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
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
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.
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:
- Complete Kitchen Renovation
- Kitchen Upgrade
- 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.
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).
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?
What is the Police & Firemen’s Retirement System Mortgage Program?
For new mortgages and refinances
Available to first-time and repeat homebuyers
Owner occupied residents only
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
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
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.
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