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:

• Free eBOOKs 
• Educational Videos
• First-Time Home Buyer Information & Resources
• Calculators
• Blogs
• and so much more

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!

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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:

• 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

• Monthly mortgage payment
• Homeowners insurance
• Mortgage Insurance
• If applicable - Flood Insurance
• If applicable - Property taxes
• Utilities
• Maintenance

• 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:

• 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