Tag: realtor

Condo Financing Is Changing This August 2026: Here’s What Buyers & Realtors Need to Know

If you’re buying or selling a condo with conventional financing, there’s an important change taking effect August 3, 2026.

Fannie Mae and Freddie Mac are retiring the Limited Review (Fannie Mae) and Streamlined Review (Freddie Mac) processes for established condominium projects. Going forward, most condo transactions will require a Full Project Review.

What Does This Mean?

In the past, many condo purchases could be approved using a Limited Review, which focused primarily on the borrower’s qualifications and required less documentation from the homeowners association (HOA).

Beginning August 3, lenders will take a much closer look at the condo project itself, including:

  • HOA budget and financial health
  • Reserve funding
  • Insurance coverage
  • Pending litigation
  • Special assessments
  • Deferred maintenance
  • Overall project eligibility

These items all play a role in determining whether a condo is considered warrantable for conventional financing.

What Is a Warrantable Condo?

A warrantable condo is a condominium project that meets Fannie Mae and Freddie Mac’s guidelines, making it eligible for conventional financing.

A project may become non-warrantable if there are concerns such as:

  • Inadequate reserve funding
  • Insurance deficiencies
  • Significant deferred maintenance
  • Excessive HOA delinquencies
  • Certain types of litigation

When a project is non-warrantable, buyers may need alternative financing with different terms, which can reduce the pool of eligible buyers.

What Realtors Should Know

✅ Build extra time into your contract for condo review.

✅ Don’t assume a condo that qualified last year will automatically qualify today.

The HOA—not just the buyer—will now have a much larger impact on whether a conventional loan can be approved.

What Buyers Should Know

If you’re purchasing a condo, don’t be discouraged. Many condo communities will continue to qualify for conventional financing.

The key is working with a lender who understands condo financing and can identify potential issues early in the process.

With the right preparation, you can avoid surprises and keep your transaction on track.

Bottom Line

Condo financing is becoming more detailed, not impossible.

As underwriting standards continue to evolve, early planning and experienced guidance are more important than ever.

If you’re considering buying or selling a condo, let’s review the property early so we can identify any potential financing concerns before they become closing delays.

Contact Chris Shumate at Fairway Home Mortgage

Whether you’re a homebuyer, real estate agent, or seller with questions about condo financing, we’re here to help you navigate these new guidelines and identify potential issues before they impact your closing.

Chris Shumate
Senior Mortgage Loan Officer | Fairway Home Mortgage

📞 (404) 791-3155
📧 chriss@fairwaymc.com
🌐 http://chrisshumatefairway.com

Follow Chris and the Shumate Mortgage Team:

The Mortgage Phone Call That Can Win Your Home Offer

When you’re buying a home in a competitive market, every advantage matters. Many buyers focus on offering more money, waiving contingencies, or writing a personal letter. While those strategies can help in certain situations, there’s one simple step that often gets overlooked—and it can make a significant difference.

A phone call from your mortgage lender to the listing agent.

🎥 Watch the video here: https://youtube.com/shorts/VRMa-ABq_1M?si=WM6fjeMra_WBbAyf

Why This Phone Call Matters

When multiple offers are on the table, sellers want confidence that the deal will actually close. Price is important, but certainty is often just as valuable.

That’s where your lender comes in.

A quick conversation between your mortgage professional and the listing agent allows the seller’s side to hear directly that:

  • You’ve already been fully pre-approved.
  • Your income, assets, and credit have been reviewed.
  • Your financing is solid.
  • You’re working with an experienced lender who will communicate throughout the transaction.

That reassurance can help separate your offer from others that simply include a generic pre-approval letter.

Sellers Want Confidence

From the seller’s perspective, accepting an offer isn’t just about choosing the highest number. They’re choosing the buyer they believe is most likely to reach the closing table without delays or surprises.

A proactive lender demonstrates professionalism and helps build trust before the contract is even accepted.

This small step can help answer questions before they become concerns, giving the listing agent confidence when presenting your offer to the seller.

