GREENWAY BLOG

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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8 June 2023

Have Home Prices Reached Rock Bottom?

  What does home price growth mean for you? In July 2022, rapidly rising interest rates triggered a sudden slowdown in the upward trajectory of home prices and the intense bidding wars that accompanied them. Remarkably, 92% of U.S. markets witnessed monthly home price drops throughout the year. It was a significant shift in the market dynamics. However, the tide has turned since then. The latest reports indicate that prices are now on the rise in 92% of U.S. markets.* This reversal brings new opportunities and considerations for buyers and sellers alike. (*Source: Black Knight, Inc.) What Contributed To This Change? Moderating interest...

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2 June 2023

MarketMinute | FHA Proposes Help For Delinquent Borrowers

Fed speakers this week hinted at pausing interest rate hikes at their June meeting, with future rate changes based on new data at that time. A deal to suspend the debt ceiling until 2025, preventing payment default, was good for rates. June's ADP report showed labor market strength but slowing pay growth. Dwindling concern about wage-driven inflation could be good for rates. The FHFA House Price Index reported nationwide 1st quarter price growth of 4.3% year over year, the 45th consecutive increase....

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1 June 2023

June is Homeownership Month: Celebrating the Benefits of Owning a Home

  National Homeownership comes around every year in June. This annual celebration shines a spotlight on the significance of owning a home and the countless benefits it brings to individuals, families, and communities.  By becoming a homeowner, people get a step closer to the American dream.  Let's explore the origins of Homeownership Month, delve into the advantages of homeownership, and showcase some compelling statistics that highlight its positive impact. The Origins of Homeownership Month National Homeownership Month started as a week-long celebration of homeownership during the Clinton administration in 1995. It was not until 2002, that...

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