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Affordable Lending Options

Jan 14
2:51
AM
Category | Products
Are you currently looking to purchase a home? If so, it’s important to know what affordable lending options there are. If you're aspiring to own a home within a certain budget, we're here to tell you that there is a loan for you!
 
Take some time to educate yourself on the facts about affordable lending and learn what programs Greenway Mortgage has to offer. There are low or no down payment mortgage programs that make home buying more affordable and offer a variety of benefits for borrowers who qualify.
 
Let’s take a look at some options:
 
FHA LOANS
Greenway can help you achieve your dreams of owning a home with an FHA mortgage.
 
What exactly are FHA loans? These loans are designed to help first-time homebuyers and experienced homeowners alike by providing them with a low-down payment option. FHA mortgage insurance serves as protection for lenders in the event of a homeowner defaulting on their home loan.
 
How can an FHA loan benefit you? FHA insured loans often give potential homeowners the option of making a lower down payment (as low as 3.5%) than they would need to make if using a traditional, non-FHA insured mortgage.
 
Learn more about FHA loans by clicking here.
 
VA LOANS
You served your country. Now let your country return the favor with special financing just for veterans. VA loans reward veterans for their service and sacrifice on behalf of our country in a number of ways.
 
What is a VA Loan? VA loans are a special type of home mortgage reserved for active military members and veterans. These home loans are guaranteed by the U.S. Department of Veterans Affairs and offered by participating approved lenders. VA loans allow eligible veterans and active military personnel to realize their home buying dreams and help existing VA homeowners with money-saving refinance options.
 
What are some benefits of a VA Loan? VA loans are designed to provide long-term home financing to qualified veterans and, in some cases, their surviving unmarried spouses. In many instances, their interest rates can be better than other conventional loans. Other benefits include: No private mortgage insurance requirements, less than perfect credit can apply, and VA may be able to provide some assistance if mortgage payments problems arise.
 
Learn more about VA loans by clicking here.
 
USDA Loans
If you thought U.S. Department of Agriculture (USDA) loans were just for farmers – think again. Let us educate you about USDA loans and help you take advantage of their many benefits.
 
What is a USDA Loan? USDA loans are designed to encourage rural land development and growth in rural areas. They were long thought of as just for farmers, but the program has been expanded in recent years to give more people looking to purchase or refinance in a rural area access to the incredible benefits offered by these loans.
 
Benefits of a USDA include:
  • For low-to-moderate homebuyers
  • Offer 0% down payment options
  • Available to 97% of eligible homes in the U.S.
  • Better-than-average interest rates
  • Better terms than an FHA or conventional loan
  • Flexible credit guidelines mean less than perfect credit may still apply
Learn more about USDA loans by clicking here
 
Adjustable Rate Mortgages (ARM)
Adjustable rate mortgages generally start with lower up-front payments than fixed-rate mortgages. They have shorter loan terms, which may be beneficial if you will not be in your home long.
 
Why get an Adjustable Rate Mortgage?
  • Save thousands in payments vs. a fixed rate loan during the initial period
  • Use the savings to pay down other debt or for whatever you like!
  • Great option if you intend to refinance or sell your home in an expected time frame
  • Put as little as 5% down (FHA 3%), or refinance up to 95% of your home's value
First-Time Home Buyer Programs
Buying your first home can be exciting and overwhelming all at the same time – which is why we have a variety of tools and resources to help you through the experience. Whether you’re just starting to save or you already have a house in mind, we can help you get your keys to your first home. Check out our most popular home loan options for First-Time Home Buyers by visiting our site here.
               
What are some first-time home buyer programs that Greenway has to offer?
  • Monmouth County, NJ First-time Home Buyer Program: designed to provide financial assistance to low income families to purchase an affordable home. Learn more.
  • NJ FHA Down Payment Assistance Program: qualified buyers can receive $10,000 towards the down payment of home. Learn More.
  • Conventional 97 First-time Home Buyer Program: this program helps more families achieve the homeownership milestone with a 3% down payment, regardless of income levels or geographic location. Learn More.
  • The HomeReady Program: this program is an FHA alternative designed to help creditworthy homebuyers with limited income in designated areas. Learn More.
 
If you, a friend or a family member is a first-time home buyer you’ll definitely want to check out our First-Time Home Buyer Resource Page here. Make sure to download a copy of our FREE First-Time Home Buyer eBook, too!
 
Ready to Take the next step?
 
Not sure what mortgage is right for you? Our experienced loan officers are here to help guide you through your affordable lending options.
 
Contact us today to get started. 908-489-4658.
 
Remember, you can always start by getting a FREE pre-approval here.
 

6 Renovation Revelations

Dec 10
3:14
AM
Category | Products

Facing aging housing stock and tight markets, more consumers are looking to renovate a new purchase or their existing house to create he home of their dreams.

Making significant home improvements such as adding an extra room or replacing the roof not only makes a difference in how much you enjoy your home, but it can improve its overall value as well.

The top 3 interior renovation projects with the best likely value to the home for resale is:

  1. Complete Kitchen Renovation
  2. Kitchen Upgrade
  3. Bathroom Renovation

According to a study from NAR, 75% of homeowners have a greater desire to be in their home after remodeling. In 2019, 73% of homeowners say they plan to make home renovations.

Renovation Loans

If you aren’t happy with some aging features of your house, or want to buy a home that needs work, you should consider using a home renovation loan to transform a house into the home of your dreams.

What are the Benefits of a Renovation Loan?

The main benefit of renovation loans is that they give you the ability to buy a home in need of repairs and finance those repairs as part of the mortgage. They also have low down payment requirements and great rates. 