A Strong Team Gives You an Advantage

Buying a home isn’t a solo effort. Your real estate agent and mortgage lender should work together as one team to help position your offer as strongly as possible.

An experienced mortgage professional doesn’t simply process paperwork—they advocate for you throughout the transaction.

That’s why communication matters.

Ready to Put Your Best Offer Forward?

Whether you’re buying your first home, moving up, or relocating, having the right mortgage team can make all the difference.

If you’re thinking about buying a home, let’s make sure you’re prepared before you find the perfect property.

Work With Chris Shumate

With more than 25 years of mortgage experience, Chris Shumate has helped over 3,500 families achieve homeownership and has been recognized among the Top 1% of Mortgage Originators in America for six consecutive years. Chris and his team are committed to providing clear communication, personalized loan solutions, and a smooth closing experience from start to finish.

🏠 Contact Chris Shumate at Fairway Home Mortgage

📞 (404) 791-3155
📧 chriss@fairwaymc.com
🌐 http://chrisshumatefairway.com/

Follow Chris Online

Frequently Asked Questions

Does a lender really call the listing agent?

Yes. Experienced mortgage lenders often contact the listing agent to introduce themselves, confirm the buyer’s qualifications, and answer financing questions. This additional communication can help strengthen your offer.

Is a pre-approval enough?

A pre-approval is essential, but having a lender who actively communicates with all parties involved can provide an extra level of confidence that sellers appreciate.

When should I get pre-approved?

Before you begin shopping for homes. Being pre-approved allows you to move quickly when you find the right property and makes your offer more competitive.

Final Thoughts

Winning a home isn’t always about making the highest offer. Sometimes it’s about giving the seller the confidence that your financing is solid and your transaction will close on time.

A simple phone call from the right mortgage lender could be the difference between getting the home—or watching someone else move into it.

What Can Make or Break a Smooth Mortgage Closing?

Buying a home is exciting, but the final stretch—the mortgage closing process—is where many buyers can unknowingly create obstacles for themselves.

As a mortgage professional with more than 25 years of experience helping families achieve homeownership, I’ve seen firsthand that a smooth mortgage closing often comes down to preparation, communication, and avoiding common mistakes. My goal is always to make the process as seamless and stress-free as possible by guiding clients every step of the way.

Watch the Video

What Can Make or Break a Smooth Mortgage Closing?

👉 https://youtube.com/shorts/tZ8i-e6uEJ4?si=UFdQ1arTSupCXHQQ

The Details Matter More Than You Think

Many homebuyers assume that once their offer is accepted, the hard part is over. In reality, the period between contract and closing is critical.

Lenders must verify several key pieces of information before final loan approval, including:

  • Employment status
  • Income verification
  • Asset documentation
  • Credit profile
  • Debt-to-income ratio
  • Property information

Even small changes during this period can impact your mortgage approval.

Keep Your Finances Consistent

One of the most important things buyers can do is maintain financial stability throughout the mortgage process.

Avoid:

  • Opening new credit cards
  • Financing furniture or appliances
  • Purchasing a new vehicle
  • Making large unexplained deposits
  • Missing payments on existing accounts

Many buyers are surprised to learn that lenders often perform final checks before closing. A major financial change can create delays or even jeopardize loan approval.

Stay Responsive During Underwriting

The mortgage underwriting process is designed to confirm that all information provided is accurate and complete.

Your loan team may request:

  • Updated bank statements
  • Pay stubs
  • Tax documents
  • Letters of explanation
  • Additional verification documents

Responding quickly helps keep your loan moving forward and prevents unnecessary delays.

Communication Is Key

One of the biggest factors in a successful mortgage closing is communication.

A knowledgeable loan officer should keep you informed about:

  • Loan milestones
  • Documentation needs
  • Appraisal updates
  • Underwriting conditions
  • Closing timelines

Clear communication helps eliminate surprises and gives buyers confidence throughout the process.

