Realtor Presentation Booklet_Eric Staggs

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Experience Matters...

With many years of experience in the mortgage banking industry and extensive practice in originating home loans for both purchase & refinance, I am a firm believer in excellent customer service and offering the most competitive pricing. Through working with New American Funding, a Direct Lender, I have continued to be one of the most knowledgeable Loan Consultants in the area.

Eric Staggs

Sr. Loan Consultant NMLS# 1366492 317.340.0107 Eric.Staggs@NAFinc.com

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Milestone Updates New American Funding keeps you top of mind with co-branded Loan Status update emails to keep the client in the loop every step of the way.

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Co-branded closing cards are mailed to our mutual clients with information on how to download closing documents.

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Personalized co-branded greeting cards sent to clients for years after a loan closes on birthdays, holidays and loan anniversaries.

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Connectivity. Visibility. Control.

What is NAF Connect?

NAFConnect is a platform for Real Estate Agents (REA) to connect to NAF Loan Officers.

Client Management

Document Tracking

Loan Updates

Pre-Approval Letters

Help clients navigate the loan process and communicate with New American Funding.

View your client's loan status and receive notifications as it moves across key milestones.

Notifications

See documents needed by the New American Funding processing team.

Generate, edit, and download pre-approval letters at the click of a button.

Receive notifications when new milestones are completed and watch real-time loan status updates to keep you and your client up-to-date on the status of their loan.

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NMLS#6606

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Dedicated Marketing Team

• Print Mail • Doorhangers • Listing Booklets • Flyers

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• Luxury Business Cards • Buyer and Seller Booklets • Listing/Open House Materials • Agent Signage

AND MUCH MORE...

Meet the Midwest Marketing and Video Team

Lori Wolff

Christine Zobel

Madalyn Kuzniar

Lori.Wolff@NAFinc.com

Christine.Zobel@NAFinc.com

Madalyn.Kuzniar@NAFinc.com

April Sita

Brady Griffin

Bryn Boston

April.Sita@NAFinc.com

Brady.Griffin@NAFinc.com

Bryn.Boston@NAFinc.com

Regional Marketing Manager

Graphic Designer

Senior Graphic Designer

Senior Marketing Specialist

Marketing Specialist

Casey Morton

Kyle Nowakowski

Casey.Morton@NAFinc.com

Kyle.Nowakowski@NAFinc.com

Production Team Lead

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Graphic Designer

Marketing Coordinator

MidwestMarketing@NAFinc.com

PRINT MAIL

BE PAM-PURRED

WHEN selling YOUR HOME Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat.

Duis autem vel eum iriure dolor in hendrerit in vulputate velit esse molestie consequat, vel illum dolore eu feugiat nulla facilisis at vero eros et accumsan et iusto odio dignissim qui

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DOORHANGERS happy

Valentine’s Helping Families Find Their Dream Home!

Market Report MAY 2024

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Homes Sold

$565 Price Per SqFt

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Under Contract

$780K

Average Sales Price

150

Active Listings

10

Average Days On Market

CITY NAME

Open House OPEN HOUSE

FI

1 First C

IN PROGRESS

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ȷȋȎȀȲȷȚ /ȎȜȚ 52 52

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PLEASE COME RIGHT IN COMPANY

NAME

FI

1 First.L NA

LLC and Compan

LISTING BOOKLETS

AST

®

890 any.com com

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tant 567

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vertisement. 05/2023.

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DIGITAL FLIPBOOKS Turn any of our booklets into a virtual flipbook to send digitally to clients via text or email.

Scan to see an example.

First Time Homebuyers Unlock the door to your dream home.

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,

LUXURY BUSINESS CARDS

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LISTING EXAMPLES

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EDDM INSTRUCTIONS

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WHAT ARE EDDMS? With Every Door Direct Mail® (EDDM®) service from the U.S. Postal Service®, you can get help reaching potential customers in nearby neighborhoods—and you don’t even need to know names or street addresses. Simply identify the delivery routes you want to reach, prepare your mailpieces, drop off your mailpieces with us, and we’ll deliver the printed pieces to the active addresses in your designated area.

REGISTRATION:

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1

Go to https://eddm.usps.com/eddm/select-routes.htm

2

Select register/sign in within the global header.

