On November 26, 2019 the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2020. The maximum loan limit for one-unit properties will be $510,400 , an increase from $484,350 in 2019. Release . The decision was based on the recovery of housing prices under the Housing and Economic Recovery Act of 2008 (HERA). They require that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price. FHFA third quarter 2019 House Price Index (HPI) reported that house prices...READ MORE
Overwhelm - It's a real thing and Greenway Mortgage wants to help get you the info you need to start the homebuying process! When someone is thinking about buying or selling a home, they want to be well-informed. They want to make the right decision for themselves and their family. They scour the internet for any information they can find about the housing market. Today, there is an abundance of information available. It is often conflicting news. It can easily lead to confusion and concern, perhaps even causing a potential buyer or seller to cancel their plans to move altogether. Instead, the best things to do are sit down and take a deep breath. In a...READ MORE
Please enjoy this quick update on what happened this week in the housing and financial markets. Economic growth picked up slightly in the 3rd quarter, though slowing was initially reported. A stronger pace of inventory accumulation and a more gradual decline in business investment contribute. October's new orders for key U.S.-made capital goods increased by the most in 9 months, suggesting some stabilization in business investment after 2 straight quarters of contraction. Consumer spending rose in October for the 8th month in a row, potentially a good sign for the holiday...READ MORE
It's always been a good idea to get pre-approved for your mortgage loan. In fact, it should be step #1. Why should I be pre-approved for a mortgage loan? In recent years, mortgage guidelines have been tightened. Documentation requirements have been expanded and followed more closely. A pre-approval gets you through the process and uncovers potential pitfalls long before you become obligated by a contract to purchase. What advantages will I have once pre-approved? You'll be certain about the price range that's best for you. You'll know how much cash you'll need to close, and you'll know your maximum monthly...READ MORE
Please enjoy this quick update on what happened this week in the housing and financial markets. Trade talks with China are still moving markets. Investors worry the 'phase one' deal is taking too long, but China's chief negotiator Vice Premier Liu He says he is "cautiously optimistic." October Fed meeting minutes show Fed officials felt risks to the economy remained elevated, even as they agreed to hold off on further rate cuts. Unemployment applications last week unexpectedly remained at 227,000. The Fed minutes showed officials viewed labor market conditions as strong despite a slowdown in job growth....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.