veterans Archives

There are many types of mortgages out there, but if you are Veteran looking to buy a home, you should consider a VA loan. The features of this loan make it a great option for many Veterans and their families. Before we discuss those features and benefits, let us first answer: what is a VA Loan?

History

Through the original Servicemen’s Readjustment Act, also known as the GI Bill of Rights, the Veterans Affairs loan began in 1944. VA loans are guaranteed by the United States Department of Veterans Affairs (VA). The loan was specifically designed to provide eligible American Veterans and their families with a federally guaranteed home so they could take part in the American dream.

Benefits

VA loans offer no down payment requirement (for qualifying consumers) and often do not require Private Mortgage Insurance (PMI). Additionally, if refinancing an existing VA loan, the qualified borrower can take cash out of their home up to take out up to 95% of the appraised value as determined by VA. Some states also offer additional resources to Veteran homeowners, such as property tax reductions.

Eligibility

A Veteran, active duty, or honorably discharged may be eligible for a VA loan if he/she meets the following requirements:

VA loans are guaranteed by the United States Department of Veterans Affairs and enable Veterans to have an easier time financing their home. If you’re considering a VA loan, here’s everything you need to know about VA financing.

☆ A Veteran, active duty, or honorably discharged may be eligible for a VA loan if he/she meets the following requirements:

☆ The borrower is the spouse of a service member who has died in the line of duty, or as a result of a service related disability

★ All Joint Loans will need to be underwritten by the Regional Loan Center for prior approval

★ Since VA requires a 25% Guaranty to be maintained on all VA loans, a down payment will be required when a Veteran and non-Veteran spouse are purchasing a home together

VA Appraisals: What Are They Looking For?

☆ Exterior- Front and rear at opposite angles to show all sides of dwelling and street scene.

☆ Interior- Kitchen, main living room, bathrooms, bedrooms, and any other room representing overall condition, basement, attic, and crawl space, recent updates, photos of deficiencies or conditions requiring inspection of repair.

☆ Existing- 100% complete for over a year or less than a year if it has been previously occupied.

★ If there is an indication of a potential environmental problem, the appraisal report must contain a requirement for correction of the problem in accordance with local, state, or federal requirements.

★ Appraiser may not recommend electrical, plumbing, heating, roofing, or any other inspections only as a measure of liability protection. An inspection should only be recommended if there is an indication of a complex problem requiring a professional opinion such as pests, site drainage, structural defects, safety concerns, code violations, etc.

☆ Faulty or defective mechanical systems (electrical, plumbing, or heating/cooling)

☆ Evidence of possible structural failure (settlement or bulging foundation wall, cracks in the walls or foundation)

☆ Lead Based Paint constitutes an immediate hazard that must be corrected (properties built before 1978)

☆ Appliances that are to remain and that contribute to the market value opinion must be operational

☆ Freestanding appliances that do not contribute to the market value do not have to be present or in the working order

☆ The remaining economic life must be at least as long as the loan repayment term (usually, 30 years).

Veterans Affairs loans require a funding fee, which is based on various loan characteristics. Sales price cannot exceed appraised value. *In a purchase transaction, reasonable closing costs may be paid by the seller, and the program is available with no points depending on credit profile, collateral, and current mortgage history.

LINTHICUM, MD, March 23, 2018— NFM Lending is celebrating the two-year anniversary of its NFM Salute program. They honored their first NFM Salute on March 23, 2016.

NFM Salute is an initiative dedicated to recognizing the brave men and women who have fought and continue to fight for our freedom and our country. Every month, a nominated military service member or Veteran is chosen to be honored as the “Salute of the Month.” A brief biography and information about the Salute’s service is featured on both the website and NFM Lending’s social media. The Salute receives a gift and a donation is made by NFM Lending on behalf of the monthly Salute to one of three chosen non-profits: Platoon 22, AnySoldier, or the Gary Sinise Foundation. Since the start of the NFM Salute initiative, NFM Lending has donated over $50,000 to these military focused charities.

