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It's always been a good idea to get pre-approved for your mortgage loan. In fact, it should be step #1.
 
Why should I be pre-approved for a mortgage loan?
In recent years, mortgage guidelines have been tightened. Documentation requirements have been expanded and followed more closely. A pre-approval gets you through the process and uncovers potential pitfalls long before you become obligated by a contract to purchase.
 
What advantages will I have once pre-approved?
You'll be certain about the price range that's best for you. You'll know how much cash you'll need to close, and you'll know your maximum monthly payment. Understanding your limits will help you negotiate with confidence. Plus, since sellers like a sure thing, you'll have an advantage over buyers who may not have been through the process.
 
How long is the pre-approval valid?
Your pre-approval is typically good for the "shelf life" of the documents used. These will include a credit report, pay stubs, bank statements, W2s, tax returns, etc. The usable life of these documents will vary, yet it's usually safe to say that your approval is good for up to three or four months. (Check with your Loan Officer). During this time, it pays to file all important financial documents so they're readily available for future updates.
 
What if I change my mind?
That's perfectly fine. There's no obligation to purchase a home or use a particular loan program once you've been pre-approved. In fact, pre-approval simply helps to assure you know exactly what's involved, that you are comfortable in a particular price range and that you are truly ready to make your move.
 
The process of purchasing a home is easier when you have financing in place before you make an offer. We're here to help get you started, and it's never too early to do exactly that. Give us a call when you’re ready. 732.832.2967.
 
 Helpful Resources: 
·        Loan Programs and Products
·        First-Time Home Buyer Programs
·        First-Time Home Buyer 
·        First-time Home Buyer Guide - free eBOOK
·        Educational Video Library
 

There are a number of loan programs available that are suitable for first time home buyers. At Greenway Mortgage, we are proud to offer many conventional home loans that are tailored to you based on your current finances. We also offer special government loan program options to help you get into your new home.

FEDERAL HOUSING ADMINISTRATION (FHA) LOANS

These are government-insured loans from the US Department of Housing and Urban Development (HUD) that offer low down payments, making them especially attractive to first time home buyers who are looking to save where they can. The rates on these loans are often lower than conventional products and have less stringent credit requirements.

FHA loans are also often assumable, meaning you can take over the loan from the previous owner, and pass it on to someone else if you decide to move. Learn more.

VETERANS AFFAIRS (VA) LOANS

VA loans are offered by the government to veterans of the armed forces, as well as those currently on active duty, and widows or widowers of veterans. VA loans have less strict requirements and require no down payment. Learn more.

UNITED STATES DEPARTMENT OF AGRICULTURE (USDA) LOANS

For would-be home owners living in smaller towns or rural areas, USDA loans are a great option for fulfilling their dreams of buying a home. Like VA loans, they require no down payment but are subject to USDA eligibility maps. Learn more.

Check out more First-Time Home Buyer Programs Here.

 


Have you seen our First-Time Home Buyer Video? If not, you can check it out here.

 

 

Here at Greenway, we believe the mortgage process should be exciting and fun, not intimidating or confusing. With Greenway by your side to answer your questions and guide you through every step of the process, you'll feel more confident about your decision and super-stoked about your future! 

Home Loan Financing 

Greenway offers financing for all your mortgage needs, from special First-Time Buyer Programs through Jumbo loans, renovation loans and more!

We also know that you probably prefer to do online research about a major purchase before you decide to speak to someone personally. We’re okay with that, which is why we’ve created mortgage resources for the first-time home buyer where you can learn everything you need to know about homeownership

Loan Approval is Key!

It's important to remember one thing,  getting a loan approval is key! Why? It will help you beat out the competition, negotiate with power and let you know how much you can afford.

Did you know Greenway Gives Back?

We believe in giving back! We donate 5% of our annual profits to local and regional non-profit groups and causes. Our employees are also active in the communities we lend in. Visit our website here to learn more and join our causes!

Have you visited Greenway Mortgage Yet?

