---
id: 2026-04-08T11:53:07-0400
title: 2026-04-08 11:53:07
tags:
  - status/draft
date-created: 2026-04-08T11:53:07-04:00
daily: "[[2026-04-08]]"
---
# 2026-04-08 11:53:07

## NFM Lending Lunch & Learn

"The Cost of Waiting: Building Wealth through Homeownership"

NFM Lending,
"The Jane Floyd Team"

### NFM Lending Power Design Incentive

\$2,000 credit to closing cost

Good year for buying?

### Components of Preapproval

* Credit
* Income
* Assets

#### Credit

> [!info] Credit Bureaus
> * Experian
> * Equifax
> * Transunion

Minimum 580 for FHA, VA

Minimum 620 for conventional
(assumes a large down payment)

> [!info] Score Drivers
> * Pay history
> * Credit utilization
> * Past Derogatories

#### Income

Bonus, commission, overtime
2-year history with letter from employer
stating likely to continue

#### Assets

##### Traditional

Savings

401k personal loans

Gift funds - documentation required
sent directly to title company

##### Sourcing and Seasoning

Bank deposits
cash is never an option
deposits need to be sourced (documented)
large undocumented deposits need to be seasoned for two months

### Assistance Programs

* 1st time home buyer programs: Statewide, county

### Personal Family Budget

* Nerd Wallet
* WalletHub

### Rent vs. Own

Mortgage Coach

### Cost of Waiting

If interest rates decrease
payment decreases marginally,
but you lose out on equity

better to buy now and refinance when rates decrease.

> 1% rate decrease $\approx$ \$10,000 value appreciation

### "Escrow"

Escrow account with title company
"opening escrow"

separate from escrow account with lender for taxes, insurance, etc.
