GREENWAY BLOG

2 June 2023

MarketMinute | FHA Proposes Help For Delinquent Borrowers

Fed speakers this week hinted at pausing interest rate hikes at their June meeting, with future rate changes based on new data at that time. A deal to suspend the debt ceiling until 2025, preventing payment default, was good for rates. June's ADP report showed labor market strength but slowing pay growth. Dwindling concern about wage-driven inflation could be good for rates. The FHFA House Price Index reported nationwide 1st quarter price growth of 4.3% year over year, the 45th consecutive increase....

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1 June 2023

June is Homeownership Month: Celebrating the Benefits of Owning a Home

  National Homeownership comes around every year in June. This annual celebration shines a spotlight on the significance of owning a home and the countless benefits it brings to individuals, families, and communities.  By becoming a homeowner, people get a step closer to the American dream.  Let's explore the origins of Homeownership Month, delve into the advantages of homeownership, and showcase some compelling statistics that highlight its positive impact. The Origins of Homeownership Month National Homeownership Month started as a week-long celebration of homeownership during the Clinton administration in 1995. It was not until 2002, that...

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30 May 2023

The Alternative Documentation Mortgage Program

  Greenway Mortgage is proud to introduce our Alternative Documentation Program which offers flexible qualifying for non-traditional borrowers. About This Program For many homebuyers, traditional income or credit documentation can be a significant challenge. The Alt-Doc Program enables borrowers to qualify using alternative methods such as asset depletion and/or bank statements. This program is ideal for self-employed borrowers who do not meet traditional documentation requirements but can qualify using flexible alternatives* Advantages of The Alternative Documentation Program:  Bank statement - 1st page only Loan amounts up to $4...

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26 May 2023

MarketMinute | How did last week's rates impact mortgage apps?

Minutes from last month's Fed meeting show officials were divided on the topic of pausing policy rate hikes at the June meeting. Concerns about the U.S. defaulting on debt payments dominate headlines. A default could be devastating for rates. Unemployment claims were revised lower for a 2 nd  week after fraud was detected. A strong labor market could support a Fed rate increase. Pending home sales remained steady in April, after dropping in March. Sales were down 20% from last year due to the...

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23 May 2023

The One Mistake You Need To Avoid When Reporting Your Income

  There’s an important rule of thumb about income when it comes to applying for a mortgage. The numbers you report to Uncle Sam are the numbers lenders will use when making a decision about mortgage qualification. Many borrowers make the mistake of confusing actual income with reported income. Think of actual income as gross income from full-time, part-time or self-employment, or some combination of the three. This is the total number before you write off any expenses at tax time. For example, suppose your full-time salary is $70,000 and you make another $20,000 from your side job. Your actual income is $90,000. But that’s not the number we use when...

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