GREENWAY BLOG

6 December 2024

MarketMinute | Where are home prices heading in 2025?

In October, job openings rose to 7.7 million, up 372K from September. However, a slowdown in hiring indicated a mixed labor market. Another reflection of the mixed labor market was an ADP report of lower-than-expected private payrolls growth in November. The Fed's Beige Book showed slight economic growth with subdued employment, modest inflation, and optimism about rising demand. Purchase mortgage applications jumped 6% for the week to the highest level since January, although down 21% from a year...

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4 December 2024

The FHA Raises Loan Limits 2025

  The Federal Housing Administration (FHA) has just increased the amount of money that can be borrowed through its mortgage programs by more than $524,000 in most areas. In high-cost locations, the increase is even greater. New limits will take effect January 1, 2025. This news could make a big difference for homebuyers! The increases will allow more borrowers to take advantage of FHA’s benefits: Low down payment options Lower total cash-to-close requirements with gift or seller contributions More lenient and streamlined refinancing Ability to combine purchase and rehab financing Here are the...

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2 December 2024

We’ve Been Voted One of the Best Mortgage Lenders in Monmouth County, New Jersey

  We’re Honored to be Recognized in the 2024 Asbury Park Press Community’s Choice Awards! We are incredibly excited to share some fantastic news — we’ve been named one of the best mortgage lenders in Monmouth County in the 2024 Asbury Park Press Community’s Choice Awards ! We are proud to have ranked in the top 3, and we couldn’t be more grateful to our community for this recognition. This achievement is not just about our services—it’s a testament to the unwavering support of the wonderful people we have the privilege to serve, work with, and partner with every day. Whether you’re purchasing your first home,...

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27 November 2024

Freddie Mac & Fannie Mae Simplify Appraisal Waivers for 2025

  Exciting changes are on the horizon for homebuyers! Starting in early 2025, Freddie Mac and Fannie Mae are making updates that could simplify the homebuying process for your clients. These changes aim to make purchasing a home faster, less expensive, and more accessible—especially for first-time buyers. Here’s a closer look at what this change means and how it could benefit homebuyers: What Is an Appraisal Waiver? An appraisal waiver allows buyers to skip the traditional in-person home appraisal during the mortgage approval process. Instead, automated tools determine the home’s value based on recent sales and other market data....

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26 November 2024

Industry Update | FHFA Announces Conforming Loan Limit Values for 2025

  On November 26, 2024, the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming  loan limits  for mortgages acquired by Fannie Mae and Freddie Mac in 2025. The maximum loan limit for one-unit properties will be $ 806,500 , an increase of $39,950 (or 5.2 percent) from 2024. Release . National Baseline The decision was based on the recovery of housing prices under the Housing and Economic Recovery Act of 2008 (HERA). They require that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price.   FHFA third quarter...

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