1.6 KiB
id, title, tags, date-created, daily
| id | title | tags | date-created | daily | |
|---|---|---|---|---|---|
| 2026-04-08T11:53:07-0400 | 2026-04-08 11:53:07 |
|
2026-04-08T11:53:07-04:00 | 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.