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.
Is a VA Loan Really Worth It? 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.
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.
.jpg)
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”.
.jpg)
.png&q=95&w=400)
Greenway Mortgage is happy to announce that our enhanced FHA Down Payment Assistance program is here and better than ever! We are on a mission once again to make the dream of homeownership possible.
While many people manage to purchase a home by saving for a down payment over a period of years, increasing home prices and stagnant or low wages can make this quite difficult. The truth is, you don’t need a large down payment to qualify for homeownership.
For those that qualify, Greenway’s FHA Down Payment Assistance (DPA) program allows renters to become homeowners without tapping into their savings account. This program provides the down payment to assist you with a home purchase along with reduced closing costs. Plus, there are no first-time homebuyer requirements.
This means new homeowners can start building equity for their future now, rather than waiting years to save a down payment while home prices may become even more unaffordable.
In order to qualify for this program, borrowers must meet program criteria. Like any loan option, this program does have a credit requirement. However, the good news is, your credit score can be as low as 620.
The following information highlights the details of the program.You can also click here to learn more.
PROGRAM DETAILS
- Up to 5% of 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)
- Eligibility requirements, exclusions, and other terms and conditions apply.
Down payment assistance programs have allowed many buyers just like you to move into their dream home, oftentimes for less than it was costing them to rent. Make this the year you become a homeowner by checking out our FHA Down Payment Assistance program.
If you’re ready to take the next step, reach out today or visit us online to get your free pre-approval.
PUT YOUR HOME IMPROVEMENT PLAN INTO ACTION!
What are the benefits of a Renovation Loan?
Some of our Renovation Loans Include:
- Streamlined 203K
- Standard 203K
.jpg)