“Two years has flown by,” said Greg Sher, NFM’s Chief Business Development Officer. “The NFM Salute has fulfilled its promise to honor those who have and continue to serve our country. I just love reading the stories of our honorees and always look forward to the next one.”

NFM Lending is thankful for the opportunity to continue honoring U.S. military service members and Veterans through the NFM Salute initiative. Nominations are always welcome. For more information about the NFM Salute initiative, to read the stories of past Salutes, or to nominate a soldier or Veteran, visit www.nfmsalute.com.

NFM Lending is a mortgage lending company currently licensed in 29 states in the U.S. The company was founded in Baltimore, Maryland in 1998 and this year it celebrates its 20th Anniversary. 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, visit www.nfmlending.com, like our Facebook page, or follow us on Twitter.

LINTHICUM, MD, August 1, 2017— NFM Lending is pleased to honor Captain (CPT) Omayra Velez (ret.), as the NFM Salute for August 2017.

CPT Velez received her commission into the Army in October 2007. She received a direct commission as a Medical Service Corp Officer, and later became an Environmental Science Engineering Officer. Her first duty stationed was with the 705^th Military Police Battalion at Fort Leavenworth, Kansas, with which she deployed to Iraq in support of Operation Iraqi Freedom from August 2009 to August 2010. On her return from Iraq, CPT Velez was assigned to the 21^st Theater Sustainment Command in Kaiserslautern, Germany for two years, and then to the Army Public Health Command Europe in Landstuhl, Germany. She earned a coveted one-year “Training with Industryt the Lawrence Livermore National Laboratories in Livermore, California, from 2013 to 2014. After the training, she was assigned to Aberdeen Proving Grounds in Aberdeen, Maryland. She medically retired due to injury in January 2017. In her 9-year career, CPT Velez earned two Meritorious Service Medals, four Army Commendations Medals, one Army Achievement Medal, the Overseas Service Ribbon with two numeral devise, and the Iraq Campaign medal with one Campaign Star.

“I have known Omayra for several years,” said Cook. “When I first met her, she was active duty. She recently retired from service, and I wanted to recognize Omayra for her many years of service and being a loyal client of NFM Lending. Congrats Omayra! It’s always a pleasure working with you.”

The NFM Salute is an initiative in which one military member or Veteran is chosen each month to be honored as the “Salute of the Month.” Salutes are chosen from nominations on the NFM Salute 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. Velez chose Platoon 22 to receive this month’s donation.

Selected NFM Salutes may choose from one of the following three non-profits: Platoon 22, AnySoldier, and the Gary Sinise Foundation. NFM looks forward to the opportunity to continue to honor military and Veterans through the NFM Salute initiative.

NFM Lending 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.™” For more information about NFM Lending, visit www.nfmlending.com, like our Facebook page, or follow us on Twitter.

LINTHICUM, MD, July 1, 2017— NFM Lending is pleased to honor William Saylors as the NFM Salute for July 2017.

William started his military career as a U.S. Marine in 1955, and served until 1959. He was known for his generosity and willingness to help others. William passed away in December 2016, survived by his wife of 50 years, Susan, and his four children. He was nominated for the NFM Salute by his son, Jeffrey Saylors.

“William was not only my father, but someone I could trust as a friend,” said Jeffrey. “There was never a time he would not make a sacrifice for anyone. He was not self-serving; he was a giver. The loss of my father made me revisit my core values, and I’m looking forward to adopting every gift he has given me. Now I can continue the tradition of being a loyal friend and confidant to everyone, just as he was. I salute him today and every day!”

The NFM Salute is an initiative in which one military member or Veteran is chosen each month to be honored as the “Salute of the Month.” Salutes are chosen from nominations on the NFM Salute 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. Jeffrey chose The Gary Sinise Foundation to receive this month’s donation in memory of his father.

