Greenway Mortgage Blog

Blog

VA Home Loans: A Hero’s Path to Homeownership

Feb 13

11:44

Category | Markets in a Minute

For those who have served our country, homeownership is more than just a milestone—it’s a well-earned benefit. VA home loans provide veterans, active-duty service members, and eligible spouses with exclusive financing options that make buying a home more affordable and accessible.

What Is a VA Home Loan?

A VA home loan is a government-backed mortgage program designed specifically for military personnel. These loans are guaranteed by the U.S. Department of Veterans Affairs (VA) and offered through approved lenders like Greenway Mortgage. Unlike conventional loans, VA loans come with significant advantages that help veterans achieve homeownership with minimal financial burden.

Why Choose a VA Loan?

VA loans offer a range of benefits that make them a great choice for eligible borrowers:

No Down Payment Required – VA loans allow for 100% financing, eliminating the need for a large upfront payment
No Private Mortgage Insurance (PMI) – Unlike conventional loans, VA loans do not require PMI, helping you save money on monthly payments
Gift Funds Acceptable for Closing Costs – Borrowers can use gift funds from family or other approved sources to help cover closing costs
No Cash Reserve Requirements
A Variety of Terms or Loan Types Available
Refinance Options Available – If you already have a VA loan, refinancing may help lower your rate or provide cash-out options
Special Benefits for Disabled Veterans – Disabled veterans may qualify for reduced fees
No Prepayment Penalty – Pay off your loan early without extra fees
Seller Assistance Allowed – Sellers can cover closing costs and any required repairs

Who Is Eligible for a VA Loan?

VA home loans are available to:

Active-duty service members
Veterans
Members of the National Guard and Reserves
Certain 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.

Get Started Today

If you’re a veteran or active-duty service member, a VA home loan could be the perfect path to homeownership. Greenway Mortgage is here to guide you through the process and ensure you get the best financing options available.

Ready to take the next step? Contact us today to learn more about VA loans and how they can benefit you!

Reach Out: 888-616-0998 // leads@greenwaylending.com

MarketMinute | More sellers are cutting prices

Feb 7

2:07

Category | Markets in a Minute

The monthly JOLTs report showed a drop in job openings during December. Hiring, voluntary quits, and layoffs held steady.

Treasury Secretary Bessent said the Trump administration will focus on driving the 10-year Treasury yield lower, which may help mortgage rates.

New tariffs on Canada and Mexico were delayed for 30 days, helping mortgage rates remain at current levels.

Housing News

Purchase mortgage applications fell 4% from the previous week, though they were flat from the same week a year ago.

Realtor.com reports more sellers are offering price cuts, with 15.6% dropping prices last month compared to 14.7% in January of last year.

The NAHB says tariffs could push up new home prices. More than 70% of imported softwood lumber and gypsum come from Canada and Mexico.

MarketMinute | New home sales are a bright spot amidst rate challenges.

Jan 31

9:36

Category | Markets in a Minute

The Fed left its policy rate unchanged in January and sent a clear signal it will keep rates unchanged until fresh data dictates otherwise.

Consumer confidence unexpectedly dipped to a 4-month low in January. Optimism fell due to the future labor market and economic outlook.

However, the economy remains on solid footing. A still-strong labor market helped power consumer spending as GDP grew 2.5% in the fourth quarter.

Housing News

New home sales were up 6.7% year over year in December. Annual sales came in 2.5% over 2023's total, hitting their highest level since 2021.

After 4 straight months of gains, December’s pending home sales dropped by 5.5%, coming in much lower than expected due to higher rates.

Though rates have now improved slightly, mortgage demand continues to weaken. Purchase apps fell 0.4% for the week and 7% from a year ago.

MarketMinute | How much more are homeowners paying for insurance?

Jan 24

4:38

Category | Markets in a Minute

New unemployment applications hovered near pre-pandemic averages last week, but continuing claims surged to a 3-year high of 1.9 million.

The number of consumers making only the minimum credit card payment jumped to a 12-year high in 2024. Delinquencies also rose to new highs.

Global think tank The Conference Board projects the U.S. economy will expand at an upwardly revised 2.3% pace in 2025.

Housing News

A Treasury Department study found home insurance costs rose 8.7% faster than inflation from 2018-22, driven by climate-related natural disasters.

Purchase mortgage applications rose 1% last week and were 7% higher year over year, despite mortgage rates above 7% for most buyers.

Federal agencies must report monthly on progress toward lowering the cost of housing and expanding supply, per a new executive order.

MarketMinute | Are starter homes a thing of the past?

Jan 17

3:19

Category | Markets in a Minute

Wholesale and consumer inflation rose less than expected in December, supporting speculation of continuing Fed policy rate cuts this year.

December retail sales came in slightly lower than expected but showed the economy was still growing at a solid pace at year's end.

New jobless claims increased more than expected last week but remained at levels consistent with a healthy labor market.

Housing News

In 2023, just 9% of homes built in the U.S. were under 1,400 square feet, considered a typical starter home, versus 40% in 1982.

Builder sentiment rose in January on hopes for more growth and less regulation. Concerns remain over tariffs, costs, and mortgage rates.

Mortgage demand last week was up 7% from a year ago despite higher rates. Inventory is up, but strong prices challenge affordability.