Blog


If you’re looking for an all-in-one financing solution to build your dream home, look no further. The FHA Construction Loan is one of Greenway’s Specialty One-Time Close Construction Loans.

Low inventory and rising home prices can make buying a home challenging. There’s no reason to wait for your perfect home to become available on the market. With an FHA construction loan from Greenway Mortgage, you can build the home you want—and finance it with just one application and one closing. It's that simple!

The Lowdown on the FHA One-Time Close Construction Loan…

The FHA One-Time Close Construction Loan is intended for those looking to build a new home, tear down and put a new house up, or do a major renovation on an existing home. Borrowers can use a qualified licensed builder of their choice (self-build not allowed).

The best part is that this loan allows borrowers to consolidate construction and purchase price for only one set of closing costs and fees. In addition, borrowers pay interest-only payments during the construction period.

Program Details of the FHA One-Time Close Construction Loan

  • 1 time close
  • Owner Occupied (1-2 units); 96.5% LTV
  • Only 3.5% down required, depending on loan size* 
  • 680 min credit score

*Finance up to 90% of project (purchase price + cost to construct)Eligibility requirements, exclusions and other terms and conditions apply.

Benefits of the FHA One-Time Close Construction Loan Include:

  • Consolidate construction & purchase price for only 1 set of closing costs & fees
  • Purchase a teardown property 
  • If you already own an empty property & want to build a home, tear down & put up a new one, or do a major renovation on an existing home
  • Pay just interest-only payments during construction
  • Avoid requalification post-construction
  • Simple & flexible draw process with no set schedule
  • Use qualified licensed builder of your choice (self-build not allowed)

Bottom Line:

So, why wait when you can build your dream home the way you want? Who knows when low inventory is going to subside? While mortgage rates are low, take advantage of this exciting opportunity. Reach out to the experts at Greenway Mortgage to learn more or to see if you qualify for our FHA Construction Loan.

Continue reading to learn how Construction Loans work and be sure to download our free Construction Loan Guide.


How Do Construction Loans work, you might ask?

Overall Process:

  • Builder Approval 
  • Project Approval (appraisal, plans & specs, costs from builder)
  • Borrower Credit Approval
  • Initial Draw at Close (up to 50K) to get a project started and/or reimburse for any materials already purchased

Construction Period

  • Post close welcome call from the construction management company
  • Inspections done as work is put in place, then checks for draws issued to builder and borrower
  • Once work is done, the loan is modified into a standard 30-year fixed loan at present market rates (vs. the interest-only loan in place during construction). Borrowers can pay down the balance on a converted loans in the event other property they owned has been sold in the meantime. No additional closing costs when the loan converts.

Specialized Features

  • Stalled projects
  • Modular construction
  • Major renovations (projects beyond scope of renovation programs)

Remember, Choosing an Experienced Lender is Critical

A construction loan is more complex than a standard mortgage, with more moving parts and more specialized expertise required.

Greenway Mortgage has the knowledge, experience, and proven process to guide you through the construction loan process as you build your dream home. To learn more about our construction loan program and find out if you qualify, contact us to discuss your project.

FHA Is Not the Only Construction Program We Have!

Be sure to check out our Conventional, USDA, and VA Programs Too:


What is a HECM and is it the same as a Reverse Mortgage?

A HECM (pronounced heck-um) is a Home Equity Conversion Mortgage, the fancy name for a Reverse Mortgage. It makes sense when you think about it because that's exactly what you're doing—converting your home equity into cash.

If you are a homeowner aged 62 or older, a reverse mortgage can be a helpful tool to help you stay in your home (or even buy a new one) but not worry about having a mortgage payment. You will still be responsible for paying taxes and insurance and for properly maintaining your home. You must use the home as your primary residence.

How does a HECM mortgage work? Take a look at the highlights below. 


Program Highlights:

  • No payment option available*
  • HECMs are federally insured.
  • Same products, limits, LTVs, and rates as traditional mortgages
  • Excellent planning tool to fund retirement

The Fine Print:

  • Must be 62 years old, or older
  • Applies only to owner-occupied, primary residences
  • Mandatory HUD counseling
  • The homeowner is still responsible for property taxes, homeowners insurance, upkeep and any relevant condo fees.
  • *Age-based assessment and other guidelines determine allowable equity ratios. Various payment and draw options available.

Want to see if you qualify for a Reverse Mortgage today? Click here.

If you're interested in exploring the opportunities a HECM may provide you or a loved one, give us a call today. We'll be happy to help. (908) 489-4658


It has been an incredible year for refinances. And to make things even better, this summer, new programs are coming to help certain lower-income borrowers reduce their monthly mortgage payments. Extra benefits will make the process easier and more affordable, opening refinance options to homeowners who may have been locked out before.

