Michael Inkman

Fairway Independent Mortgage Corp.

Michael Inkman | Fairway Independent Mortgage Corporation
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Lee Vanvolkenburg
15:43 23 Nov 23
Michael and his team were wonderful to deal with. They were excellent with communication and always available to answer questions. Thank you all!
williams lovos
22:54 16 Nov 23
We close on the house tomorrow! Thank you David and Michael for making my first home buying a smooth process. I had several out of the ordinary situations that would had easily not been possible to get the loan in the time that they were able to approve it. My wife and I are forever grateful for the work the team did. Thank you again!
Mario Silvestri III
16:45 16 Nov 23
Rex Perkins
16:56 15 Nov 23
Everything had been going well over the past two years since refinancing an existing mortgage. The application process, approval, servicing website, everything had been very smooth, nothing but the best service. I then had a minor issue arise. We had a wind loss claim on our home and, unfortunately, I had put off getting the check cosigned until the last minute. An issue arose as part of a minor miscommunication in terms of where the check was to be forwarded for endorsement.To make a long story short, I feared that this miscommunication and misdirected check coupled with my procrastination were going to result in the check expiring and a huge hassle on my part to go through the process again. Mr. Inkman nor his branch were in any way involved with my account or account management, yet, the check inadvertently ended up in their draft loss department and I feared this would further delay things. I was a bit frantic.One of those that I emailed was Mr. Inkman. In an era when customer service is not as valued as in the past, I was very skeptical I would meet the deadline. But, to my surprise, Mr. Inkman took it on his own to personally get things done and get the issue resolved. It appears that he tracked down the overnighted check personally, directed it for signature, packaged and overnighted the check back to me. All the while remaining professional and pleasant and providing consistent email updates on the status. It doesn't even look like he delegated, rather taking the initiative and seeing it through on his own.To me, that's not just doing a job, that's going above and beyond in terms of leadership, professionalism, and customer service. We could not be more happy. And, as a further sign of good will, the Fairway CEO actually emailed me personally to follow-up and assure resolution. Been very happy with Fairway since my refinance, Mr. Inkman's efforts only further reinforce that opinion.
Samer Fallouh
15:01 15 Nov 23
Debbie Salas
21:47 03 Oct 23
This transaction probably would not have happened without Michael. Whenever we hit a stumbling block, he found a way around it! He kept us informed and was a positive light all the way through to the end and beyond.Thanks
Eric Kieffer
22:46 16 Aug 23
Did business with Michael about 20 years ago and he was happy to help us again. He and his team did a great job. See you in another 20.

How to Leverage Down Payment Assistance (DPA) Loans for Your Home Purchase

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Purchasing a home is a significant milestone, but the process can be intimidating, especially when it comes to saving for a down payment. Fortunately, Down Payment Assistance (DPA) loans offer a solution that can make homeownership more accessible. Let’s discuss how DPA loans work, their benefits and drawbacks, and the steps involved in leveraging these loans for your home purchase.

Understanding Down Payment Assistance (DPA) Loans

Down Payment Assistance (DPA) loans provide funds to help cover the down payment on a home. While DPA loans can cover 100% of your down payment, it’s important to note that closing costs are not included and must be paid separately. These loans can be a game changer for individuals who are eager to buy a home but struggle to save up the necessary down payment.

Features of DPA Loans

DPA loans come with several attractive features:

  • Low Mortgage Insurance Adjustments and No Income Limits: DPA loans often come with favorable mortgage insurance terms and are available to a wide range of income levels.
  • Zero Down Payment: With a DPA loan, you can potentially avoid making a down payment out of pocket.
  • Lower FICO Scores Accepted: These loans can be accessible even to those with lower credit scores.

Pros and Cons of DPA Loans

Before opting for a DPA loan, it’s essential to weigh the pros and cons.

Pros:

  1. Reduced Financial Barriers: DPA loans lower the amount of money needed upfront, making homeownership more accessible to individuals who may not have significant savings.
  2. Increased Buying Power: With financial assistance, buyers might afford a better home or a more desirable location than they could without the aid.

Cons:

  1. Program Availability: Not all programs are available in every area. Research local and state programs to find out what’s available to you and consult with a loan officer for detailed information.
  2. Repayment Terms: It’s crucial to understand the repayment terms of your DPA loan. Some DPA loans are grants, some are deferred loans, and others may be forgivable under certain conditions.

How Does Down Payment Assistance Work?

Navigating the process of securing a DPA loan involves several steps:

  1. Determine Eligibility: Check the eligibility criteria for various DPA programs to see if you qualify. Eligibility requirements can vary significantly between programs.
  2. Apply for a DPA Loan: Work with a loan officer to guide you through the application process. You will need to provide documentation such as income verification, tax returns, and credit reports.
  3. Secure a Primary Mortgage: Once approved for a DPA loan, obtain a primary mortgage for the remaining balance of the home purchase price. Your lender will coordinate the DPA funds with your primary mortgage.
  4. Close on the Home: At the closing, you will review and sign documents, pay closing costs, and receive the DPA funds to cover your down payment.
  5. Repay the DPA Loan (if applicable): Understand the terms of your DPA loan. Some DPA loans are forgivable, while others require repayment under specific conditions.

