It’s always been a little tougher for self-employed borrowers to obtain a home loan then it is for regular W-2 employees. And, since the COVID-19 pandemic, self-employed borrowers are now required to provide even more information to prove their income to the lender. For instance, a self-employed borrower will now need to provide a profit-and-loss statement as well as their 2 most recent months’ worth of business deposit account statements at the time of application. Many lenders are implementing temporary eligibility requirements for self-employed borrowers based on announcements made by Fannie Mae and Freddie Mac which will remain in effect until further...READ MORE
Greenway Mortgage Funding Corp. breaks 2020 and ends the year on a high note by reaching a new benchmark with our charitable giving programs with the help of help of our followers, team members, and local community. Greenway has raised a total of $7,260.00 which includes MANY generous donations that were made directly to Halfway Home Animal Rescue Team in addition to our Facebook Fundraiser. Greenway Mortgage has 𝐓𝐑𝐈𝐏𝐋𝐄 𝐌𝐀𝐓𝐂𝐇𝐄𝐃 these donations ($21,780.00), making that a grand total of $29,040.00 donated to the Halfway Home Animal Rescue Team! Thank you EVERYONE for your invaluable support in helping...READ MORE
Have you prepped your home for winter yet? For all homeowners, prepping your home for the winter is just one of those things you can’t skip out on. We wish we meant hanging holiday lights everywhere, decorating your mantel and watching holiday movies on repeat, but there’s much more to it. Let’s face it, winter weather can be harsh on your home. The below-freezing temperatures can cause a number of problems, including frozen pipes and roof damage. So, as the colder weather approaches, it’s important to take a few preventative measures to protect your home. Winterizing is a task that can be done relatively inexpensively. It will also make a big...READ MORE
The Fed left policy rates unchanged at this week's meeting and pledged to continue bond buying until 'substantial' economic gains are seen. Retail sales tumbled in November, decreasing 1.1% from the prior month. The economic rebound has hit bumps amid rising COVID-19 cases and increasing lockdowns. Jobless claims unexpectedly jumped to the highest level in 3 months, suggesting the labor market is faltering due to new business restrictions. Homebuilder confidence dropped...READ MORE
The Federal Housing Agency (FHA) has just increased the amount of money that can be borrowed through its mortgage programs by nearly $25k in most areas. In high cost locations, the increase is even greater. New limits will take effect in 2021. 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 In some high-cost areas, higher loan limits than conventional mortgages Here are the specifics: In most areas, the FHA loan...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.