LINTHICUM, MD, June 1, 2017— NFM Lending is pleased to honor Raymond Stralka as the NFM Salute for June 2017.

Stralka began his career with the United States Air Force in 1952, when he was commissioned as a 2^nd Lieutenant through ROTC at Penn State. Upon completing his active duty service, he worked as a state forester with the Pennsylvania Department of Environmental Resources, and joined the National Weather Service in 1958. In 1960, Stralka joined the 104^th Weather Flight in the Maryland Air National Guard as their Chief Meteorological Forecaster. He received many honors throughout his career, including NOAA Distinguished Service, National Defense Service Medal, and USAF Meritorious Service Medal. Stralka passed away in January, 2017, survived by his wife of 64 years, Wanda Stralka, and his five children.

NFM Salutes is an initiative in which one military member or Veteran is chosen each month to be honored as the “Salute of the Month.” Salutes are chosen from nominations on the NFM Salute 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. NFM Lending will donate to Platoon 22 in Stralka’s memory.

LINTHICUM, MD, March 23, 2017— NFM Lending is pleased to celebrate the one year anniversary of its NFM Salute program.

NFM Salutes is an initiative in which one military service member or Veteran is chosen each month to be honored as the “Salute of the Month.” The “Salute of the Month” is then featured on the website with a brief biography and information about his or her service, and NFM Lending makes a $2,500 donation to one of the following four non-profits in the Salute’s name: Platoon 22, AnySoldier, Soldier’s Wish, and the Gary Sinise Foundation. NFM Lending honored its first NFM Salute on March 23, 2016.

“Everyone at NFM is proud of the work that we do in supporting our Veteran community,” said Bob Tyson, COO/CAO of NFM Lending. “The NFM Salute was born from that promise to give back to those who have served us. The one year anniversary of the program is an important milestone as it allows us to reflect and reaffirm our commitment. Reading the stories of those who have served or are serving is a reminder to all of us of the sacrifice made for us by these men and women, and their families.”

NFM looks forward to the opportunity to continue to honor military and Veterans through the NFM Salute initiative. For more information, or to nominate a salute, visit www.nfmsalute.com.

LINTHICUM, MD, January 3, 2017— NFM Lending is pleased to honor Tom Wycall as the NFM Salute for January 2017.

Wycall served in the Navy from 1965 to 1968, and spent some 20 months offshore during the Vietnam War supporting operations in the Gulf of Tonkin. As a Gunnery Officer, his offshore ship supported shore bombardment, served as a plane guard for aircraft carriers, and as a search and rescue station for downed pilots and servicemen. Wycall worked his way from Ensign to Lieutenant during his 3 and a half years of service and won a Silver Star for writing the operational orders for the Search and Rescue Station located at the 18th Parallel outside of Hanoi.

NFM Salutes is an initiative in which one military member or Veteran is chosen each month to be honored as the “Salute of the Month.” Salutes are chosen from nominations on the NFM Salute 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. Wycall chose the Gary Sinise Foundation to receive this month’s donation.

Selected NFM Salutes may choose from one of the following four non-profits: Platoon 22, AnySoldier, Soldier’s Wish, and the Gary Sinise Foundation. NFM looks forward to the opportunity to continue to honor military and Veterans through the NFM Salute initiative.

LINTHICUM, MD, December 1, 2016— NFM Lending is pleased to honor Master Sergeant Joseph Bluver, Ret. as the NFM Salute for December 2016

Joseph joined the Illinois Air National Guard in 1984 at the age of 17. After graduating in 1985, he left for Lakeland Air Force Base (AFB) in San Antonio. While attending technical school training at Lowry AFB in Denver, he studied Air Force food service. During his first assignment with the 126^th Air Refueling Wing Services Flight, he began his career as an apprentice Cook, advancing quickly through the ranks to hold positions such as Senior Cook, Supervisor, and Food Production Manager.