Leveraging DPA loans can significantly ease the financial burden of purchasing a home. By reducing the upfront costs and increasing buying power, these loans can help many achieve their dream of homeownership. However, it’s important to thoroughly research available programs and understand the terms and conditions associated with repayment. Give me a call and I will provide clarity and guidance for you throughout the process.

 

What’s Ahead For Mortgage Rates This Week – July 29th, 2024

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Following the release of the PCE Index figures, which the Federal Reserve prefers as its key inflation metric, the data indicates a slight increase in inflation for the third quarter. Nonetheless, market sentiment remains unchanged, and the prediction that the Federal Reserve is on track to implement rate cuts this year holds firm. Saddled along with the PCE Index, we also have the Personal Income & Spending reports which have indicated the economy is still expanding, and the GDP estimates have also corroborated the reports with their own solid pre-release numbers. 

PCE Index

Prices in the U.S. rose slightly in June in another confirmation that inflation has slowed again, keeping the Federal Reserve on track to cut high U.S. interest rates in the next few months. The Fed’s preferred PCE index edged up 0.1% last month, the government said Friday. That matched the forecast of economists polled by The Wall Street Journal.

Consumer Spending

Consumer spending rose a mild 0.3% in June to help keep the U.S. economy expanding at an above-average speed. Households spent more on travel, recreational goods, medicine, and utilities amid a summer heat wave, government data showed.

GDP (Pre-release)

So much for the U.S. economy shedding most of its surprising strength from last year. Gross domestic product, the official scorecard of the economy, expanded at an above-average 2.8% annual pace in the second quarter, the government said Thursday. Economists polled by The Wall Street Journal had forecast a 2.1% increase. GDP grew twice as fast as it did in the first quarter when the economy expanded at a 1.4% rate.

Primary Mortgage Market Survey Index

  • 15-Yr FRM rates are seeing an increase by 0.02% with the current rate at 6.07%
  • 30-Yr FRM rates are seeing an increase by 0.01% with the current rate at 6.78%

MND Rate Index

  • 30-Yr FHA rates saw no change for this week. Current rates at 6.32%
  • 30-Yr VA rates saw no change for this week. Current rates at 6.34%

Jobless Claims

Initial Claims were reported to be 235,000 compared to the expected claims of 235,000. The prior week landed at 245,000.

What’s Ahead

All eyes are on the FOMC rate decision this upcoming week. The only notable release for this week outside of the rate decision meeting is the Non-farm Payroll numbers, which are a greater figure for the state of consumer spending power, and whether income is keeping pace with inflation.

What’s Changed in the Industry? The Post-COVID Mortgage Landscape

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The COVID-19 pandemic reshaped many industries, and the mortgage sector was no exception. As we move further away from the pandemic, the mortgage industry continues to adapt, reflecting new economic realities, regulatory changes, and shifts in consumer behavior. For mortgage originators, understanding these changes is crucial to helping homebuyers navigate the current landscape. Here are some of the most significant transformations and what homebuyers should be aware of in the post-COVID world.

Shift in Interest Rates

One of the most noticeable changes has been the fluctuation in interest rates. During the pandemic, rates hit historic lows as part of an effort to stimulate the economy. However, as the economy recovers and inflationary pressures increase, interest rates have begun to rise. This shift impacts the affordability of loans and the purchasing power of homebuyers. Mortgage originators must stay informed about rate trends to provide the best advice to clients.

Increased Digitalization

The pandemic accelerated the adoption of digital tools in the mortgage industry. Virtual home tours, online applications, and digital closings have become more common, offering greater convenience and efficiency. For mortgage originators, embracing these technologies can enhance client satisfaction and streamline the loan process.

Changes in Lending Standards

Economic uncertainty during the pandemic led to tighter lending standards. While some of these restrictions have eased, lenders remain cautious. Mortgage originators need to be aware of current lending criteria and help clients understand what is required to secure a loan in today’s market.

Impact on Property Values

The pandemic caused significant fluctuations in property values, with some areas seeing a surge in prices due to increased demand for suburban and rural homes. As the market stabilizes, homebuyers and mortgage originators must consider current trends and potential future shifts in property values.

Remote Work Influence

The rise of remote work has altered homebuyer priorities, with many seeking properties that accommodate home offices and offer more space. This shift influences the types of properties in demand and the locations where people choose to live. Mortgage originators should be aware of these preferences to better serve their clients.

Government and Regulatory Changes

The pandemic prompted various government interventions to support homeowners and the housing market, including forbearance programs and eviction moratoriums. As these measures continue to cease, mortgage originators need to understand the new regulatory environment and how it affects both existing homeowners and new buyers.

Tips for Homebuyers in the Post-COVID Landscape

  1. Stay Informed: Keep up with interest rate trends and understand how they impact loan affordability.
  2. Embrace Digital Tools: Take advantage of online applications and virtual tours to simplify the home-buying process.
  3. Understand Lending Standards: Be aware of current lending criteria and prepare your finances accordingly.
  4. Monitor Property Values: Stay updated on market trends to make informed decisions about property investments.
  5. Consider Remote Work Needs: Look for homes that accommodate your lifestyle and work preferences.

The post-COVID mortgage landscape presents both challenges and opportunities. By staying informed and adapting to the new realities, mortgage originators can guide homebuyers through the complexities of the current market.

The content on this website is written by Michael and reflects his opinion, and not the opinion of Fairway Independent Mortgage Corporation.

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Office Location


4201 Marsh Lane
Carrollton, TX 75007