Why Preparation Leads to a Stress-Free Closing

The smoothest closings happen when buyers are prepared before they ever begin shopping for a home.

Getting pre-approved early provides:

  • A clear understanding of your budget
  • Confidence when making offers
  • Faster loan processing
  • Fewer last-minute surprises
  • Stronger negotiating power

Preparation allows you to focus on the excitement of your new home rather than worrying about financing issues.

Partner With a Mortgage Professional Who Guides You Every Step

Every homebuyer’s situation is unique. That’s why it’s important to work with a mortgage professional who takes the time to understand your goals, explain your options, and help you navigate the process from application to closing.

At Fairway Home Mortgage, my team and I are committed to delivering exceptional communication, personalized loan solutions, and reliable closings for every client we serve. With over 3,500 families helped and more than 665 verified 5-star reviews, we understand what it takes to create a smooth home financing experience.

Ready to Get Pre-Approved?

If you’re thinking about buying a home, refinancing, or simply have questions about the mortgage process, let’s connect.

Contact Chris Shumate at Fairway Home Mortgage

📞 (404) 791-3155
📧 chriss@fairwaymc.com
🌐 http://www.chrisshumatefairway.com/

📱 Instagram: https://www.instagram.com/chris.shumate.mortgage
📱 Team Instagram: https://www.instagram.com/shumatemortgageteam/
📘 Facebook: https://www.facebook.com/ShumateMortgageTeam/
🎥 YouTube: @chrisshumatemortgage

The Biggest Homebuying Mistake? Waiting Too Long to Get Pre-Approved

Why Mortgage Pre-Approval Should Be Your First Step Before House Hunting

One of the biggest mistakes Chris Shumate sees homebuyers make isn’t choosing the wrong home—it’s waiting until they’ve already found the perfect home before getting pre-approved.

Watch Chris explain in this quick video:

👉 Video: https://youtube.com/shorts/MX3OhOWQjOg

If you’ve started browsing homes online, attending open houses, or scrolling through listings on social media, you may already be thinking about your dream home. But before you fall in love with a property, there’s one critical step you should take first: getting pre-approved for a mortgage.

Why Pre-Approval Matters

A mortgage pre-approval gives you a clear understanding of how much home you can afford before you begin shopping.

Instead of guessing your budget, you’ll know exactly where you stand financially and what loan programs are available to you.

More importantly, you’ll be ready to act when the right home hits the market.

In Today’s Market, Timing Matters

Homes in desirable neighborhoods often receive multiple offers within days—or even hours—of being listed.

When you find the perfect home, the last thing you want is to lose valuable time gathering documents and starting the loan process.

Buyers who are already pre-approved can:

  • Submit offers faster
  • Show sellers they are serious
  • Compete more effectively in multiple-offer situations
  • Avoid delays that could cost them the home

A Pre-Approval Makes Your Offer Stronger

From a seller’s perspective, a pre-approved buyer is less risky than someone who has not yet spoken with a lender.

A pre-approval letter demonstrates that:

  • Your income has been reviewed
  • Your credit has been evaluated
  • Your financial situation has been analyzed
  • A lender has already determined your buying power

This gives sellers confidence that your financing is likely to move forward smoothly.

Avoid Heartbreak and Disappointment

Imagine finding the perfect home only to discover:

  • The monthly payment is higher than expected
  • You qualify for less than you thought
  • A credit issue needs to be addressed
  • Additional documentation is required

These situations can delay your home search or cause you to miss out on a home you truly wanted.

Starting with a pre-approval helps uncover potential challenges early, giving you time to address them before they become obstacles.

What You’ll Learn During the Pre-Approval Process

A professional mortgage consultation can help you understand:

Your Home Buying Budget

Know what payment fits comfortably within your financial goals.

Down Payment Options

Explore conventional, FHA, VA, USDA, and other loan programs.

Monthly Payment Expectations

Understand principal, interest, taxes, insurance, and mortgage insurance costs.

Credit Improvement Opportunities

Learn whether simple changes could help improve your loan options.

