First Time Homebuyer Guide - James Gardner

First Time Homebuyers Unlock the door to your dream home.

AgentFullName Title

JAMES GARDNER

Sr. Loan Consultant | NMLS# 237661 [[CellPhoneNumber]]

314-452-7552

[[SecondPhoneNumber]]

James.Gardner@NAFinc.com NAF.com/JamesGardner

AgentEmail

AgentWebsite

Please Select a state or blank.

Equal Housing Opportunity. This is not a loan commitment or guarantee of any kind. Terms and conditions apply. Subject to borrower and property qualifications. Not all applicants will qualify. Rates and terms are subject to change without notice. All mortgage loan products are subject to credit and property approval. © New American Funding, LLC. NMLS #6606. nmlsconsumeraccess.org. Corporate office 14511 Myford Rd., Ste 100, Tustin, CA 92780. Phone: (800) 450-2010.

First Time Homebuyers

Get a Smart Start

There is a lot to consider when buying a home, especially for the first time. Knowing how much you can afford makes searching for the right home faster and easier.

Equal Housing Opportunity. © New American Funding, LLC. NMLS #6606. nmlsconsumeraccess.org.

Corporate office 14511 Myford Rd., Ste 100, Tustin, CA 92780. Phone: (800) 450-2010.

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First Time Homebuyers

Nationwide Branches

In-House Processing, Underwriting, & Funding

Direct Lender / Seller / Servicer 24-48 Hour Turn Times & Up-front Credit Approval

Conventional

• Fixed and Adjustable • Purchase or Refinance

Jumbo

• Fixed and Adjustable • Purchase or Refinance

FHA

• Low Down Payment • Fixed and Adjustable

Reverse Mortgages • Fixed and Adjustable

• Purchase or Refinance

VA

• No PMI • No Down Payment • Lower Cost

Equal Housing Opportunity. © New American Funding, LLC. NMLS #6606. nmlsconsumeraccess.org.

Corporate office 14511 Myford Rd., Ste 100, Tustin, CA 92780. Phone: (800) 450-2010.

page 3 of 12

First Time Homebuyers

The Homebuying Process STEP 1:

Get pre-approved for a home loan

Imagine your dream home

Start home hunting with your Real Estate Agent

Make an offer on your dream home

Choose & apply for the right home loan

Negotiate price & terms, and get your offer accepted!

Negotiate any needed home repairs

Coordinate appraisal & home inspection

Sign loan & closing documents

Equal Housing Opportunity. © New American Funding, LLC. NMLS #6606. nmlsconsumeraccess.org.

Corporate office 14511 Myford Rd., Ste 100, Tustin, CA 92780. Phone: (800) 450-2010.

MOVE IN!

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First Time Homebuyers

Key Players in the Homebuying Process Loan Officer

Real Estate Agent

Insurance Agent

• Explains all loan options before you make any big decisions.

• Researches market trends to help you make the right offer.

• Provides proof of insurance to your lender.

• Collects any necessary documentation to help fund your loan.

• Keeps you informed on filling out paperwork and meeting deadlines.

Title & Escrow Officers

Home Inspector

Appraiser

• Helps evaluate what needs to be fixed or replaced.

• Estimates the market value of the home.

• Provides reports that help determine whether you should move forward or re-evaluate the terms of the sale.

• Measures your chosen home up against surrounding homes.

• Prequalifies you to determine how much you can borrow to buy a home.

• Ensures that there are no discrepancies related to the title of deed of the home.

• Checks and finalizes documentation before funds for the sale are transferred.

• Listens to your needs and helps you find exactly what you’re looking for in a home.

• Inspects the home for damages or issues.

Equal Housing Opportunity. © New American Funding, LLC. NMLS #6606. nmlsconsumeraccess.org.

Corporate office 14511 Myford Rd., Ste 100, Tustin, CA 92780. Phone: (800) 450-2010.

• Assesses your needs to help you find the best home owner’s insurance for your situation.

• Compares different criteria to determine the home’s value.

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First Time Homebuyers

Building your Credit Score Your credit score is a 3-digit number, between 300 and 850, that reflects your willingness to repay debt otherwise known as your creditworthiness.

