Shore Mortgage Team Branch's Blog - Greenway Mortgage Funding Corp.

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Refinance Program for Homeowners with Low or No Equity

Feb 19

2:25

Category | Products

Greenway Mortgage offers a refinance program for homeowners with low to no equity. If you, a friend or family member find yourself in a difficult equity position, consider a High LTV Refinance Option.

The high loan-to-value (LTV) refinance option provides refinance opportunities to borrowers with existing Fannie Mae mortgages who are making their mortgage payments on time, but whose Loan to Value (LTV) ratio for a new mortgage exceeds the maximum allowed for standard limited cash-out refinance options.

If your home is able to qualify for this refinance program, you could enjoy these benefits:

Lower Mortgage Payments
Lower Interest Rates
Shorter Loan Term
Switch from Adjustable Rate Mortgage (ARM) to a Fixed Rate Mortgage
Private Mortgage Insurance (PMI) may be transferred or not required at all. (If PMI exists on current loan, it must be transferred to a new loan. If no PMI exists, it may not be required).

Important Program Features

A great feature about this program is that there is streamlined documentation mandates for income, employment and assets. Appraisals are typically not required. In order to qualify, borrower’s must have made 12 payments on their loan being refinanced and it cannot be used to refinance a HARP loan.

What property types are eligible?

All property types are eligible including investment properties under this program.

For more information on this program click here.

The Bottom Line

If you’re having trouble with your mortgage and owe more than your home is worth or you have almost no equity, you might be able to refinance with this program. Think about all that you could save by paying much less on your monthly mortgage payment. Don’t hesitate to speak with a Greenway Mortgage Loan Officer today and see if you will be eligible. (908) 489-4658

The HomeStyle Renovation Loan

Dec 18

2:29

Category | Products

Have you been searching around for an easy and affordable option to finance your home renovations?

With the HomeStyle Renovation Loan you can renovate a home to fit your specific needs and style with one mortgage payment! This type of mortgage lets you borrow the money for the renovation and repairs with a conventional first mortgage instead of leaving you to finance renovations on your own.

The best part is, the HomeStyle Renovation Loan can be used on any type of renovation project, provided the improvement is permanently affixed to the property and adds value. For instance: new kitchen or bath, new pool, new roof, and more!

KEY FEATURES:

Conventional Mortgage
Home purchases & refinances
Primary, second homes or investment properties
Finance up to 75% of the as-completed appraised value
Finance up to 6 months of payments during renovations

RENOVATIONS INCLUDE:

New Kitchen or Bath
New Pool
New Roof
Structural Repairs
Updating Flooring and Appliances

If it's permanently affixed and adds value.. YOU CAN DO IT!

THE FINE PRINT: Primary residence, Max 97% LTV. Single unit investment properties. Eligibility requirements, exclusions and other terms and conditions apply.

The HomeStyle Renovation loan is best for homebuyers that can see past the ugly finishing or structural problems, and see the potential in a home! In addition, this loan is ideal for those those who have the flexibility to wait up to 6 months for the renovations to be completed before moving in.

Have questions? Contact us today!

Greenway's Jumbo Alternative Program

Oct 30

6:29

Category | Products

The home you've always dreamed of may be within reach. Did you know that Greenway Mortgage offers a Jumbo Alternative Program? We understand that when it comes to your dreams, one size does not fit all.

Our Jumbo Alternative Program provides several options that will help you achieve your financial goals. With that said, we are able to provide more products, more choices and more advantages for you!

If you are able to demonstrate the ability to repay and are looking for higher loan amounts with more flexible guidelines, Greenway’s Jumbo Alternative Program can provide the perfect lending solution.

This program allows for non-conforming scenarios to finance loan amounts beyond $4MM with LTVs up to 95%, DTIs up to 55% and FICO down to 660.* Take a closer look at some of the key features this program has to offer.

KEY FEATURES

- Loan amounts beyond $4MM

- Purchase, Rate and Term / Cash-out Refis

- Unlimited financed properties, 2nd homes allowed

- ARM, Fixed and Interest only programs available

THE FINE PRINT

- Based on loan characteristics, approvals may take longer than typical Greenway time frames

- Multiple appraisals may be required

- Risk profile may limit certain criteria

Eligibility requirements, exclusions and other terms and conditions apply.

For more information on Greenway's Jumbo Alternative Program contact us today.

The Lite Doc Mortgage Program

Jul 9

3:55

Category | Products

In case you didn’t notice, mortgage guidelines have been loosening recently. And while we are not likely to see a return of the NINJA loan, mortgages that require fewer documents are quietly making a comeback.

The Lite Doc Mortgage Program allows homebuyers to purchase their dream home without the hassle with a reduced documentation mortgage.

Our limited documentation program is designed for borrowers with good credit and assets verified by only one month’s bank statement. No tax returns, paystubs or W2s required. Income is established with a P&L for borrowers that are self-employed and through employment verification for those that are salaried or commissioned.

Some key features include:

Assets: 1-month bank statement showing 6 months reserves
Income
- Self-employed: 12-month P&L
- Wage earners: Employment verification
No tax returns, W2s or pay-stubs required
100% gift funds allowed for down payment, closing costs, reserves

Other features and guidelines:

Owner-occupied and Investment
Fixed and adjustable programs
FICO down to 680
Purchase, refi, cash out
1-4 units, 2nd homes, condos, co-ops
Salaried, commissioned, self-employed
Settled Bankruptcies allowed
Loan amounts to $3MM

Eligibility requirements, exclusions and other terms and conditions apply.

Special Mortgage Loan for Doctors & Physicans

Jun 21

5:27

Category | Products

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!