GREENWAY BLOG

20 June 2023

First-Time Homebuyer Perks

  Buying your first home is a monumental step in life, brimming with excitement and a touch of trepidation. It's a decision that carries both the thrill of newfound independence and the weight of significant responsibility. As you embark on this journey, it's normal to experience a mix of emotions, but fear not, for you are not alone. We understand the blend of excitement and overwhelm that accompanies this milestone, which is precisely why we're here to assist you every step of the way. At Greenway Mortgage, we believe the path to homeownership should be paved with guidance and support. Whether you're at the beginning of your savings journey or have...

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16 June 2023

MarketMinute | Can middle-income borrowers afford a home today?

Inflation rose at a 4% rate in May, the lowest in 2 years. However, it remains stubbornly high after excluding volatile food and energy prices. Wholesale inflation fell more than expected in May, dropping 90% year over year and falling below pre-pandemic levels. The Fed paused hiking its policy rate for the first time in 14 months at its June meeting but signaled more hikes could be coming. Of roughly 1.1 million homes listed for sale in April, only 25% were affordable to households earning the national...

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15 June 2023

The Fed Pauses Rate Hikes

  After 10 straight rate hikes, the Fed held policy rates steady at its recent meeting.  Is this likely a pivot or a pause? In a statement issued after their June meeting, the Fed reiterated their goal of keeping inflation at 2%. Though recent reports indicate a slowdown in rising prices, inflation is still above that mark. The Board will continue to monitor economic activity to make decisions on future adjustments, so it's too soon to know what will come next. Please Note: Mortgage rates are impacted by market forces beyond Fed actions and will not necessarily change at the same pace as the Fed's moves. They often shift before the Fed acts,...

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14 June 2023

FHFA Increases Area Median Income Limits to Qualify More Borrowers

  Low income just got higher! Some of our "low income" home loan programs are now available for borrowers with higher incomes. The Federal Housing Finance Agency (FHFA) just released updated Area Median Income (AMI) limits for 2023 and 2024. Limits increased an average of 7.73% across 95% of US counties. You can read the full announcement here from Freddie Mac. This change is expected to open the door to homeownership for more borrowers. Why did the FHA Make This Update to the Area Median Income (AMI) limits? The primary objective behind this decision is to foster an environment of increased accessibility to affordable homeownership...

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13 June 2023

The Homebuying Process Explained

  Let’s take a stroll through the homebuying process. At first, it may seem confusing, particularly if you’ve never purchased a home before. But for those of us in the business, it's a straightforward path with clear milestones. Are you ready to explore the homebuying process? Let’s break it down! Step #1: Pre-Qualification Pre-qualification involves a review of your finances to determine how much you may qualify to borrow for your home purchase. We can make this quick assessment verbally, without verifying your income, assets and credit. While a pre-qualification is helpful, it’s important to complete the next step before...

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