GREENWAY BLOG

5 March 2024

The New Enhanced HomeReady® Program

  Exciting news. The new enhanced HomeReady program is increasing access to homeownership! HomeReady® offers an ideal mortgage solution for both first-time and repeat buyers with a low-down payment and flexible financing. To assist very low-income purchase borrowers, Greenway Mortgage now offers a $2,500 credit applicable to down payment and/or closing costs. The New HomeReady® Program Highlights Borrowers must have a qualifying income of less than or equal to 50% of the applicable area median income of the property’s location. The $2,500 credit must be provided upfront to the borrower and can be applied towards down...

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1 March 2024

MarketMinute | New Home Sales are a Bright Spot

Orders for long-lasting manufactured goods fell by the most in 4 years in January, a sign the economy lost momentum at the start of the year.  Consumer confidence fell in February after 3 straight monthly increases due to concerns about the labor market and the presidential election. The Fed's favored inflation gauge, the PCE index, showed prices picked up in January, though it was the smallest annual increase in almost 3 years. New home sales ticked up in January. Single-family home sales rose...

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23 February 2024

MarketMinute | Housing Inventory is Inching Up

New unemployment claims fell unexpectedly last week, suggesting that job growth likely remained solid in February.  Minutes from their last meeting showed Fed members were more worried about the risk of cutting rates too soon than keeping them high too long. After 2 months of solid improvements, consumer sentiment hit a lull in February. Sentiment still ticked up slightly. Single-family production improved slightly in January, though a decline in multifamily construction pushed overall housing...

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20 February 2024

Pre-Qualification vs Pre-Approval: What’s the Difference?

  In the exciting journey of homeownership, understanding the distinctions between pre-qualification and pre-approval is crucial. While the terms may sound similar, their implications vary significantly, especially for eager homebuyers. In this blog, we'll examine the key differences and help you decide whether to start with a pre-qualification or jump straight into the pre-approval process. Mortgage Pre-Qualification: Testing the Waters What is Mortgage Pre-Qualification? Before fully committing to the homebuying process, getting pre-qualified acts as a preliminary step. During this phase, you provide an overview of your financial situation,...

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16 February 2024

MarketMinute | What's Gen Z's top platform for homebuying education?

Shelter prices contributed to higher-than-expected inflation for January, lowering the odds that the Fed will cut rates soon.  Fed members continued spreading the message that they are hesitant to start cutting rates yet and want to see more data first. Consumer spending fell more than expected in January, after making gains in December. Retail sales dropped 0.8%, more than the expected 0.3%. As mortgage rates rose last week, total applications fell 2.3%. Purchase apps dropped 3% for the week and...

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