3

Click

4

Select [create account].

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After your new USPS.com® account has been created,

Sign in here!

You will be taken to the registration page.

Note: Existing customers, enter your username and password.

Sign Up Now

& enter all of the required information.

you will automatically be redirected to the online mapping tool so you can begin to create your order.

LET’S GET STARTED!

ENTER STARTING LOCATION: 1

Begin your search to determine your mailing audience.

You can search by street address, city and state, or ZIP Code™ by entering in your search criteria into the text field within the search location box and selecting the magnifying glass button or hitting [Enter] on your keyboard.

Note: If searching by city and state, you may be presented with the option to select up to five ZIP Code™ locations to target for delivery. This is accomplished by selecting the checkboxes that appear to the left of each ZIP Code™. It is also possible your search will result in more than one address result. If this is the case, you will need to select the appropriate address When you are ready, click this button!

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Results are displayed on the route table and map.

Selecting routes is covered on the next section.

CHOOSE YOUR ROUTES

Select the routes you would like to send EDDMs to simply by clicking on the pink highlighted streets. Once selected, they will turn blue.

Results of your selection are displayed in the route table by indicating the total routes and the total possible deliveries. Selecting the [View as Table] tab will reveal the table overlaid on the map.

when you hover the mouse over a route on the map it will tell you at the top how many addresses are on that route, the price & if it is a business or residential

2 3 4

The ‘Order summary’ box on the right will approximate mailing cost and total mailpieces Once your desired routes are selected, click

Next Step

This will redirect you to a page to enter your drop-off date* and your payment options *If the design has been approved, please allow 5 days for printing. We suggest choosing a date in the upcoming week.

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1

WHAT DO I DO NEXT? After you have chosen your routes and selected a drop-off date and payment option, you will be redirected to a ‘Thank you for your order’ page.

If you would like us to bundle your mailpieces for you, please download & email MidwestMarketing@nafinc.com the facing slips and mailing statement.

We need both!

Facing slip

Mailing Statement

THATS IT! YOU’RE DONE!

Please feel free to reach out to MidwestMarketing@nafinc.com for any questions or concerns.

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Submit requests to: MidwestMarketing@nafinc.com

We cannot start designing until we have received all information.

Loan Officer:

Agent Name:

NMLS#:

Company Name:

Title:

Title:

Office #:

Office #:

Cell #:

Cell #:

Email:

Email:

Website:

Website:

SCORE Team

LO Only

217 Mortgage

EHLT

Parker Mortgage

Co-Branded

(Please include headshot & logo if first time requesting a design)

Need by Date*:

Quantity:

Link to Photos:

(If applicable; we can NOT use realtor.com, zillow.com, or similar site links because of RESPA)

Have you created this design yourself? If so, please share the working file in your email, or include your editable canva link here: EDDM (8.5 x 7) Every Door Direct Mail

Luxury Mailer (6x11)

Postcard (8.5 x 5.5)

Door Hanger (4.25x11)

with addresses**

EDDM with addresses**

Flyer (8.5 x 11)

Social Media

Luxury Business Card

Open House Listing Booklet

Trifold (6x11 folded; 11x17 unfolded) NOTE: These have an increased turn time

And Story Version

4 pg. (20 photos required minimum) 8 pg. (40 photos required minimum)

Explanation of design request:

(Include exact verbiage/specifics/etc. NOTE: the marketing team are not loan officers/real estate agents and will need EXACT verbiage for any programs/home descriptions/etc. you may want to include)

You will be notified when your design is approved or on-hold.

Turn times vary. PROOF turn times and PRINT turn times are not always the same.

* Any design request sent after 2:30pm CST will count as next work-day submittal. These turn times begin at 9am CST next work-day. ** If providing addresses, please include a comma delimited (CSV) Excel file with headers such as Name, Address, City, State, Zip. ***All New Designs will need to be sent to OLA Marketing for compliance approval which can increase turn around time.

Please review all design proofs carefully. Edits after approval will incur a charge of $0.20 p/p for reprints.

Printing will not begin until we receive an approval to print.

