About NFM’s Loan Assurance

NFM’s Loan Assurance allows the purchaser to shop with confidence while letting the realtors know they have the best offer on the table. Not only will NFM Lending provide excellent customer service, our Loan Assurance Pre-Approval1 is backed by a Loan Assurance Certificate2.

When an NFM’s Loan Assurance Certificate is issued, NFM Lending provides the following promises:

• NFM Lending will pay $10,000 to the buyer in the event it fails to issue a loan decision on or before the 20th day from a completed mortgage loan application3
• Stellar communication and timely review of documentation during the loan process

Everybody Wins!

With NFM’s Loan Assurance, all parties benefit:

BUYERS

Shop for your home with confidence
Negotiate your offer with a Loan Assurance Pre-Approval
Close faster after contract acceptance4
Minimize stress with your Loan Assurance Certificate

SELLERS

Trust you have a solid offer when the buyer has a Loan Assurance Pre-Approval
Pack and move with confidence
Expect an on-time closing

BUYERS AGENT

Maximize your buyer’s odds for an accepted offer
Show homes with confidence backed by the Loan Assurance Pre-Approval
Potentially shorten your buyer’s purchase cycle
Work with a lender willing to back their service with $10,000

SELLERS AGENT

Trust that NFM’s buyer is positioned for a successful closing
Increase your seller’s confidence by presenting Loan Assurance Certificate
Work with a proactive lender who is committed to innovation and communication

With NFM’s Loan Assurance, we put our money where our mouth is. In a competitive housing market, let NFM’s Loan Assurance protect your transaction!

The Loan Assurance Process

  1. Buyer applies for a loan by calling an NFM Loan Originator;
  2. Loan Originator determines if the loan is eligible for the Loan Assurance Pre-Approval;
  3. Loan Originator submits buyer information and supporting documentation to NFM Lending’s underwriting team for Loan Assurance Pre-Approval; Once pre-approved, NFM Lending issues the Loan Assurance Pre-Approval and the Loan Assurance Certificate;
  4. Buyer shops for their dream home with confidence; Buyer and Seller sign purchase contract; All parties work to complete the buying process to issue the clear to close5;
  5. Buyer and seller go to closing with a smile. ☺

Eligibility Requirements

To qualify for NFM’s Loan Assurance, the buyer must meet the following criteria:

  1. Your loan must be for a purchase transaction;
  2. You must provide NFM Lending with all requested documents in a timely manner;
  3. You must provide an executed copy of your original purchase contract;
  4. Your closing date must be scheduled as follows:
    a. For conventional, FHA or USDA loans no sooner than 21 calendar days from the submission of a complete loan application
    b. For VA loans no sooner than 30 calendar days from the submission of a completed loan application
    c. For loans using down payment assistance programs, no sooner than 45 days from the submission of a completed loan application
  5. After the loan approval is issued, all approval conditions must be satisfied within 7 business days;
  6. You must lock your loan rate and satisfy all loan requirements and conditions, including payment of all advance fee deposits, at least 5 business days prior to your closing date; and
  7. The final appraisal, with all revisions, must be received 5 business days prior to the closing date.

Restrictions

NFM’s Loan Assurance is void if:

  1. The appraisal is not satisfactory – dictated by the program requirements/agency guidelines.
  2. Information provided by the borrower(s) on the application could not be verified or was inaccurate.
  3. The loan, as structured, does not meet federal/state regulatory requirements and/or agency guidelines.
  4. Loans with outside subordinate financing agencies or down payment assistance authorities determines and/or issues a letter of denial. These agencies are considered independent of NFM Lending.
  5. The buyer fails to maintain the terms of the original loan application such as maintaining employment, credit history, and debt obligations. Any material changes to the loan application will nullify the loan assurance;
  6. You request a change in loan terms (including but not limited to: program changes or down payment amount) within 5 business days from the scheduled closing date;
  7. Title work on the subject property is not insurable and transferable. The seller must be able to provide clear title.

Ineligible for NFM’s Loan Assurance

• Renovation loans
• Appraisals Value Issues
• Jumbo Loans
• Construction to Perm Financing
• Non-Warrantable Condominiums or Co-ops
• Brokered loans
• Loans where Mortgage Insurance is unobtainable
• Properties outside of North Carolina/South Carolina

If you do NOT qualify for the NFM’s Loan Assurance program, we will still make every effort to close the loan in the shortest time possible!

Have any questions or ready to get started? Fill out this form to learn more!

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1 - The Loan Assurance pre-approval is a verification of credit, income, and assets by NFM’s underwriting team. It is not an approval or commitment to lend and is subject to the restrictions stated within the pre-approval letter.
2 - The Loan Assurance Certificate will only be issued after it is determined the consumer is eligible to participate in the program.
3 - Loan approval issued will be subject to final appraisal, title, insurance review and other conditions noted in the pre-approval letter.
4 - This statement is not made based on verified consumer experiences.
5 - If the loan decision is delayed due to the action/inaction of the seller, the consumer will be ineligible for the $10,000 offered under this program.

*The offer will only be paid if the buyer complies with all of the conditions of the program and NFM Lending fails to close the loan due to an oversight that NFM has committed. The Loan Assurance amount will be paid only if the borrower credit profile remains the same as during the conditional commitment. The amount paid by NFM will be determined based on loan cost incurred by the consumer during the application process. To qualify for this program, all the following must apply: The final approval cannot deviate from any terms of the initial approval. The loan closing cannot be delayed in whole or in part by actions of the buyer or seller beyond NFM’s control. NFM Lending will only pay the above fee directly to the consumer. The offer may constitute taxable income. Federal, State, and Local taxes and the use of the offer are the responsibility of the recipient. Please consult a tax advisor for more information. NFM, Inc. is an FHA-Approved Non- Supervised Mortgagee (19951-0018-0 and 19951-0000-7), Veterans Affairs Automatic Lender (659985-00-00) under the trade name NFM Lending, approved Fannie Mae Seller/Servicer (26859-000-5), approved Freddie Mac Seller/Servicer (183149), and approved Ginnie Mae Issuer (4365). NFM, Inc.’s agency and other state licensing information, please visit click here. NFM, Inc.’s Nationwide Mortgage Licensing System (NMLS) Company Identifier Number is 2893 (www.nmlsconsumeraccess.org). NFM, Inc. is not affiliated with, or an agent or division of, a governmental agency or a depository institution. Copyright © 2018.