GREENWAY BLOG

30 July 2024

FHA 203K Home Purchase and Rehab In One

  With the FHA 203K, you have options Most mortgage loan programs require a property to be in sound condition with no structural defects or required repairs. Not the FHA 203k. It's made for homes needing anything from a light spruce up to major repairs, improvements or new additions. Combine Purchase and Improvements: The 203k loan covers your purchase price and the cost of improvements. The proposed work must be supported by a "value upon completion" appraisal. You can save by financing renovation costs into the original mortgage rather than racking up credit card bills or dipping into reserve savings later. Create the...

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26 July 2024

MarketMinute | Is greater supply bringing prices down?

Economic growth accelerated by more than forecast in the 2nd quarter. The 2.8% initial reading doubled the 1st quarter's 1.4% growth rate. Jobless claims remained above 220K for the 9th straight week. The 4-week continuing claims average rose to its highest level since December. Markets continue to speculate the Fed will not cut its policy rate at next week's meeting but will start reducing rates in September.  Home prices continued their rise and set a new high in June. The median price of...

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23 July 2024

Financing Home Improvements Without Losing Your Current Rate

  If you’re lucky enough to have a low, pandemic-era mortgage rate, congratulations! You’re benefiting from record low interest expenses and likely have accumulated a fair amount of equity, too! As time passes since your purchase, you may be considering financing some repairs or improvements to your home. Here are a few ways to access cash from your equity without losing your current interest rate: #1: Home Equity Loans or Lines of Credit: A home equity loan or HELOC allows you to borrow up to 95% of your home’s value beyond your current loan(s). This option typically offers lower interest rates compared to other loans and can be a flexible...

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16 July 2024

2024 Mid-Year Housing Update

  For many would-be homebuyers and sellers, 2024 has been a waiting game. Overall, both groups are looking for lower interest rates. And while mortgage rates have fallen from their recent highs, they are still dampening affordability for buyers and keeping current owners locked in.   There's more to the market than meets the eye. We're still helping homeowners and homebuyers every day. And if you need us, we're here to help you too. Here's our take on where things stand today: Homeowners with a mortgage loan have an estimated $16.9 trillion in home equity.* Values are still rising this year, though at a slower pace....

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12 July 2024

MarketMinute | Is the housing market becoming more buyer friendly?

Consumer inflation data in June saw core prices rise 0.1%, the smallest gain since August 2021, supporting Fed policy rate cuts later this year. In his remarks to Congress, Fed Chair Powell acknowledged the labor market is showing signs of softening, also supporting Fed policy rate cuts. Applications for unemployment dropped more than expected last week to the lowest level since late May but still came in at 222K for the week. Realtor.com reported 2 buyer-friendly shifts in June: continued rising...

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