If student loans are keeping you or someone you know from homeownership, help may have arrived. The Federal Housing Administration (FHA) has changed the way student loan payments are counted when determining eligibility for federally insured mortgages. How Does FHA Look At Student Loans? The change is particularly helpful for student loan borrowers who are on an income-based repayment plan; whose loans are in an approved deferment or forbearance; or whose loans are not fully amortizing. Previously, lenders were required to count 1% of the outstanding student loan balance toward monthly debt payments in those situations. That amount has been cut in half or...READ MORE
Orders for cars, appliances and other durable goods increased in June, signaling strength in the economy even as manufacturers face parts and labor shortages. The Fed kept policy rates and asset purchases unchanged at this month's FOMC meeting and repeated language that rising inflation reflected "transitory factors." Widespread business re-openings helped the 2nd qtr GDP grow at a 6.5% annual rate, even higher than earlier in the year. The economy's size now exceeds its pre-pandemic level. New home sales dropped to a 14-month low in June,...READ MORE
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...READ MORE
Just wait until you see what’s happening in 2021! 2020 may have been the year of “unprecedented” everything, but when it comes to the housing market, 2021 already has it beat. And we mean that in the best possible way. Let's take a look... House prices are rising at record rates. The Federal Housing Finance Agency's most recent House Price Index report showed an annual growth rate of 15.7% and monthly rate of 1.8% for April—both passing previous highs. For current owners, the changes mean higher home values and equity. Interest rates are back down again. After flirting with an upward trend early in...READ MORE
Regulators Move to Make Refinancing a Reality for More Homeowners Some homeowners have delayed refinancing their homes because of an "Adverse Market Fee" imposed by Fannie Mae and Freddie Mac at the end of 2020. That fee, which drove up the cost and/or rate of a refinance, has now been removed and has the potential to save homeowners thousands of dollars. Have you been on the fence about a refinance ? Now may be the right time to move forward to get a lower rate or take cash from your home's equity to consolidate debt or move on other projects. If you refinanced more than six months ago, recent increases in home values, continuing low rates, and...READ MORE
In 2017 and 2018, Greenway Mortgage was awarded Best Mortgage Company in Monmouth County, NJ by the Asbury Park Press' Reader's Choice Awards.