Ship Order to:

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Loan Programs

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Your Purchase Lender Standard Programs Conventional • • • •

Down Payment as Low as 3% Fixed or Adjustable Rates Down Payment Assistance Programs Available Non-Occupying Co-Borrowers Allowed

FHA • • • •

Down Payment as Low as 3.5% Lower Credit Score Flexibility Higher Allowable Debt to Income Ratios 100% Financing with DPA

VA • • •

100% Financing No Monthly Mortgage Insurance Premiums Flexible Underwriting Guidelines

USDA • • •

100% Financing Lower Credit Score Flexibility Gifts for Closing Costs Allowed

Jumbo • • • •

Borrow up to $3 Million Credit Score as Low as 700 Eligible for Primary Residence, Second Home or Investment Property Warrantable and Non-Warrantable Condos Permitted

Renovation • • • •

NMLS#6606

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FHA and Conventional Programs Purchase or Refinance Principal Residence, Second Home or Investment Property Ability to Finance Repairs and Home Improvements

Specialty Programs •

NAF Cash

Allows Buyer to Become a Cash Buyer • Buyer Can Purchase New Home Without Selling Current Home • Conventional and VA Loans Allowable

Lock In & Float

•

• Lock In Your Rate - Rate Can’t Increase If Rates Improve during Locked Period, You Can Float Down to a Better Rate

•

• •

Bank Statement Program

Self Employed Borrowers can use Business Bank Statements to Qualify Purchase New Home Without Selling Current Home – Exclude Payment in Debt to Income Ratio • Purchase, Refinance or Cash-Out Primary, Second Home or Investment Property Eligible

•

NAF Bridge Loan

Use Equity From Your Existing Home Towards the Purchase of a New Home • Ability to Present a Strong Non-Contingent Offer, Giving You a Competitive Edge in the Market • No Monthly Payments During the Loan Term Reducing the Financial Stress of managing Two Mortgage Payments

Buydown Options

•

• Lower Interest Rate for the First Few Years of Mortgage Available on Conventional, FHA VA and USDA Loan Products • 1/0, 1/1/1, 2/1, and 3/2/1 Buydown Options Available

•

Down Payment Assistance

Additional Funds for Down Payment and Closing Costs • NAF Goal Grant • Chenoa • NAF Pathway Programs • Freddie Mac BorrowSmartSM

Recast Option

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• Borrower can Reduce the Principal Balance • New American Funding will Re-Amortize the Loan based on the Remaining Term and Payments will be Reduced Multiple Recasts can be Completed during the Life of the Loan • PMI can be Eliminated in Some Scenarios

LICENSED IN ALL 50 STATES

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NMLS#6606

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The New Way to Buy a Home

New American Funding Can Show You How to Turn Your Clients into Cash Buyers Buying in cash means convenience, certainty, and may mean cost savings too. In fact, buying in cash may help your clients save up to 11% over those using a traditional mortgage.1 With NAF Cash, an affiliated company of New American Funding, your buyer can make a competitive, true cash offer that is not contingent on financing and close in as little as seven days.

You know what that means for you.

BENEFITS • Clients can buy their new home before selling their current home • Sellers may be more likely to offer concessions to cash buyers • Get commissions quickly • Use potential savings to buy down interest rate • No fees for agents • Close on more homes faster

NMLS#6606

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Turn Your Clients Into Cash Buyers Follow these steps to make your buyer a cash buyer with NAF Cash!

STEP 1

Get Certified Join a FREE 45-minute NAF Cash LLC training.

STEP 2

Get Your Client Pre-Approved Get your client pre-approved with New American Funding!

STEP 3

Complete NAF Cash Documents Work with your NAF Cash Transaction Coordinator to submit the required documents.

STEP 4

Get Ready to Write Cash Offers Your NAF Cash Transaction Coordinator will notify you once the client has been approved and they can begin making a cash offer.

STEP 5

Offer Accepted Close and move in quickly! At this point, you will work closely with your NAF Cash Transaction Coordinator.

#makeyourbuyeracashbuyer 28

Sign Up For Our Certification Course

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Saving for a down payment on a home?

Make your dream a reality.

We understand that saving for a down payment can be challenging and takes time.

Introducing the NAF Goal Grant! This new grant is designed to help low income individuals and families achieve the dream of owning a home by providing $2,500 in down payment and closing cost assistance.

