LINTHICUM, MD, March 21, 2016—NFM Lending is proud to announce the beginning of its latest charity initiative, the NFM Salute. This program, launched March 15, 2016, will honor veterans and active duty military members, giving them the recognition they deserve for their service to our country.
The NFM Salute will choose one military member or veteran each month to honor as their “Salute of the Month.” Salutes will be chosen from nominations on the NFM Salutes website, www.nfmsalute.com. The “Salute of the Month” will be featured on the website with a brief biography and information about his or her service, and NFM Lending will make a $2,500 donation to a military or veteran non-profit in the Salute’s name (select charities listed below).
“The NFM Salute program is a continuation of our efforts to honor those who have served or are currently serving in the U.S. Armed Forces around the world,” said David Silverman, CEO. “From our vantage point, we can never do enough. We will continue to look for new ways to pay it forward to those brave and courageous men and women who inspires us all.”
Military and veteran causes are important to NFM Lending. For the past eight years, NFM Lending has held a Support Our Troops Drive, collecting items for care packages to send to U.S. troops overseas. In addition to employees and employee family members who are active military or veterans, several members of NFM’s executive team are veterans, including Fred Sujat, Chief Compliance Officer.
“Having served in the U.S. Air Force as a Judge Advocate for over thirty years, I salute NFM for its recognition of all those veterans who, over the years, took time from their families and the comforts of their homes to serve our Nation,” said Sujat.
Selected NFM Salutes may choose from one of several non-profits that support active military members and veterans, including Platoon 22, AnySoldier, Soldier’s Wish, and the Gary Sinise Foundation. NFM looks forward to the opportunity to continue to honor our military and veterans through the NFM Salute initiative.
NFM Lending is a mortgage lending company currently licensed in 27 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™.”
Buying a home is one of the most significant financial decisions you will make in your life. Each step in the process is important to ensure a smooth transaction. Over the next several weeks, we will explore each step of the home buying process in detail. Experienced NFM Lending Mortgage Loan Originators will share advice and insight about each step, so you can be prepared when the time comes to buy a new home. In this blog, we will discuss the first step in the buying process: getting pre-qualified.
What is pre-qualification? A pre-qualification is when a lender evaluates a loan applicant’s eligibility for a home loan. The Loan Originator collects information and documentation from the loan applicant, such as their employer information, gross income, asset information, and current expenses. The lender then gives the applicant an idea of whether they could qualify for a home loan, and the approximate amount of the loan they could qualify for.
Why get pre-qualified? Pre-qualification allows you to enter the home buying process prepared. It makes your home search more efficient, and ensures that when it comes time to make an offer on a home, you are ready.
“It is important to get pre-qualified so that you will know what you can afford, what you will qualify for, and what types of homes you should be looking at,” says Bruce Dorsey, Mortgage Loan Originator with NFM Lending. “You want to know how much your payments will be, and have confidence that when you find your perfect house you can make an offer on the house and qualify for the loan. If you are not pre-qualified first, then when you do find your perfect house, you can make a credible offer on the house. Without this, you run the risk of losing the home you want because other potential buyers that are already pre-qualified may be making offers on the home.”
In addition to being prepared and helping you know your price range, getting pre-qualified will make it easier for you to hire a real estate agent. Real estate agents typically prefer to work with pre-qualified buyers, in order for them to be able to show you houses in your price range, and so they know you are prepared to make a credible offer on a home when the time comes.
Helpful tips for getting pre-qualified You may be considering a home purchase later this year, or at some point in the near future. Below are some tips from Bruce Dorsey on preparing for the pre-qualification and home buying processes.
Keep all rental payment receipts, and make payments via check or money order so that there will be a record of your rental payments (don’t pay with cash).
Don’t make any major purchases before or during the purchase process (auto loans, furniture, etc.) Wait until after you have purchased your home.
Continue to save money for unexpected expenses during the purchase process.
It is important to be as prepared as possible when you start the home buying process. Once you are pre-qualified, the next step is to choose your loan type. Stay tuned for our next blog on how to choose the loan type that is right for you.
If you have any questions about pre-qualification or the home buying process, contact us. If you are ready to get pre-qualified, click here!
*Please note that the pre-qualification does not constitute a commitment or a loan approval, but is instead a preliminary assessment of your current credit worthiness.
LINTHICUM, MD, March 3, 2016—NFM Lending is proud to announce that LaTasha Rowe, General Counsel, has been honored with a SmartCEO Executive Management Award for her service to NFM Lending.