Competitive Buying Strategies

Be prepared to act confidently when the right property becomes available.

Get Ahead Before You Start Looking

The most successful homebuyers don’t wait until they find a home to begin the financing process.

They create a game plan first.

By getting pre-approved early, you’ll shop with confidence, understand your options, and be ready to make a strong offer when the perfect home shows up.

Work With an Experienced Mortgage Professional

With more than 25 years of mortgage lending experience, Chris Shumate has helped over 3,500 families achieve homeownership and has been recognized among the Top 1% Mortgage Originators in America for six consecutive years. Chris and his team are committed to making the mortgage process simple, educational, and stress-free for every client they serve.

Contact Chris Shumate at Fairway Home Mortgage

📞 (404) 791-3155

📧 chriss@fairwaymc.com

🌐 http://www.chrisshumatefairway.com/

📱 Instagram: https://www.instagram.com/chris.shumate.mortgage

📱 Team Instagram: https://www.instagram.com/shumatemortgageteam/

📘 Facebook: https://www.facebook.com/ShumateMortgageTeam/

🎥 YouTube: @chrisshumatemortgage

Ready to Start Your Home Search?

Before you start touring homes, make sure you have the right financing strategy in place.

Getting pre-approved today can help you move quickly, negotiate confidently, and avoid missing out on the home you’ve been waiting for.

Your Mortgage Payment Went Up — Here’s Why

If you’ve opened your mortgage statement recently and thought, “Why did my payment go up?” — you’re not alone.

This is one of the most common questions homeowners ask. The good news? In most cases, there’s a clear explanation—and even better, there are ways to plan for it.

🎥 Watch: Quick Breakdown

The Real Reason Your Payment Changed

Here’s the key thing to understand:

Your loan itself likely didn’t change.
What changed is what’s included in your monthly payment.

Most mortgage payments include:

  • Principal
  • Interest
  • Property Taxes
  • Homeowners Insurance

Those last two are part of your escrow account—and they can change over time.

1. Property Taxes Increased

Property taxes are one of the most common reasons for a higher payment.

  • Local governments reassess property values
  • Higher home values can mean higher taxes
  • Even small increases can impact your monthly payment

Since taxes are paid through escrow, your lender adjusts your payment accordingly.

2. Homeowners Insurance Went Up

Insurance premiums have been rising nationwide.

This can be due to:

  • Increased construction costs
  • More weather-related claims
  • Market-wide insurance changes

When your premium increases, your monthly escrow payment increases too.

3. Escrow Account Adjustment (The Most Overlooked Reason)

This is where most surprises happen.

Your lender reviews your escrow account once a year:

  • If there’s a shortage → your payment goes up
  • If there’s a surplus → you may get a refund or lower payment

Sometimes, your payment increases not just because of higher taxes or insurance—but because you’re also catching up from a previous shortage.

What This Means for You

The key is understanding what changed and why.

Taking time to:

  • Review your escrow statement
  • Look at your tax and insurance changes
  • Plan ahead for future adjustments

…can help you avoid surprises down the road.

Can You Lower Your Payment?

In some cases, yes. Here are a few options:

  • Shop around for lower homeowners insurance rates
  • Appeal your property tax assessment (if applicable)
  • Explore a refinance strategy
  • Request an escrow review if something doesn’t look right

Every situation is different, so it’s important to look at the full picture.

Work With Someone Who Explains the “Why”

With over 25 years of experience and more than 3,500 families helped, Chris Shumate focuses on making sure clients fully understand their mortgage—not just the numbers, but the reasoning behind them.

Because when you understand what’s happening, you can make better financial decisions.

Let’s Take a Look at Your Situation

If your payment went up and you’re not sure why—or you just want a second opinion—we’re here to help.