GRANT HIGHLIGHTS

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�

Primary residence

�

As little as 3% down payment

�

Fixed-rate loans

�

Credit score as low as 620

Give Your Clients More Reasons to Buy that Fixer-Upper A renovation mortgage offers your clients the financial flexibility to meet their home improvement needs for a wide variety of renovation projects, from repairs and energy updates to landscaping and luxury upgrades. This renovation loan includes financing in their conventional purchase or refinanced home loan.

HIGHLIGHTS •

Purchase the home and include rehabilitation costs in the same transaction

•

Finance up to 97% of the “After Improved” appraised value

•

Occupancy types include primary residence, second home, or investment properties

•

No minimum repair amount

•

The maximum repair amount is 75% of the “After Improved” appraised value of the property

NMLS#6606

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We can help your buyers with

Jumbo Home Loans from New American Funding

If your clients want a home in a premium neighborhood, are ready to buy a vacation home, or want to expand their real estate portfolio, our flexible Jumbo loans could be just what they need. With loans up to $5 million and alternative qualifying income options, your clients can buy more with New American Funding!

OUR JUMBO HOME LOANS DELIVER MORE! Up to $5 million Down payments of as little as 10% Debt-to-income ratio up to 50% Credit score as low as 620 Cash-out Refi up to 85% Options for bank statements, 1099, asset verification, and DSCR Primary, secondary, & investment properties Available for 1 - 4 unit single-family, condos, modular homes, and townhomes NMLS#6606

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Do You Have Buyers Ready For a Bigger Home,

Investment Property,

or Vacation Home?

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PATHWAY PLUS

Clients With Little to No Down Payment?

Our Pathway PLUS could be the answer!

Eligible borrowers can get up to $7,500 in down payment and closing costs that they don’t have to pay back. This is truly free money for your eligible borrower. Making it easier for you to be their hero by helping them get into the home of their dreams.

HIGHLIGHTS •

Up to $7,500 in Down Payment & Closing Cost Assistance

•

First-time buyers

•

1 unit, single-family home

•

No income limitations

•

As little as 3% down

•

Minimum credit score of 620

•

Can be combined with other DPA programs

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LOAN PRODUCTS INCLUDE •

30-year fixed-rate loan

•

Seller-Paid 2-1 buydown

•

Seller-Paid 3-2-1 buydown

Help your buyers

achieve the dream of

homeownership Introducing our

Pathway 100 Program!

HIGHLIGHTS Down Payment Assistance available for 3.5% or 5%

With New American Funding’s Pathway 100 Program, eligible buyers could receive up to 100% financing, to be used for down payment, closing costs, and prepaid items.

There are no income restrictions or first-time buyer requirements!

Eligibility based on FHA 203(b) & USDA guidelines Minimum FICO 620 Owner-occupied purchase transactions only High balance loans available Temporary rate buydowns available

PROPERTY TYPES

Single family homes 2-units

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Condos

PUDs Manufactured homes

Mortgage Recasting: What You Should Know A mortgage recasting, or loan recast, is when a borrower makes a large, lump-sum payment toward the principal balance of their mortgage and the lender, in turn, reamortizes the loan. This means that your loan and payments are reduced to reflect the new balance. It allows borrowers the opportunity to close with just 5% down. Once the current home is sold, borrower can recast to use the proceeds from the sale to buy down the principle balance to reduce monthly payment and eliminate PMI.

Recasting Highlights:

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•

Minimum of $5000 principal reduction

•

$300 Nominal fee

•

Borrower can reduce the principal balance

•

New American Funding will re-amortize the loan based on the remaining term and payments will be reduced

•

Recast for Conventional Loan (Freddie Mac and Fannie Mae)

•

Multiple Recasts can be completed during the life of the loan

•

Only one document is needed for recast: Borrowers must provide a Recast Modification Agreement which they will execute and have notarized

•

The first principal and interest payment must be made on the original note

•

PMI can be eliminated in some scenarios

Buydown Programs

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Temporary Buydown A temporary buydown lowers the effective interest rate for the first few years of the mortgage.

This reduction is a result of the deposit of a lump sum into an escrow account, a portion of which is released each month to reduce the borrower’s payments. Temporary Buydowns can be used on Conventional, FHA, VA, and USDA Loan Products.

These pages will focus on the Seller Paid Buydown.