In 1991, during Operation Desert Storm, Bluver was put on active duty, and stationed at Grissom Air Force Base in Indiana. He left the Illinois National Guard after 16 years and joined the Air Force Reserves. In 2000, he transferred to the Air Force Reserves 440^th Services Flight in Milwaukee. In 2003, during Operation Iraqi Freedom, Bluver was once again placed on active duty. He was stationed in North Dakota at Grand Forks Air Force Base attached to the 319^th Services Squadron, where he was the assigned Safety and Training Manager in areas such as lodging, base gym, and the dining hall. Bluver retired from the Air Force Reserves in 2004 after more than 20 years of service. Bluver was nominated by his wife, Terri Landey-Bluver whom he married in 1999. They live with their two sons in Lake in the Hills, Illinois.

“There isn’t anything Joe wouldn’t do for you,” said Landey-Bluver. “He would give you the shirt off his back if you asked him for it. He was always there for his servicemen. He would always go beyond on his duties. He was always the first to volunteer to go on a deployment, whether it was stateside or overseas. It was hard once we had children, but he was up for the challenge and continued his service for several years once we had kids. Joe is very committed to everything he does, and does it very well.”

NFM Salutes is an initiative in which one military member or Veteran is chosen each month to be honored as the “Salute of the Month.” Salutes are chosen from nominations on the NFM Salute 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. Bluver chose Platoon 22 to receive this month’s donation.

Recently, we answered the Top Five Questions About Jumbo Loans. This week, we will discuss VA loans. If you or your spouse is a Veteran or serving in the military and planning to purchase a home soon, these tips will help you decide whether a VA loan is right for you.

The Veterans Affairs (VA) loan program was introduced by the Servicemen’s Readjustment Act, also known as the GI Bill of Rights. These loans are insured by the United States Department of Veteran Affairs, and were designed to provide Veterans and service members with a federally guaranteed home loan with little or no down payment, so that they and their families can take part in the American Dream of homeownership.

Veterans and active duty service members are eligible for the VA loan program. The surviving unmarried spouse of a deceased Veteran may also be eligible for a VA loan. More information about eligibility for VA loans can be found on the VA website.

VA loan limits are the amount a qualified Veteran or active duty service member with full entitlement may be able to borrow without making a down payment. How much you can borrow with a VA loan will depend on your lender and the county you are buying your home in. The basic entitlement available to each eligible Veteran or active duty service member is $36,000; lenders will typically lend up to 4 times a Veteran’s available entitlement, if the Veteran’s income and credit qualify.

VA loans will finance up to 100% of your home purchase, meaning that you may be able to purchase a home with no down payment.

Most Veterans purchasing a home with a VA loan will be required to pay a VA funding fee. The purpose of this fee is to reduce the cost of the loan to taxpayers, as the VA loan requires no down payment and often no private mortgage insurance (PMI). The amount of the funding fee depends on the loan amount, loan type, and your military category. Some VA home buyers are exempt from having to pay the VA funding fee.

VA loans offer no down payment requirement (for qualifying consumers) and often do not require PMI. Additionally, Cash Out Refinance loans allow you to take out up to 95% of the appraised value of your home as determined by VA. Some states also offer additional resources to Veteran homeowners, such as property tax reductions.

If you are a Veteran or active duty service member, you may be able to take advantage of the benefits offered by the VA loan program. For more information about VA loans, please visit the VA website. If you have more questions about buying a home with a VA loan, contact one of our licensed Mortgage Loan Originators. If you are ready to begin the home buying process, click here to get started!

*100% financing is available, sales price cannot exceed the appraised value. ** Veterans Affairs loans require a 1^st time funding fee, which is based on various loan characteristics, your actual loan amount may be higher than the purchase price.

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Note: This blog was originally published in March 2013 and has been updated.

History

Benefits

Eligibility

VA Appraisals: What Are They Looking For?