🏠 Contact Chris Shumate at Fairway Home Mortgage

📞 (404) 791-3155
📧 chriss@fairwaymc.com

🌐 http://www.chrisshumatefairway.com/

📱 Follow on Instagram: https://www.instagram.com/chris.shumate.mortgage
📱 Follow our team on Instagram: https://www.instagram.com/shumatemortgageteam/
📘 Facebook: https://www.facebook.com/ShumateMortgageTeam/
🎥 YouTube: @chrisshumatemortgage

Condo Financing Just Opened Up: What Buyers and Homeowners Need to Know in 2026

Condo Financing Is Opening Back Up

If condos have felt difficult—or even impossible—to finance over the past few years, you’re not alone. Rising insurance costs, stricter lending guidelines, and project eligibility issues created major roadblocks for buyers and homeowners.

The good news? That’s changing.

Recent updates from Fannie Mae and Freddie Mac are opening the door for more condo approvals, fewer restrictions, and new opportunities across Georgia and the Southeast.

What Changed with Condo Financing in 2026?

These updates are designed to address the exact issues that have been holding deals back.

Investor Concentration Restrictions Eased

Previously, many condo projects were disqualified if too many units were investor-owned.

Now, with the 50% investor cap removed, more condo communities are eligible for financing.

What this means:

  • More inventory available for buyers
  • Increased opportunities in investor-heavy markets like Atlanta

Insurance Flexibility Increased

Insurance has been one of the biggest hurdles in condo approvals.

New updates now allow:

  • Depreciated ACV (Actual Cash Value) roof coverage
  • Simplified deductible requirements

What this means:

  • Fewer insurance-related loan denials
  • Smoother underwriting process

Expanded Review Waivers for Small Projects

Projects with 10 or fewer units may now qualify for review waivers, allowing faster and simpler approvals.

What this means:

  • Easier financing for smaller condo communities
  • Faster closings with fewer delays

Why This Matters for Buyers

If you’re considering buying a condo, this shift is significant.

  • More condos now qualify for conventional financing
  • Lower insurance costs can improve affordability
  • Previously “off-limits” properties may now be eligible again

For first-time homebuyers, condos are often one of the most affordable ways to enter the housing market—so this opens real opportunities.

What It Means for Condo Owners

If you already own a condo, these changes could directly impact your property value and marketability.

  • Your condo may now attract more buyers
  • Financing accessibility can help improve resale value
  • HOA insurance changes could influence dues and long-term value

Not Every Condo Will Qualify the Same

Even with these improvements, not all condos are created equal.

The difference between a smooth closing and a deal that falls apart often comes down to:

  • HOA financials
  • Insurance coverage details
  • Project eligibility

That’s where experience matters.

Work with a Team That Knows Condo Financing

With over 25 years of experience, Chris Shumate with Fairway Home Mortgage specialize in helping buyers and homeowners navigate complex condo financing scenarios.

We focus on:

  • Identifying potential issues early
  • Structuring loans correctly from the start
  • Providing clear, data-driven guidance

Because getting approved is one thing—getting to the closing table without surprises is what really matters.

Bottom Line

Condo financing has officially opened back up, creating new opportunities for buyers and homeowners across Georgia and the Southeast.

But success still comes down to having the right strategy—and the right team guiding you through the process.

Contact Chris Shumate

🏠 Fairway Home Mortgage
📞 (404) 791-3155
📧 chriss@fairwaymc.com
🌐 http://www.chrisshumatefairway.com/

📱 Instagram: https://www.instagram.com/chris.shumate.mortgage
📱 Team Instagram: https://www.instagram.com/shumatemortgageteam/
📘 Facebook: https://www.facebook.com/ShumateMortgageTeam/
🎥 YouTube: @chrisshumatemortgage

Chris Shumate – Fairway Home Mortgage Voted Best of Gwinnett 2025

Chris Shumate – Fairway Home Mortgage Voted Best of Gwinnett 2025

We are honored and excited to announce that Chris Shumate – Fairway Home Mortgage has been officially Voted Best of Gwinnett 2025 in the Financial Services category!

This recognition is especially meaningful because Best of Gwinnett is determined by community votes and customer support throughout Gwinnett County, Georgia. We are incredibly grateful to the families, homeowners, referral partners, and local supporters who made this possible.