The SmartCEO Executive Management Award (EMA) Program recognizes C-suite executives that have gone above and beyond in their roles. Winners are divided into five categories: CFOs, CIOs/CTOs, General Counsel/Chief Legal Offices, Chief Human Resources Officers/Directors of Human Resources, and CXOs, for miscellaneous executive titles. Rowe received the 2016 EMA Award in the CXO category for her proven track record of success as General Counsel, history of growth within her position, and respected management philosophy and dutiful service to the mortgage industry and local community.
“LaTasha Rowe is much more than NFM’s General Counsel,” said Jan Ozga, President of NFM Lending. “She is a key ingredient to our growth, strategy and company safety. She has been the master architect of many of our critical company policies. LaTasha has been able to take a complicated mortgage compliance world and make it business-friendly. She is a vital member of the NFM Executive Team, and she interacts daily with both executives and employees on solving critical day-to-day activity.”
Rowe will receive her award at a ceremony at the Westin BWI Hotel on Thursday, March 24, 2016, and will be profiled in the March/April 2016 edition of the SmartCEO Magazine, both in print and online.
“I am looking forward to celebrating with my peers in the various industries represented by the award recipients,” said Rowe. “While we represent businesses offering different products and/or services, the underlying current is that we take our careers and the leadership roles within our organizations seriously. I salute my fellow award winners who will take a moment out of their busy schedules to celebrate this great accomplishment.”
About NFM Lending
NFM Lending is a mortgage lending company currently licensed in 27 states across 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™.”
For more information about NFM Lending, please contact:
LINTHICUM, MD, March 2, 2016—NFM Lending is proud to announce that Matthew Glyder, Chief Financial Officer (CFO), has been honored with a 2016 SmartCEO Executive Management Award for his service to NFM Lending.
The SmartCEO Executive Management Award (EMA) Program recognizes C-suite executives that have gone above and beyond in their roles. Winners are divided into five categories: CFOs, CIOs/CTOs, General Counsel/Chief Legal Offices, Chief Human Resources Officers/Directors of Human Resources, and CXOs, for miscellaneous executive titles. Glyder received the 2016 EMA Award for CFOs for his outstanding ethics and integrity, effectiveness in raising capital, risk management, and efficient turnaround on projects.
“Matt Glyder has a tremendous workload and is responsible for the company’s financial recording and reporting,” said David Silverman, CEO. “He manages a full staff, sits on the executive panel, and manages over 30 P&L’s monthly. Matt is a rock. Systems and personnel have changed, but Matt’s execution and consistent work output have been extremely reliable. He has an incredibly patient and calm demeanor, and takes his responsibilities both at home and at work extremely seriously.”
Glyder will receive his award at the SmartCEO Executive Management Awards ceremony at the Westin BWI Hotel on Thursday, March 24, 2016, and will be profiled in the March/April 2016 edition of the SmartCEO Magazine, both in print and online.
“It is a great honor to receive the SmartCEO Executive Management Award for CFOs,” said Glyder. “I have worked hard to develop our finance team at NFM Lending so that we service both our internal and external customers in the best way possible, and I look forward to continuing the efforts. NFM Lending has grown tremendously over the past several years and I am really excited about our future.”
About NFM Lending
NFM Lending is a mortgage lending company currently licensed in 27 states across 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™.”
For more information about NFM Lending, please contact:
LINTHICUM, MD, March 1, 2016—NFM Lending is proud to announce that Gregory Sher, Vice President of Business Development, has been honored with a SmartCEO Executive Management Award for his service to NFM Lending.
The SmartCEO Executive Management Award (EMA) Program recognizes C-suite executives that have gone above and beyond in their roles. Winners are divided into five categories: CFOs, CIOs/CTOs, General Counsel/Chief Legal Offices, Chief Human Resources Officers/Directors of Human Resources, and CXOs, for miscellaneous executive titles. Sher received the 2016 EMA Award in the CXO category for his proven track record of success as Vice President of Business Development, history of growth within his position, and a respected management philosophy and dutiful service to the mortgage industry and local community.
“Greg Sher has been instrumental in NFM’s march to national prominence, by virtue of his 18 years of industry experience, and his knack for attracting top talent to NFM’s platform,” said Jan Ozga, President of NFM Lending. “I often refer to Greg as the ‘best door opener I have ever met.’ Greg is in a class by himself, and NFM is very lucky to have him in his role.”