Our website is filled with Fist-time Home Buyer resources including:

We know that buying your first home can be overwhelming.  If you have questions about anything you’ve read, or if you’re ready to begin the mortgage process, we’re here to help! Start the conversation with a licensed Greenway loan officer today!

We're Social! You Can Find Us On:

 


The Monmouth County, NJ First Time Homebuyer Assistance Program is designed to provide financial assistance to low income families to purchase an affordable home in the form of a deferred payment second mortgage loan in an amount not to exceed $10,000 for down payment and closing costs (only).

 

PROGRAM DETAILS & ELIGIBILITY

  • MUST BE a resident of Monmouth County for 1 YEAR before applying for a grant.

  • ALL applicants must complete a pre-purchase housing counseling course and provide a certificate of completion with the First-Time Homebuyer application.

  • MUST BE an individual(s) that never owned a home (except if an applicant has previously owned a home he/she still may qualify if they meet 1 or more of the following criteria:

    • An individual that has not owned a home in 3 years prior to receiving home assistance. 

    • An individual who is a single parent even if the individual owned a home with his or her spouse or resided in a home owned by the spouse

    • An individual who is a displaced homemaker even if as a homemaker the individual owned a home with his or her spouse or resided in a home owned by the spouse. 

    • Must be low income. Gross annual income does not exceed 80% of the county median income:

 

FINE PRINT:
  • Property MUST be the principal residence
  • Applicant must purchase a house located in the participating municipalities ONLY.
  • Fist-time homebuyer can only purchase a 1-4 family property or condominium unit.
  • Housing unit cannot exceed the max purchase price of $337,000 for 1-family & condominium, $432,000 for 2-family unit, $532,000 for a 3-family unit and $648,000 for a 4-family unit. 
  • Mobile homes are not eligible for purchase using First-time Homebuyer program funds
  • Co-signor not allowed
 
Still have questions about the FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM? Speak with one of our loan officers directly at 732.832.2967. We are here to answer any of your questions.
 

Purchasing a house is a very exciting time. Being able to be prepared will help you make an informed decision. So, take this opportunity to learn more about homebuying and the mortgage process.
 
Ask yourself this question, “Am I Ready to Buy?” Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each and every month. A common myth is that monthly mortgage payments are more expensive than rent payments. However, in most cases, mortgage payments can be MUCH less than rent.
 
So, when considering homeownership for the first time, you will need to decide whether buying makes financial and practical sense for you right now or if renting is better. You should however consider both the advantages and disadvantages to renting as well as buying. Let’s take a look at a few advantages and disadvantages of both.
 
 
How much house can you afford?
 
The first step toward finding the right home is to figure out your purchasing power and determine how much you can really afford to pay each month. This saves time by allowing you to focus on homes in your price range. Keep in mind, during the planning stage you should consider both up-front costs and ongoing costs associated with purchasing a home. Take a peek at our affordability calculator which will tell you how much you are able to borrow from a lender.
 
Getting pre-qualified is also a good idea. It will help to narrow down your options so you can focus only on home you can afford. Click here to get pre-qualified today.
 
Upfront Costs Include:
 
Down payment: Typically ranges from 3-30% of the cost of the house. The more you can put down, the greater equity you will have in your home and the lower your monthly payment will be. For down payments less than 20% you may also need to pay mortgage insurance. 

Closing Costs: Typically range from 2-6% of the loan. However, this amount depends on your area. 

On-going Costs: Your housing costs can include the following:
  • Monthly mortgage payment
  • Homeowners insurance
  • Mortgage Insurance
  • If applicable - Flood Insurance
  • If applicable - Property taxes
  • Utilities
  • Maintenance
 
Are you a first-time home buyer? Download our FREE First-time Homebuyer Guide for everything you need to know about the mortgage process.
 
Questions about the Mortgage Process or which type of Loan best fits your financial situation? Check out our library of loan programs or contact us directly and one of our expert loan officers will help.
 
 

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