How does a Renovation Loan Work?

Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. A Renovation lender (like Greenway Mortgage) would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom.

Often the loan will also include:

1) A contingency reserve so that you will have the funds to complete the remodel in the event it ends up costing more than the estimates suggested and/or 2) a provision that gives you up to about six months of mortgage payments so you can live elsewhere while you’re remodeling, but still pay the mortgage payments on the new home.

Ready to Take the Next Step?

We’re here to make the renovation home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with a FREE Renovation Loan Quote. We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you. Ready to get started? Reach out today.

 


What is a USDA Loan?

A USDA loan is a mortgage loan backed by the U.S. Department of Agriculture (USDA). In fact, they are available to millions of primary home buyers in eligible areas. So, if you’re looking to buy a home, this might be the right mortgage choice for you.

Don’t let the term “rural” fool you. This type of loan is available in many suburban areas as well. Most of the country is in what the USDA considers a qualified rural area. But, it’s still important for prospective buyers to check a home’s eligibility status before going too far! To see if a property is eligible check out the USDA Property Eligibility Map Here. (Note: the USDA updates its list of eligible rural areas annually).

WHY USDA?

One of the advantages of a USDA loan is that it requires no down payment. You can finance up to 100% of the property value. More advantages include:

  • No Down Payment (100% financing)
  • Lower-Than-Market Interest Rates
  • Low Monthly Private Mortgage Insurance (PMI)
  • Flexible Credit Guidelines
  • Ability to Finance Upfront PMI

First-Time Home Buyers

A USDA loan is great for first time home buyers that often have little money to put down on a home. The USDA mortgage is 100% financing with secure 30-year fix rate terms.

However… it’s not JUST for First-Time Home Buyers

You do not have to be a first-time home buyer, but you have to agree to live in the property as your primary residence. It’s essential to find the neighborhood in the ideal location with the amenities that best fit you and your family whether you’re looking for a home in a rural area or not.

Tips to Finding the Perfect Neighborhood:

  • Make of list of the activities (movies, health clubs, churches – you engage in regularly and stores you visit frequently. How far would you travel from each neighborhood to engage in your most common activities?)
  • Check out the school district
  • Check crime
  • Look for economic stability
  • Consider resale value
  • Do a walk-through of each neighborhood

Ready to take the next step?

A pre-approval should always be step #1. Click below to get started or visit our website here to learn more about USDA Loans. If you have any questions contact us today 732.832.2967.


Greenway Mortgage is opening more doors for New Jersey’s Police and Fire Professionals!
 
We understand the unique stresses and financial burdens which our everyday hero’s go through on a daily basis. With the increased medical coverage and pension contributions, a lot of our pay checks have been decreasing over the past few years. Greenway Mortgage has great news! The Police and Firemen’s Retirement System Mortgage Program can help!

What is the Police & Firemen’s Retirement System Mortgage Program?
The NJ Housing and Mortgage Finance Agency makes available the Police & Firemen’s Retirement Systems Program (PFRS) to qualified police officers or fire fighters who are active (not retired) members of the PFRS pension and otherwise eligible, with at least one-year creditable service at time of application.
 
What are some key features of this program?
  • For new mortgages and refinances
  • Available to first-time and repeat homebuyers
  • Owner occupied residents only
Are all properties eligible for this mortgage?
Properties that are eligible must be a one- or two-family residence or condominium located in the State of New Jersey and you must occupy the residences within 120 days of closing and remain in the residence for the life of the loan.
 
What is the maximum mortgage amount I can borrower?
The maximum mortgage amount is determined by Fannie Mae. The current maximum mortgage amount is $484,350.
 
Other Important Details:
  • There are no first-time homebuyer requirements
  • Conforming loan limits only
  • Mortgage insurance is required on loans with down payments less than 20%
  • Volunteer fire fighters or retired police or fire fighters are not eligible for the PFRS mortgage loan program
  • Monthly service charge applicable
Eligibility requirements, exclusions and other terms and conditions apply
 
This program is a huge benefit to members that are eligible. Reach out today with any questions or for more information and to see if you are eligible.
 

Looking to upgrade your existing home?

You might consider one of Greenway's many renovation programs, but a cash-out refinance might be a better solution.

Renovation Loans are not the only option when it comes to home repair and upgrades. Longing for a new kitchen, an updated bathroom, or need an addition for a growing family. Everyone’s scenario is different and there are options -- Your Greenway Mortgage Loan Officer will help you determine how to best achieve your goals.

You can learn more about our Renovation Programs here.

But, how can a cash-out refinance work for me?

A cash-out refinance replaces your existing mortgage with a new loan that draws on the equity in your home. The equity you draw with the new mortgage goes to you in cash. That cash can be used for home improvements, debt consolidation or other financial needs.

But your home must have equity for this to work. This is another reason to reach out to a Greenway Loan Officer, as they will review your current mortgage documents and help you figure out what your home is currently valued at.

Why Choose A Cash-Out Refinance for Home Improvements?

  • Potentially secure a lower rate and monthly payment

  • Mortgage rates are typically lower than credit cards or personal loans

  • With improvements, you could increase your home’s value

Bottom Line

A cash-out refinance for home improvement may be just the answer you’re looking for if you’re ready to remodel, but are short on cash. Not only could you secure a low-interest rate with this option, but you could boost the equity you have in your home as well.

Try out our refinance interactive below and reach out to our loan consultants for a detailed review of your scenario.

Picture1-10

 

Ready to Take the Next Step?

Reach out to a Greenway Mortgage Loan Officer today to discuss and compare which option would be best for your specific needs. 732.832.2967

 


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