👉 View the official winners list here:
https://www.guidetogwinnett.com/best-of/winners/2025/financial-services

What “Best of Gwinnett” Means

Each year, Best of Gwinnett, presented by Gwinnett Magazine, highlights outstanding businesses and professionals across Gwinnett, Georgia. The process includes:

  • Community nominations
  • Online voting by local residents
  • Verification and review by the Best of Gwinnett team

Being named among the best in Financial Services in Gwinnett County reflects not only professional excellence, but also consistent community trust and client satisfaction.

Serving Gwinnett County with Excellence

As a trusted mortgage lender in Gwinnett, Georgia, Chris Shumate has built a reputation for integrity, communication, and results. Through The Shumate Team at Fairway Home Mortgage, clients receive personalized guidance whether they are:

  • First-time homebuyers in Gwinnett County
  • Moving up to their next home
  • Refinancing in Georgia
  • Investing in real estate
  • Relocating to the Gwinnett area

Chris Shumate – Fairway Home Mortgage is committed to making the home loan process clear, smooth, and stress-free. Our mission is simple: help families confidently achieve homeownership in Gwinnett, GA and beyond.

Why Homebuyers in Gwinnett Choose The Shumate Team

The Shumate Team is proud to serve communities throughout:

  • Lawrenceville
  • Buford
  • Suwanee
  • Duluth
  • Dacula
  • Snellville
  • Peachtree Corners
  • And surrounding Gwinnett County areas

With years of experience in the Gwinnett real estate and mortgage market, Chris Shumate understands local trends, competitive financing strategies, and how to position buyers for success in today’s market.

Being voted Best Mortgage Company in Gwinnett 2025 reinforces our commitment to delivering five-star service every step of the way.

Thank You, Gwinnett!

To our clients, referral partners, real estate agents, friends, and family — thank you for voting and supporting Chris Shumate – Fairway Home Mortgage.

We do not take your trust lightly. This award belongs to our entire community.

If you’re buying, refinancing, or simply exploring your options in Gwinnett County, Georgia, we would love to help.

📞 Chris Shumate – Fairway Home Mortgage

📱 Phone: (404) 791-3155
📧 Email: chriss@fairwaymc.com
🌐 Website: http://www.chrisshumatefairway.com/

Let The Shumate Team show you why we were voted Best of Gwinnett 2025.

Your home journey starts here.

Smart Strategies for Homebuyers in Today’s Market

Rate Buydowns Help with Affordability, but a Wide Portfolio of Mortgage Options Is the Ultimate Tool

Potential homebuyers today face more hurdles than in recent years. Many don’t have a large amount of cash to bring to the closing table, while others are focused on achieving a manageable monthly mortgage payment.

In an environment where mortgage rates have settled in the mid-to-high 6% range and inventory remains a concern in some markets, buying that first home or moving up with a growing family requires careful planning — and strategy. While this isn’t a one-size-fits-all process, The Shumate Mortgage Team at Fairway offers a wide variety of loan programs that are helping many buyers make homeownership happen.

It takes a savvy loan officer with a strong toolkit and market insight. At The Shumate Mortgage Team at Fairway, we understand that not every homebuyer is a “nail,” and not every mortgage is a “hammer.” Getting families into the homes they deserve requires a personalized approach, not a sales script.

One effective tool that’s gaining traction again is the interest rate buydown — a strategy that can help homebuyers ease into their mortgage payments in today’s higher-rate environment.

What Can an Interest Rate Buydown Do for a Homebuyer?

An interest rate buydown allows a homebuyer to temporarily lower their mortgage interest rate for one, two, or even three years. On average, a 1% drop in rate can save buyers anywhere from $200 to $300 per month. For example, on a $400,000 home, a 1/0 buydown could result in first-year monthly savings of $200–$300 — helping the buyer transition into their full monthly payment more gradually.