Buydown Options 1/1/1 BUYDOWN

1/0 BUYDOWN

Year 1 - Monthly Payment calculated using a Rate 1% below Note Rate Year 2-30 - Monthly Payment would be calculated at the Note Rate EXAMPLE: Note Rate 6.625% Year 1 Rate 5.625% Year 2-30 Rate 6.625%

2/1 BUYDOWN

Year 1 - Monthly Payment calculated using a Rate 2% below Note Rate Year 2 - Monthly Payment would be calculated at 1% below Note Rate

Year 4-30 - Monthly Payment would be calculated at the Note Rate EXAMPLE: Note Rate 6.625% Year 1-3 Rate 5.625% Year 4-30 Rate 6.625%

3/2/1 BUYDOWN

Year 1 - Monthly Payment calculated using a Rate 3% below Note Rate Year 2 - Monthly Payment calculated using a Rate 2% below Note Rate Year 3 - Monthly Payment calculated using a Rate 1% below Note Rate

Year 3-30 - Monthly Payment would be calculated at the Note Rate

Year 4-30 - Monthly Payment would be calculated at the Note Rate

EXAMPLE:

EXAMPLE:

Note Rate 6.625% Year 1 Rate 4.625% Year 2 Rate 5.625% Year 3-30 Rate 6.625% 38

Year 1-3 - Monthly Payment calculated using a Rate 1% below Note Rate

Note Rate 6.625% Year 1 Rate 3.625% Year 2 Rate 4.625% Year 3 Rate 5.625% Year 4-30 Rate 6.625%

Calculating Buydown Cost The cost of the Buydown is simply the difference between the BUYDOWN PAYMENT and the P&I PAYMENT using the Note Rate.

The COST for the Seller is equal to the SAVINGS for the Buyer.

See examples below.

COST OF 1/0 BUYDOWN EXAMPLE

Sales Price:

$400,000

Loan Amount:

$320,000

Note Rate:

6.625%

P&I Payment:

$2,049.00

1st Year Rate:

5.625%

1st Year P&I Payment:

$1,842.10

Buyer Monthly Savings $206.90

Cost Year 1: $2,049.00 - $1,842.10 = $206.90 X 12 Months = $2,482.80 TOTAL COST OF BUYDOWN = $2,482.80

COST OF 2/1 BUYDOWN EXAMPLE

Sales Price:

$400,000

Loan Amount:

$320,000

Buyer Monthly Savings

Note Rate:

6.625%

P&I Payment:

$2,049.00

1st Year Rate:

4.625%

1st Year P&I Payment:

$1,645.25

$403.75

2nd Year Rate:

5.625%

2nd Year P&I Payment:

$1,842.10

$206.90

Cost Year 1: $2,049.00 - $1,645.25 = $403.75 X 12 Months = $4,845.00 Cost Year 2: $2,049.00 - $1,842.10 = $206.90 X 12 Months = $2,482.80 TOTAL COST OF BUYDOWN = $7,327.80

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Calculating Buydown Cost example cont.

COST OF 3/2/1 BUYDOWN EXAMPLE

Sales Price:

$400,000

Loan Amount:

$320,000

Buyer Monthly Savings

Note Rate:

6.625%

P&I Payment:

$2,049.00

1st Year Rate:

3.625%

1st Year P&I Payment:

$1,459.30

$589.64

2nd Year Rate:

4.625%

2nd Year P&I Payment:

$1,645.25

$403.75

3rd Year Rate:

5.625%

3rd Year P&I Payment:

$1,842.10

$206.90

Cost Year 1: $2,049.00 - $1,459.30 = $589.64 X 12 Months = $7,075.68 Cost Year 2: $2,049.00 - $1,645.25 = $403.75 X 12 Months = $4,845.00 Cost Year 3: $2,049.00 - $1,842.10 = $206.90 X 12 Months = $2,482.80 TOTAL COST OF BUYDOWN = $14,403.48

COST OF 1/1/1 BUYDOWN EXAMPLE

Sales Price:

$400,000

Loan Amount:

$320,000

Note Rate:

6.625%

P&I Payment:

$2,049.00

1st - 3rd Year Rate:

5.625%

1st Year P&I Payment:

$1,842.10

Buyer Monthly Savings $206.90

Cost Year 1-3: $2,049.00 - $1,842.10 = $206.90 X 36 Months = $7,448.40 TOTAL COST OF BUYDOWN = $7,448.40

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Compare Buydown Savings to Lowering Sales Price by $10,000

Sales Price:

$400,000

Loan Amount:

$320,000

Note Rate:

6.625%

P&I Payment:

$2,049.00

P&I Payment with $400,000 Sales Price = $2,049.00 P&I Payment with $390,000 Sales Price = $1,997.77 DIFFERENCE IN P&I PAYMENT = $51.23

Check out the difference in savings!

