Mortgage Loan Options in Kansas City
All loan types Ben Yeates Fairway Mortgage offers are listed on this page. Compare your options, understand what fits your situation, and book a free consultation when you're ready.
How the Core Loan Types Compare
FHA Loans vs. Conventional Loans: Which One Fits Your Credit Profile
FHA loans (Federal Housing Administration-backed mortgages) allow buyers to purchase with as little as 3.5% down and accept credit scores starting around 580. A conventional loan, one not backed by a government agency, typically requires a higher credit score (620 or above) and at least 3-5% down, but it avoids the mandatory mortgage insurance premium that FHA loans carry for the life of the loan.
Fixed-Rate vs. Adjustable-Rate Mortgages: Locking In Stability vs. Starting Lower
A fixed-rate mortgage locks your interest rate and your principal and interest payment for the full loan term, whether that's 15 or 30 years. An adjustable-rate mortgage (ARM) starts with a lower fixed rate for an initial period (commonly 5, 7, or 10 years) before adjusting periodically based on a market index. ARMs work well for buyers who plan to sell or refinance before the fixed period ends.
Conforming Loans vs. Jumbo Loans: Understanding the Size Threshold
A conforming loan falls within the loan limits set annually by the Federal Housing Finance Agency (FHFA) for 2024; that's $766,550 for most single-family homes in the Kansas City area. A jumbo mortgage exceeds that limit. Jumbo loans require stronger credit, higher reserves, and a larger down payment, but they give qualified buyers access to financing for higher-value properties that conforming products can't cover.
Not sure which category your situation falls into? A free 20-minute call with Ben Yeates at Fairway A mortgage is enough time to figure it out. No pressure, no paperwork, just a straight answer.
| Loan Type | Min. Down Payment | Min. Credit Score | Best For |
|---|---|---|---|
| FHA Loan | 3.5% | ~580 | First-time buyers, limited credit history |
| Conventional Loan | 3-5% | 620+ | Solid credit, avoiding FHA insurance |
| Fixed-Rate (30-yr) | Varies | Varies | Long-term stability, predictable payments |
| Fixed-Rate (15-yr) | Varies | Varies | Faster payoff, lower total interest |
| Adjustable-Rate (ARM) | Varies | Varies | Short-to-mid horizon buyers |
| Jumbo Loan | 10-20%+ | 700+ | High-value properties above conforming limits |
Two Loan Programs Built for Borrowers Standard Products Miss
Physician Loans Help Medical Professionals Buy Before Student Debt Clears
Medical residents, fellows, and attending physicians often carry significant student loan balances, sometimes $200,000 or more, at the exact moment they're ready to buy a home. Standard loan qualification models count that debt against you in the debt-to-income (DTI) ratio calculation. Physician loan programs treat those balances differently, and many require no private mortgage insurance (PMI) even with less than 20% down. This program exists specifically for MD, DO, DDS, and similar licensed medical professionals.
Construction Loans Finance a Custom Home from the Ground Up
If you're building rather than buying, a standard purchase mortgage doesn't apply until construction is complete. A construction loan releases funds in stages called "draws" as each phase of the build finishes: foundation, framing, mechanical rough-in, and so on. Ben Yeates – Fairway Mortgage guides borrowers through the draw schedule, builder approval, and the eventual conversion to a permanent mortgage at the end of construction.
You've Compared the Options;
Now Let's Find Your Fit.
Every loan type on this page has the right borrower behind it. A free consultation with Ben Yeates – Fairway Mortgage takes the guesswork out. Bring your questions, your numbers, or just a general idea of what you're trying to do; we'll help you figure out the rest.