Sher will receive his award at a ceremony at the Westin BWI Hotel on Thursday, March 24, 2016, and will be profiled in the March/April 2016 edition of the SmartCEO Magazine, both in print and online.
“I’m very fortunate to work with a group of individuals who make everyone else look great,” said Sher. “As far as I am concerned, any honor I receive is a shared honor with my esteemed colleagues. So, on behalf of everyone at NFM, thank you!”
About NFM Lending
NFM Lending is a mortgage lending company currently licensed in 27 states across 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™.”
For more information about NFM Lending, please contact:
LINTHICUM, MD, February 15, 2016— NFM Lending is proud to announce that it was named a 2016 Top Mortgage Employer by National Mortgage Professional Magazine. This is the second year in a row that NFM Lending has received this honor.
Each year, National Mortgage Professional Magazine polls its readers about their employers. The magazine compiles a list of the Top 100 Mortgage Employers based on compensation, marketing support, technology, corporate culture, industry participation, and more.
“Making this list is as much about getting the right people on the bus as it is about growth in general,” said David Silverman, CEO. “We are blessed to be a growing company because we continue to find the best people to join our team.”
NFM Lending prides itself on its exceptional culture. The company has an open door policy which allows an open line of communication between management and staff. Employees are encouraged to voice their questions and concerns directly to management, so that they can be addressed promptly and correctly. In addition to a competitive salary and a comprehensive benefits package, NFM Lending loan originators receive ongoing support and assistance from qualified support and operations staff, and the opportunity for an annual top producer sales trip.
In addition to this most recent award, NFM Lending has been recognized many times in the last few years for its exceptional company culture. It was ranked the #1 Midsize Company in the Baltimore Area in 2015 by the Baltimore Sun; named one of the Washington Post’s Top Work Places in the Washington, D.C. area in 2015; and ranked one of the 50 Best Companies to Work For 2015 by Mortgage Executive Magazine. NFM Lending is proud of all the work its team does to make it a great company to work for.
NFM Lending is a mortgage lending company currently licensed in 27 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™.”
LINTHICUM, MD, January 25, 2016—NFM Lending will sponsor the Ronald McDonald House of Baltimore’s (RMHCB) 5th annual Red Shoe Shuffle 5k Run and Walk. The event will take place on Sunday, April 10, 2016. This will be NFM Lending’s fifth consecutive year sponsoring this event.
Each year, a group of NFM Lending employees and their family members participate in the Shuffle, either as runners, or as volunteers. Bernadette Pearson, HR Director, volunteers at the Red Shoe Shuffle every year. Pearson has been involved with the Red Shoe Crew since 2011, and has been part of the Shuffle since the first event in 2012.
“We love this event!” said David Silverman, CEO of NFM Lending. “It showcases the wonderful work the Ronald McDonald House does and it brings the community together to participate and raise much needed funding for this amazing organization.”
The Ronald McDonald House of Baltimore is an organization that provides a home away from home for seriously ill children and their families, and helps to fund programs in the local area that directly improve the well-being of children. The RMHCB has housed more than 35,000 families from around the country, and the world, since 1982.
“Your donation is a tremendous blessing to the families and children at the Ronald McDonald House,” said RMHCB in a letter to NFM Lending. “We are thrilled that you decided to join us for the 2016 Shuffle and be a part of this annual celebration. Our House provides comfort, lodging and meals. But more than that, we offer hope, compassion, support and love. We work hard every day to bring joy to the journey of our families.”
NFM Lending is proud to support many local charities and nonprofits through sponsorship and volunteer work. NFM has also been involved in charitable efforts with Little Smiles, AnySoldier, the Maryland SPCA, and the American Diabetes Association, to name a few. For more information about NFM Lending’s charitable work, click here.
NFM Lending is a mortgage lending company currently licensed in 27 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™.”
LINTHICUM, MD, January 21, 2016—NFM Lending is proud to announce that Shaun Hires, formerly Director of Operations, has been named the company’s Chief Risk Officer.
Hires has been with NFM Lending since February 2008, and has been the Director of Operations since July 2008. He has over twenty years of experience in the banking industry, and has had HUD Direct Endorsement authority since 1993.
“The addition of this new role is critical to our success as NFM continues to grow,” said Hires. “I welcome this opportunity, and look forward to helping to lead NFM into the future.”
As Chief Risk Officer, Hires will analyze risk factors involved in NFM’s loan production and operations, and ensure compliance with industry regulations.