For buyers whose goal payment is $2,000 but who qualify at $2,200 or $2,400, using a 1/1 or 2/1 buydown can provide breathing room during the initial years of the mortgage.

Who Pays for the Buydown?

The buydown cost can be covered in several ways:

  • Paid by the buyer at closing
  • Negotiated into the contract and paid by the seller
  • Covered through a lender-paid promotional offer
  • Or a combination of the above

For example, if a 2/1 buydown costs $12,000, that amount could be requested in seller concessions to make the offer more affordable for the buyer.

When Is a Lender-Paid Buydown an Option?

Lender-paid buydown options may be available during promotional periods. For example, during National Homebuyer Month, The Shumate Mortgage Team at Fairway may offer a 1/0 buydown covered by the lender, helping clients ease into homeownership without additional upfront costs. These offerings vary by location, so it’s important to ask your Shumate Mortgage Team at Fairway mortgage advisor about any current programs.

Educating Real Estate Agents and Homebuyers

Buydowns have become more popular post-COVID, especially as mortgage rates climbed. While they were more common in the 1990s and early 2000s, today’s market volatility has brought them back into the conversation.

For many buyers, buydowns open the door to important affordability conversations. They help prospective homeowners better understand what kind of home they can afford and which financing strategies can help them get there. Qualification is always based on the full monthly payment, not the reduced initial payment.

What Kind of Buyers Benefit Most?

Buyers focused on a specific monthly payment often find buydowns beneficial. If cash to close is a bigger concern, other tools like down-payment assistance may be explored instead — or in combination with a buydown. With more inventory available and homes staying on the market longer, sellers may also be more open to negotiations, creating opportunities for concessions that help with affordability.

How Do You Know Which Option Is Right?

The Shumate Mortgage Team at Fairway offers a wide array of mortgage products to meet our clients’ needs. With many buyers today having limited cash reserves, the key is to find the right mix of tools to make the purchase possible — whether that means a seller-paid buydown, down-payment assistance, or a combination of both.

We work closely with each buyer to understand their needs and craft a custom plan that fits. By coupling seller concessions, loan program flexibility, and buyer education, we help more families reach the finish line of homeownership.

Which Buydown Options Are Most Popular?

From a cost and practicality standpoint, the 1/0, 1/1, and 2/1 buydowns tend to be the most commonly used. While a 3/2/1 buydown offers deeper initial savings, it can come with a steep cost — sometimes $20,000–$40,000 — which may be more than sellers are willing to contribute.

Final Thoughts

Today’s homebuyers deserve a loan originator who’s willing to put in the time and strategy to match them with the right tools. At The Shumate Mortgage Team at Fairway, we don’t take a one-size-fits-all approach. We’re solution-oriented, responsive to the market, and committed to helping our clients become homeowners — even in a challenging environment.

Whether it’s reducing your interest rate, minimizing your cash to close, or finding the right combination of both, we’re here to help make homeownership possible.

Contact us today.

Chris Shumate

Loan Officer /NMLS #627360

Direct: 404-791-3155

Email: chriss@fairwaymc.com

Apply Online: http://www.chrisshumatefairway.com

*Not all temporary buydown options are available for every product or scenario. Talk to your Fairway loan officer for more details. A 3 year (3/2/1) temporary rate buydown will reduce the note rate by 3% for the first year of the term, followed by a 2% reduction of the note rate for the second year of the term, followed by a 1% reduction of the note rate for the third year of the term, after which the rate will then revert back to the original note rate for the remainder of the term. A 2/1 temporary rate buydown will reduce the note rate by 2% for the first year of the term, followed by a 1% reduction of the note rate for the second year of the term, after which the rate will then revert back to the original note rate for the remainder of the term. A 1/0 temporary rate buydown will reduce the note rate by 1% for the first year of the term, after which the rate will revert back to the original note rate for the remainder of the term. **Eligibility subject to program stipulations, qualifying factors, applicable income and debt-to-income (DTI) restrictions, and property limits. Copyright©2025 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply.