LINTHICUM, M.D., February 19th, 2013— NFM, Inc. is proud to announce that Robert (Bob) N. Tyson III has been named the new Chief Operations Officer of NFM, Inc.
Bob Tyson has been NFM’s Executive Vice President of Lending since 2009. He oversaw the capital and secondary markets, and warehousing departments. With over ten years of mortgage experience he is no stranger to the COO role; he has held this position previously at Metrocities Mortgage and Fidelity & Trust Mortgage. He has had over 10 years of mortgage experience.
David Silverman, NFM, Inc.’s CEO, said, “Bobby knows mortgage operations inside and out and has a real handle on what this Company needs to drive towards its vision at the highest level.”
Tyson went to school at Gettysburg College, earning his bachelor of arts in political science. After college Bob joined the Marines as an Officer and during his last tour he was a Company Commanding Officer.
During his time as the EVP of Lending at NFM, Inc., Bob helped build our retail and purchase presence for the east coast. In addition, he has been the driving force behind growing our hedging department. Due to his leadership, we have been able to bring in a very high number of hedged loans per month. With the help of Bob, our new Underwriting department and sales team now have the useful tools such as risk grids to help manage investor guidelines and minimize our risk. Tyson is extremely personable—he often is the go-to person for questions about most of our departments. Even though he is a “numbers guy” he still knows how to put people at ease and make them laugh. He is an incredible asset to our company and we know that with his help we will be able to achieve outstanding profit margins and grow our staff to their fullest potential. We know that Bob is going to be an excellent COO for years to come.
Bob Tyson shares his hopes for 2013: “I want us to continue to add top level talent to the organization. This is key for us in terms of continuing our growth pattern.”
All of us at NFM, Inc. are thrilled to have such a knowledgeable person step into such a critical role.
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History
The FHA (Federal Housing Administration) home loan is one of several government-insured loans. It has been offered by the Federal Housing Administration since 1934 according to HUD (U.S. Department of Housing and Urban Development). This loan type has helped over 40 million families in America purchase a home.
Features
The FHA doesn’t lend money directly to home buyers; they insure lenders against losses that may occur from client default. Because of this, lenders have less strict requirements for borrowers.
One of the features borrowers enjoy the most is the low minimum down payment. There is a 3.5% minimum (check with your mortgage company for an exact percentage), which is a lot less than the requirements for a conventional loan. Additionally, your closing costs may be lower than a standard loan.
Typically, a borrower needs a credit score of at least 620 in order to qualify for this loan. With FHA mortgages, a mortgage insurance premium will be required in addition to your monthly payments. Mortgage insurance is implemented to help lenders protect their interest when allowing borrowers to secure a loan with little cash for a down payment.
With a FHA loan you have the option to get 30, 25, 20, and 15-year terms with fixed rates only. Also, you can pay your mortgage down at any time without getting pre-payment penalties (always check with your Loan Officer for specific guidelines).
Getting the Loan
If you have any questions regarding FHA loans, or if you would like to see if you prequalify, contact one of our licensed Mortgage Loan Originators today!
Are you dreaming of a large backyard, two car garage, driveway, and having a place that kids can grow up in? Chances are, you are thinking about buying a home.
Purchasing a house is a major decision in most people’s lives. It can lead to personal happiness, and may help families financially over time. For most people, a home will be the largest purchase they make in their lifetime. Home ownership is a big responsibility, but it can also be very rewarding for a person who is ready.
Here are some advantages to buying versus renting a home:
Do you want to paint your bedroom walls red, or install hardwood floors?If you are renting, that decision is in the hands of your landlord. When you purchase a home, you can decide how your house will look and what renovations will be made. If you decide your house is too small years down the road, you have the option to build more rooms and do a major expansion.
When you rent an apartment, your landlord can change the price of your rent each year. You might live in a building that is very affordable and two years later find that you no longer have enough money for the rising payments. When you own a home, you have the option of getting a fixed rate mortgage that will help keep your monthly payments relatively the same throughout the length of your mortgage. It is important to remember that your taxes may increase or decrease, which will have an effect on your overall monthly payment. If you are interested in taking out a mortgage, contact one of our licensed Loan Originators at NFM by clicking here.
Building equity is one of the most important benefits of buying a home. Most houses increase in value over time, and this in turn increases the owner’s equity. For example, if you buy a home for $300,000 and its market value increases to $350,000 in five years, your owner’s equity would be $50,000. Making improvements to your home can help your home appreciate which in return increases your equity.
Some of your monthly payments go toward taxes. When you own a home, the interest on your mortgage and your property taxes can be used as deductions on your state and federal income tax returns. When you are renting, you are unable to get these tax breaks because someone else owns your home.
Remember that home ownership is a major decision that you should only enter into once you are financially and emotionally ready. For those considering buying a house, we hope that you experience the joys of home ownership one day.
If you suddenly lost your job, would you be able to live comfortably until you found a new one? Emergency funds are your financial cushion in case the unexpected happens.
Why you Need One
Having an emergency fund allows you to have a financial safety net in case there is a major change in your life that affects your finances—job loss, or an medical emergency for example. Having one can help give you time to make adjustments when there is a gap between your income and expenses.
How Big it Should Be
The general guideline is to have about 3-6 months worth of income (or living expenses) in your emergency fund. This is meant to help you if lose your job or are out of work for an extended period of time due to a medical or family emergency. Having additional funds above these guidelines (if you can afford it) will allow you to have more stability.
If you were to lose your job, it may take a few months or more to find another job. The Wall Street Journal, did a study where candidates spent about one month looking for every $20,000 they earned in annual salary in their former positions. Consider how much you can afford to save, and how much money you need saved to feel comfortable.
To determine what your goal is, you need to calculate how much your basic monthly living expenses are. Add up how much you spend on food, mortgage or rent, utilities, automobile payments, and any other necessities. Leave out luxuries such as going out to eat and gym memberships. Multiply this number by three to six to find your ideal emergency fund goal. If your monthly expenses are $3,000 per month and you want to have enough money for three months, your goal will be $9,000.
How to Start Saving
It can take a long time for you to save of one month’s worth of expenses, let alone three to six months or more. Open up a separate savings account, and if possible use an account that can help you earn a reasonable amount of interest. Since you’ve already looked at some of your luxury expenses, cut one or more of these expenses and put that money in this account every month.
You might want to start with something small like $10 a week, and once you get comfortable you can increase this number to $15 then $20, and so forth. If you are able to save $20 each week for a year, you will accumulate $1,040 plus interest. It may take a few years to build your emergency fund, and that is okay—it will be well worth it once you’ve reached your goal.
When to Use it
Make sure that it is clear to yourself and your spouse or partner that this is for emergencies only. If it’s helpful, write down what constitutes an emergency so there are no premature withdrawals from this savings account. You should use your fund if you or your spouse/partner loses their job, someone in your household has an unexpected medical procedure, or if you need emergency repairs on your house or car. If you decide that you want new furniture or a new car, you can create a separate savings account for it instead of using your emergency fund.
If you do not have an emergency fund, consider starting to build one today. Saving a few dollars a week can have a positive impact on your future.