Start small, and pay your charges in full at the end of the month.

Pay your bills on time and keep charges well within your limit.

Read your credit report regularly.

Consider getting a secured credit card, after 6 months request a limit increase.

Equal Housing Opportunity. © New American Funding, LLC. NMLS #6606. nmlsconsumeraccess.org.

Corporate office 14511 Myford Rd., Ste 100, Tustin, CA 92780. Phone: (800) 450-2010.

page 6 of 12

First Time Homebuyers

Did You Receive Additional Funds Beyond Your Base Pay? Examples: Overtime Commission Bonuses Second Job Seasonal Work Retirement Social Security Large Investments

Equal Housing Opportunity. © New American Funding, LLC. NMLS #6606. nmlsconsumeraccess.org.

Corporate office 14511 Myford Rd., Ste 100, Tustin, CA 92780. Phone: (800) 450-2010.

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First Time Homebuyers

Pre-Approval Documentation* Driver’s license and Social Security card Last 30 days paychecks and/or previous years W2s & tax returns

2 Monthly bank statements, quarterly brokerage statements (all Pages)

Previous years business tax returns (if self-employed) & Proof of additional income.

Child support, alimony, disability, & retirement

*additional documentation may be required.

Equal Housing Opportunity. © New American Funding, LLC. NMLS #6606. nmlsconsumeraccess.org.

Corporate office 14511 Myford Rd., Ste 100, Tustin, CA 92780. Phone: (800) 450-2010.

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First Time Homebuyers

Benefits to Home Buyers EQUITY

Opportunity to build equity over time.

PROFIT

If your home’s value increases, you could sell to make a profit.

TAX BENEFITS Tax write-offs available*

Equal Housing Opportunity. © New American Funding, LLC. NMLS #6606. nmlsconsumeraccess.org.

Corporate office 14511 Myford Rd., Ste 100, Tustin, CA 92780. Phone: (800) 450-2010.

UPGRADES

Ability to make changes to your property.

INVESTMENT

Your home can be passed down to your children/family.

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First Time Homebuyers

Down Payment & Closing Costs Savings/Assets Must be Documented No Unsecured Assets May Be Borrowed Gift Funds Acceptable

Low Down Payment Options FHA

• Low Down Payment • Fixed and Adjustable

Conventional

• Fixed and Adjustable • Purchase or Refinance

VA (No Down Payment)

VA Loans have no monthly mortgage insurance

Equal Housing Opportunity. © New American Funding, LLC. NMLS #6606. nmlsconsumeraccess.org.

Corporate office 14511 Myford Rd., Ste 100, Tustin, CA 92780. Phone: (800) 450-2010.

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First Time Homebuyers

Ready to take the next step?

Collect all documents.

Discuss your goals & qualifications with one of our licensed Loan Officers.

Have an Underwriter review documentation.

New American Funding will issue a Pre-Approval Letter.

Use your Pre-Approval letter to let sellers know your loan can be closed.

Equal Housing Opportunity. © New American Funding, LLC. NMLS #6606. nmlsconsumeraccess.org.

Corporate office 14511 Myford Rd., Ste 100, Tustin, CA 92780. Phone: (800) 450-2010.

page 11 of 12

LET’S CONNECT! AgentFullName Title

JAMES GARDNER

[[CellPhoneNumber]]

Sr. Loan Consultant | NMLS# 237661

[[SecondPhoneNumber]]

314-452-7552

AgentEmail

James.Gardner@NAFinc.com NAF.com/JamesGardner

AgentWebsite

Please Select a state or blank.

Equal Housing Opportunity. This is not a loan commitment or guarantee of any kind. Terms and conditions apply. Subject to borrower and property qualifications. Not all applicants will qualify. Rates and terms are subject to change without notice. All mortgage loan products are subject to credit and property approval. © New American Funding, LLC. NMLS #6606. nmlsconsumeraccess.org. Corporate office 14511 Myford Rd., Ste 100, Tustin, CA 92780. Phone: (800) 450-2010.