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In this episode, Erin talks about homeowners insurance (HOI) and how it's integral to the mortgage process.

Show Notes

NMLS Information

  • Erin E. Carvelli: 205141
  • Spring Lake Branch: 817830
  • Greenway Mortgage: 374480
  • Full details: nmlsconsumeraccess.com

 

 


For the Week Ending June 22, 2018

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

Tariffs imposed by President Trump have elicited retaliation from countries around the globe. Concerns about a trade war have helped mortgage rates.
Fed Chair Powell recently confirmed the case for continuing to raise interest rates remains "strong." He cited solid economic growth and full employment.
Jobless claims have fallen for the 4th straight week. Employers are increasingly reporting labor shortages, which are likely to lead to wage growth and inflation.

 

Home builders are excited by strong demand for housing. However, they are frustrated with labor shortages and rising costs for lumber.
New housing starts surged to an 11-year high of 1.35 million in May. Both single-family and multi-family home construction increased.
Existing home sales fell last month, as a shortage of properties pushed prices to a record high. At May's sales pace, unsold inventory is at a 4.1-month supply.

 

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

 

Get the most important economic & housing news you need – simple and fast.

For the Week Ending June 22, 2018

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

Tariffs imposed by President Trump have elicited retaliation from countries around the globe. Concerns about a trade war have helped mortgage rates.
Fed Chair Powell recently confirmed the case for continuing to raise interest rates remains "strong." He cited solid economic growth and full employment.
Jobless claims have fallen for the 4th straight week. Employers are increasingly reporting labor shortages, which are likely to lead to wage growth and inflation.

 

Home builders are excited by strong demand for housing. However, they are frustrated with labor shortages and rising costs for lumber.
New housing starts surged to an 11-year high of 1.35 million in May. Both single-family and multi-family home construction increased.
Existing home sales fell last month, as a shortage of properties pushed prices to a record high. At May's sales pace, unsold inventory is at a 4.1-month supply.

 


The New Jersey Housing and Mortgage Finance Agency (NJHMFA) announced on June 5, 2018 the launch of a state-wide, first-time homebuyer down payment assistance program anticipated to help NJ residents meet their goal of homeownership.

Funded through the NJHMFA, qualified homebuyers can now get $10,000 to make their home buying dreams a reality with the Down Payment Assistance Program (DPA).

PROGRAM DETAILS:

  • Interest-free, five-year forgivable second loan with no monthly payment

  • Funds can be used to assist the prospective homebuyer with down payment and closing costs

  • The assistance must be paired with an NJHMFA first mortgage loan

  • The first mortgage loan is a competitive 30-year, fixed-rate government-insured loan, originated through a participating lender

  • Certain restrictions such as maximum household income and purchase price limits apply.

For many first-time homebuyers, the monthly mortgage payment on their first home may be comparable to their current rental payment, demonstrating that the income needed to purchase a home is not in many cases the barrier to homeownership.

The biggest challenge for these buyers is accumulating the funds needed to cover the down payment and closing costs.

The DPA program helps provide the resources needed to complete the purchase. The $10,000 helps to reduce the strain on the homebuyers existing financial resources, translates into immediate equity and helps to ensure a stable footing on their entry into homeownership.

For more news and information on the Down Payment Assistance Program (DPA), read the entire press release here.

Visit our product page here for complete details on this program.


When your job is dedicated to helping others, Greenway is here to make sure that homeownership is a reality!

It takes a team of medical professionals to keep a community healthy and we rely on these professionals to do just that (keeping our community’s healthy)!

But, Greenway Mortgage would like to help improve the financial health of our dedicated doctors with the White Coat Mortgage Program.

This loan program is specially tailored just for doctors! We admire the extraordinary dedication doctors give to their patients and want to recognize that.

THE WHITE COAT MORTGAGE PROGRAM HAS MANY BENEFITS!

The White Coat Mortgage Program has special benefits to help new and established doctors achieve their homeownership goals no matter where they are in in their career. Student loan debt, income and work history can be a challenge for doctors, but our program helps relax guidelines making mortgage credit more accessible.

PROGRAM DETAILS
• Lessens the impact of student loan debt on qualification
• Future earnings may be included in income
• Fixed and Adjustable Rates / Purchase and Refinance

IS A DOCTOR LOAN A GOOD IDEA?

Being fresh out of medical school does not mean you have to worry about student loans keeping you from attaining homeownership. You can close on your home before you start your new job without spending another 8 years sweating the details. And Greenway Mortgage is here to work around YOUR schedule and help you finance your place to call home.

Ready to get started? One of our Greenway mortgage Loan officers can help!

 


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