“Shaun’s new role is crucial as NFM continues its journey to the top, and as we as a residential mortgage company begin to transform into a larger, more self-sufficient mortgage organization,” said Ozga. “Shaun has been an incredibly loyal and dependable member of the Executive Team, and his insight and expertise have been invaluable. I look forward to watching Shaun take on this new role and assist in moving NFM to the next level.”
NFM Lending is grateful for Hire’s contributions to NFM Lending over the last eight years, and looks forward to supporting him in this new role.
About NFM Lending
NFM Lending is a mortgage lending company currently licensed in 27 states across 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™.”
For more information about NFM Lending, please contact:
If you are in the market for a new home, one of the first things you should consider financially is how much of a down payment you can make. Most home buyers know that the most common mortgage loan (a Conventional loan) requires 20% down payment. This means that if you purchase a home worth $200,000, you must have $40,000 cash available, on top of the closing costs needed to purchase the home. This may deter many potential home buyers from purchasing because they only have a small amount of money saved. However, Conventional loans are only one of the many loan options available. Here are five of the most widely used mortgage loans and their down payment requirements.
FHA Loan – 3.5% Down Payment*
A Federal Housing Administration (FHA) loan is a mortgage loan that is insured by the government’s Housing and Urban Development (HUD) agency. FHA loans require a 3.5% down payment for purchases and it typically offers very competitive rates compared to rates from a conventional loan. Due to the low down payment, FHA Mortgage Insurance Premiums (MIP) are required in order to protect lenders against losses as a result from defaulted mortgages. There is an up-front premium paid at closing, and a monthly premium that is paid along with the monthly mortgage payment. FHA has several guidelines that all loans must meet, such as loan limits, allowable closing costs, and debt ratios.
VA Loan – 100% Financing**
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). VA loans help service members, veterans, and eligible surviving spouses purchase a home with a competitive interest rate, limited closing costs, no Private Mortgage Insurance (PMI) requirement, and often without a down payment (as long as the sales price doesn’t exceed the appraised value). This is because VA guarantees a portion of the loan, which allows the lender to provide favorable terms. VA loans have several guidelines that all loans must meet, such as eligibility and loan limits.
USDA Loan – No Money Down†
A USDA loan is a mortgage loan guaranteed by the United States Department of Agriculture (USDA). With a USDA loan, home buyers can purchase a home in eligible rural locations with no down payment, and can finance up to 100% of a home’s appraised value, plus closing costs. For eligible borrowers, USDA loans often come with the lowest interest rates and program insurance premiums of all government-backed loans. USDA loans have several guidelines that all loans must meet, including property eligibility and income eligibility.
80-10-10 Loan – 10% Down Payment
Also known as a Piggyback loan, an 80-10-10 loan is a great option for home buyers who have great credit but lack capital, and wish to avoid paying PMI. The mortgage loan works by having 80% of the property value covered by a first loan, 10% of the property value covered by a second mortgage which carries higher interest rates than the first conventional mortgage, and 10% will be covered by the home buyer’s down payment. Loans that are 80% or less of the home value do not require PMI.
State Bond Programs – Specific Assistance
Several U.S. states offer state bond loan assistance programs. These bond programs aim to help first-time home buyers or buyers with low capital by providing below-market interest rates, down payment assistance, long term affordability, and/or other benefits specific to the programs. These loans have program-specific income and occupancy requirements, and limitations.
There are many more mortgage loan options available not mentioned but these are the most commonly used. If you are looking to purchase a home soon, make sure you speak with a licensed mortgage loan originator. Choosing a down payment option is a big decision and a licensed mortgage loan originator can help you find options that best fit your needs. They can also walk you through the loan process and explain to you all of the eligibility requirements for the loan you choose.
*LTV’s of up to 96.5% for FHA loans. **Veterans Affairs loans require a funding fee, which is based on various loan characteristics. †100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included. Loan is limited to the appraised value without the pool, if applicable.
Buying a home is one of the most significant financial decisions you will make in your life. Each step in the process is important to ensure a smooth transaction. Over the next several weeks, we will explore each step of the home buying process in detail. Experienced NFM Lending Mortgage Loan Originators will share advice and insight about each step, so you can be prepared when the time comes to buy a new home. In this blog, we will discuss the first step in the buying process: getting pre-qualified.
If you are in the market for a new home, one of the first things you should consider financially is how much of a down payment you can make. Most home buyers know that the most common mortgage loan (a