mortage Archives

A Veterans Affairs (VA) loan allows you to buy your home with 100% financing or no down payment. However, there still will be other costs associated with the loan. You most likely still will need an earnest money deposit and closing costs to cover. You may be able to get the seller to cover some of the closing costs during settlement, up to 4% for a VA loan. When buying a home using VA financing, closing costs cannot be rolled into the loan. There are some costs that can be financed such as the VA funding fee.

For first-time home buyers, the VA funding fee ranges from 2.15% to 2.4% of the purchase price. If you are receiving any form of disability from Veterans Affairs, then the funding fee may be waived. The funding fee is based on various loan characteristics. On an Interest Rate Reduction Refinance Loan, an appraisal is not required, but the lender may require a drive-by-appraisal. Income documentation is not required, but source of income must be verified. On a purchase loan, the sales price cannot exceed the appraised value.

In general, when buying a home using 100% VA financing, the closing costs can range from 3.5% to 5.5% of the purchase price of the home. Closing cost can range from loan origination fees from the lender, credit report cost, appraisal, recordation cost, title fees, and transfer taxes, to name a few. If the 4% in closing cost assistance from the seller doesn’t cover these costs, then the remaining difference is the responsibility of the buyer. Also note, as a new home owner you will want to have some savings available after settlement in case of an emergency, and to pay for any added expenses once you move in, such as moving and purchasing curtains, lawnmowers, appliances, etc.

If you are ready to purchase a home with your VA benefits, keep in mind that there is a difference between down payment and closing cost.

Bruce Dorsey is employed by NFM, Inc. as a Mortgage Loan Originator, NMLS #174898. NFM, Inc. is a Veterans Affairs Automatic Lender (659985-00-00) under the trade name NFM Lending. NFM, Inc. is licensed as: Maryland Mortgage Lender (5330) under the trade name NFM Lending. For NFM lending’s complete licensing information, please go to www.nfmlending.com/licensing. NFM, Inc.’s Nationwide Mortgage Licensing System (NMLS) Company Identifier Number is 2893. NFM, Inc. is not affiliated with, or an agent or division of, a governmental agency or a depository institution. NFM, Inc. is an equal housing lender.

LINTHICUM, MD., April 14th, 2014 — NFM Lending is pleased to announce the opening of a new branch in Annapolis, MD. The new branch officially opened the week of February 26th, 2014, and is located near the intersection of Riva Road and Aris T. Allen Blvd. The new NFM Lending branch will focus its lending platform throughout Anne Arundel County. They offer Conventional, FHA, VA, USDA, FNMA, Reverse, and many other loan options.

Mike Lynch, Branch Manager, has been serving the Anne Arundel County area for over 20 years. He graduated from the University of Baltimore with a Bachelors of Business. He is a coach in Anne Arundel County for youth lacrosse, field hockey, football, and basketball.

“I pride myself on being honest and upfront. I go the extra mile,” said Michael Lynch, “I am willing to take the time to work with people even though they may not qualify for a loan at the time they call. I believe customer service is the most important thing, and each and every one of my clients has my personal cell number and can call me 24 hours a day, seven days a week!”

The new branch has a combined 40+ years of residential mortgage lending experience, and is always looking for qualified Mortgage Loan Originators, Loan Assistants, and Processors for full and part-time positions. The branch’s goal is to provide neighborhood and economic stability through homeownership with mortgages ranging from first time homebuyers to multi-million dollar waterfront properties.

NFM Lending (formerly NFM, Inc.) is a mortgage lending company currently licensed in 29 states in the U.S. The company was founded in Baltimore, Maryland in 1998. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. NFM Lending has firmly planted itself in the home loan marketplace as “America’s Common Sense Residential Mortgage Lender.”

CCPA Request

CPA FORM

First Name*
Last Name*
Address*
City*
State*
Zip*
Loan Number or last 4 digits of the Social Security Number*
Email*
Telephone Number*
Please re-enter the CAPTCHA code below

Contact Page

Name*
First Last
Email*
Phone Number*
Select what you are contacting us about:*
All FHA Case Transfer Requests must be sent in writing via email to: FHAINFO@nfmlending.com. The request must include the FHA Case number, the new lender’s Origination ID or Sponsor ID, the full subject property address, and a letter signed and dated by the borrower expressing desire for the transfer.
Request for payoff should be submitted to the current servicer of the loan:
If your loan is being serviced by the NFM Lake Zurich Servicing Center, please call 1-866-352-6802 to request a payoff. You can also request a payoff via the online borrower portal, if you are a registered user on the portal.
If your loan is being serviced by the NFM Lending Linthicum Maryland Office, you may submit the request to Servicing@nfmlending.com or call 1-866-765-1827.
Property Location
FHA Case Number*
New Lender's Originator ID*
Subject Property Address*
City*
State*
Zip*
New Borrower to subject property or Borrower and Property are the same?*
- New Borrower
- Same
Message
CAPTCHA
Email
This field is for validation purposes and should be left unchanged.

Contact Me

First Name*
Last Name*
Phone Number*
Email Address*
Property State*
Loan Purpose*
How did you hear about us?
First and last name of referral source (if applicable)
Please type the characters below
Consent
- I agree to receive SMS Text Messages at the above phone number from NFM Lending for follow up purposes for banking products. Message and data rates may apply. Message frequency varies. Text HELP for help. Text STOP to cancel.
Comments
This field is for validation purposes and should be left unchanged.