GREENWAY BLOG

6 December 2022

Conforming Loan Limits Increase for 2023

  On November 29, 2022, 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 2023. The maximum loan limit for one-unit properties will be $ 726,000 , an increase from $79,000 from $647,200 in 2022.​ Release . 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 2022 House Price Index...

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6 December 2022

Renting vs. Owning Your Own Home

  Let’s compare the costs and benefits of renting and owning. If you're choosing between renting and owning, it's important to look past the monthly payment. Renting is sometimes (not always) cheaper by the month. Over time, though, the benefits of owning typically make a purchase a much better deal. Our Renting vs Owning Calculator will show you how the costs and benefits might compare for your scenario. When deciding keep in mind these key reasons why so many Americans continue to value homeownership. Let’s take a look at some financial benefits and non-financial benefits to owning a home . The Financial Benefits of...

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2 December 2022

MarketMinute | Is Inflation Cooling?

A gauge of consumer spending posted the 2nd smallest increase this year, offering hope that the Fed's policy rate hikes are cooling inflation. Consumer confidence fell in November to the lowest level since July, a sign the economy could be slowing, which could help rates. Jobless claims rose last week to the highest number since February. A cooling labor market could also help rates and inflation. Home prices rose 10.6% year over year in September, according to Case Shiller, though prices fell 0.8%...

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29 November 2022

Understanding Seller Concessions

  As home sales slow, prices erode, and rates increase, mortgage assistance by sellers for buyers can help cushion the impact of these market shifts, bridging the gap between what owners want or need and what buyers are willing to pay. With Seller Concessions buyers can score a better deal at closing. Here’s how it works. What are Seller Concessions? Seller concessions, sometimes referred to as Interested Party Contributions (IPC) or ‘Seller Assist’, are when a home buyer asks the home seller to pay some or all the costs on the home buyer’s behalf to reduce the amount of cash they need at closing. These costs include:...

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22 November 2022

NJ Conventional Down Payment Assistance Program Increases To $15,000

  Now home buyers can dream even bigger! The New Jersey Conventional Down Payment Assistance (DPA) Program has increased to $15,000 for properties in certain New Jersey counties*. This program was created to provide first-time home buyers a flexible and affordable option for purchasing a home. What Does This Change Mean for Home Buyers? Now, qualified clients can receive $15,000 to be used towards the down payment and closing with affordable mortgage insurance premiums that follows conventional mortgage guidelines.  About The NJ Conventional DPA Program: 30-year, Fixed-Rate Conventional Loan  Affordable Mortgage Insurance...

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