Refinancing your home is finally within reach with RefiNow™ from Greenway Mortgage. This program makes it easier for eligible homeowners earning at or below 80% of the area median income to refinance at a lower interest rate and reduce their monthly mortgage payments. Relaxed guidelines also allow lower credit scores, making this program even more attractive. Lower credit scores no longer have to mean a higher mortgage payment.

Check out some of the program features and benefits to learn how you can qualify:

Program Features & Benefits:

  • Significant reduction in payment and rate
  • Credit for all or part of appraisal cost
  • Reduced fees on smaller loan amounts
  • Relaxed guidelines allowing for higher debt and lower credit scores

The Fine Print

  • Income limit: 80% of the area median income
  • Available on certain government-backed loans
  • Exceptions for certain recent late payments
  • Single Family, owner-occupied only
  • Eligibility requirements, exclusions, and other terms and conditions apply

An Opportunity to Save Big On Your Mortgage:

If you could not take advantage of 2020's historically low rates, now is the time to reap the benefits of refinancing. Start by finding out if you qualify and/or share this information with others who may benefit. These programs will be available this summer, with timing dependent on the current loan. By acting now, you can start preparing your application and documentation so you can access savings quickly when the time comes.

Bottom Line:

Rates are low and chances are they won’t stay put for much longer. That’s why taking action today is important. Refinancing can bring monthly savings and help you grow your home’s equity faster. It’s a win all the way around, and we don’t want you to miss it.  So, don’t let low income or a low credit score be the reason you think you cannot refinance. Reach out to the experts at Greenway Mortgage so you can take advantage of these low rates and start saving on your monthly mortgage payments.


There are many valuable benefits available for the heroes who have served our country. One major advantage includes special home financing just for veterans. According to an article from Keeping Current Matters, “For over 75 years, VA home loans have provided millions of Veterans and their families the opportunity to purchase their own homes.”

VA Loans reward veterans for their service and sacrifice on behalf of our country in a number of ways. Let’s take a look at some benefits and find out who is eligible.

What is a VA Loan?

Veteran’s Administration of “VA” loans are a special type of home mortgage reserved for active, non-active, and retired Army, Air Force, Marine, Navy, National Guard and Coast Guard vets who meet the established service requirements. These home loans are guaranteed by the U.S. Department of Veterans Affairs and offered by participating approved lenders, like Greenway Mortgage.

VA Loans help those that are eligible realize their home buying dreams and help existing VA homeowners with money-saving refinance options. The interest rates on VA Loans can be better than other conventional loans.

Take a Look at some VA Loan Advantages here:

  • 100% financing/No down payment
  • No monthly mortgage insurance (PMI)
  • Gift funds acceptable for closing costs
  • No cash reserve requirements
  • A variety of terms or loan types available
  • Available for purchase and refinance
  • Reduced costs for disabled veterans
  • Seller can pay for closing costs
  • Seller pays for any required repairs
  • No pre-payment penalty

Who is Eligible for a VA Loan?

  • Active-duty military
  • Veterans
  • Reservists and members of the National Guard
  • Some surviving spouses of veterans
  • Eligibility requirements, exclusions and other terms and conditions apply. Click here to learn more.

To determine your ability to participate in this program, just provide your Certificate of Eligibility (COE) or your Discharge/Separation form (DD214). If you do not have your COE, you can request one using form 26-1880.

Reach out using the contact info below, and we’ll be happy to explain the details and answer any questions.


Are you excited about the thought of owning your own home, but short on funds? Perhaps rising home prices are stopping you from the dream of homeownership.

If you’re searching for ways to make buying your first home a reality without having to come up with 20% for a down payment; you’ve come to the right spot. Intrigued?

Different loan programs come with their own perks, and this one is no exception. With Greenway’s No Money Down FHA Loan, qualified homebuyers can get 100% financing towards the purchase of a new home. That’s right, no money down. You don’t even need to be a first-time buyer to qualify.

Here’s what you need to know about our No Money Down FHA Loan:

Program Details:

  • Receive up to 5% of the purchase price towards down payment and closing costs
  • 100% Financing; 0% Down Payment 
  • No first-time buyer restrictions

The Fine Print:

  • Approved counseling required
  • Income limit: 115% of median income for the county
  • Minimum credit score 620
  • 5% second lien forgivable after 120 consecutive, on-time payments
  • Available in NJ, PA, CT, MD, DE, NC & FL (1-2 units only)

Being unable to fulfill a down payment requirement is no longer a reason to stall your dreams of homeownership. If you’re ready to begin the home-buying process, we have options! Our knowledgeable loan experts are ready to help you make your homeownership dreams a reality.

Reach out to one of our experts to learn more about the No Money Down FHA Loan or click here for more information.  And be sure to check out additional resources on our blog, “How Much Do You Know About Down Payments”.

 


Showing results 11 - 15 of 32