100 lines
1.6 KiB
Markdown
100 lines
1.6 KiB
Markdown
---
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id: 2026-04-08T11:53:07-0400
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title: 2026-04-08 11:53:07
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tags:
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- status/draft
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date-created: 2026-04-08T11:53:07-04:00
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daily: "[[2026-04-08]]"
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---
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# 2026-04-08 11:53:07
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## NFM Lending Lunch & Learn
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"The Cost of Waiting: Building Wealth through Homeownership"
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NFM Lending,
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"The Jane Floyd Team"
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### NFM Lending Power Design Incentive
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\$2,000 credit to closing cost
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Good year for buying?
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### Components of Preapproval
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* Credit
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* Income
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* Assets
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#### Credit
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> [!info] Credit Bureaus
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> * Experian
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> * Equifax
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> * Transunion
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Minimum 580 for FHA, VA
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Minimum 620 for conventional
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(assumes a large down payment)
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> [!info] Score Drivers
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> * Pay history
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> * Credit utilization
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> * Past Derogatories
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#### Income
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Bonus, commission, overtime
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2-year history with letter from employer
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stating likely to continue
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#### Assets
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##### Traditional
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Savings
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401k personal loans
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Gift funds - documentation required
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sent directly to title company
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##### Sourcing and Seasoning
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Bank deposits
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cash is never an option
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deposits need to be sourced (documented)
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large undocumented deposits need to be seasoned for two months
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### Assistance Programs
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* 1st time home buyer programs: Statewide, county
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### Personal Family Budget
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* Nerd Wallet
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* WalletHub
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### Rent vs. Own
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Mortgage Coach
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### Cost of Waiting
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If interest rates decrease
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payment decreases marginally,
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but you lose out on equity
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better to buy now and refinance when rates decrease.
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> 1% rate decrease $\approx$ \$10,000 value appreciation
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### "Escrow"
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Escrow account with title company
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"opening escrow"
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separate from escrow account with lender for taxes, insurance, etc.
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