology:
Yahoo Finance reviews and scores mortgage lenders with quintile scoring in five primary categories: 1) Interest rates. Using 2023 Home Mortgage Disclosure Act data comprised of 10 million home loan applications, we score mortgage lenders on issued mortgage rates below or above the annual median of reporting lenders. 2) Affordability. A measure of loan product availability and the willingness of a lender to offer government-backed loans, low down payments, down payment assistance, and consideration of nontraditional credit. 3) Loan costs. HMDA data is again analyzed, and lenders are rated based on total loan costs compared to the annual median. 4) Rate transparency. The ability of a website user to obtain a mortgage interest rate estimate. We score lenders based on whether rates are enhanced with discount points or high credit score requirements, disclaimers revealing rate assumptions, sample advertised rates, and whether adjustable or no discount point rate estimates are available. 5) Online features. An analysis of the educational material, calculators, and additional resources available to users.
Review of Nationwide Multistate Licensing System (NMLS) data on regulatory actions can trigger a penalty to the score of any lender with a consumer mortgage-related administrative or enforcement action within the past five years.
Advertisers or sponsorships do not influence ratings.
Editorial disclosure for mortgages:
The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including interest rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the lender’s website for the most current information. This site doesn’t include all currently available offers.
This article was edited by Laura Grace Tarpley.