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Compare Buydown Savings cont.

2/1 BUYDOWN - BUYER MONTHLY SAVINGS ILLUSTRATION

HOUSE A

Sales Price:

$400,000

Down Payment:

$80,000

Loan Amount:

$320,000

1st Year Rate:

4.625%

1st Year P&I:

$1,645.25

2nd Year Rate:

5.625%

2nd Year P&I:

$1,842.10

Sales Price:

$390,000

Down Payment:

$78,000

Loan Amount:

$312,000

Interest Rate:

6.625%

P&I Payment:

$1,997.71

HOUSE B

1st Year - Buyer of House B is saving $403.75 per month Compared to Buyer of House A Savings of $51.23 per month 2nd Year - Buyer of House B is saving $206.90 per month Compared to Buyer of House A Savings of $51.23 per month 42

Marketing Available

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Your Weekend Lender F R I D AY • S AT U R D AY • S U N D AY

We’re Ready for your call!

Our entire team is on-call and available to assist you & your clients with their lending needs!

• Fast Preapprovals • Rate & Program Flyers • Open House Materials • Attend Open House • Broker Previews

NMLS#6606

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Closing Costs How much can a seller pay towards closing costs?

Loan Type

Property Type

Down Payment

Contribution Type

Max Seller Contribution

Conventional

Primary & Secondary Home

Less than 10% 10% - 25% More than 25%

Closing Costs, Prepaid Items, & Discount Points

3% 6% 9%

3.5% or More

Closing Costs, Prepaid Items, & Discount Points

6%

FHA

VA

USDA

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Primary

Primary

Primary

N/A

N/A

NMLS#6606

Closing Costs, Unlimited Prepaid Items, (Up to 2 & Discount Points Discount Points) Can Include Debt Payoff

4%

Closing Costs, Prepaid Items, & Discount Points

6%

YOUR PATH TO LOAN APPROVAL Save for a down payment

The more you save, the lower your monthly mortgage payment will be. Link your bank account, monitor your spending, gain spending insights, and create a budget.

Optimize your credit strengthen your credit and correct any errors. Work with a loan coach who knows credit like their ABCs.

Reduce your debt-to-income

The amount of debt you have compared to your income is one of the most important factors for

Why We Are Different • Get a $500 lender credit if you close on a home with New American Funding within two years of signing up with Uqual.

• Get access to 1:1 coaching from a team of experts who is obsessed with your loan success.

• Gain access to a Loan Readiness Score that shows you how close you are to reaching your loan goal.

How Uqual Works

1. WE MAKE A PLAN

It starts with a 1:1 call with an expert, giving you a clear path forward. Using artificial intelligence, we analyze your finances to create a strategy that will guide you on your path to loan readiness.

2. WE WORK TOGETHER

When we’re on your side, you’re on your way. We include an Action Plan that shows you step by step what you need to do to progress towards your goals. Plus, we accompany you to encourage and coach you throughout your journey.

3. YOU BECOME LOAN READY

We don’t just help you achieve your mortgage, we empower your financial future. As you progress in our program, you open new doors of opportunity to create wealth and be the best version of you, relieved of financial stress.

NMLS#6606

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READY TO GET STARTED?

Talk to your New American Funding loan officer today

Cheat Sheet What?

Fannie

Freddie

FHA

Foreclosure

7 Yrs

7 Yrs

3 Yrs

Short Sale

2 Yrs/4 Yrs LTV Restrictions & Ext Circumstances

2 Yrs/4 Yrs LTV Restrictions & Ext Circumstances

CH 7 BKCY

4 Yrs from Discharge

4 Yrs from Discharge

2 Yrs from Discharge

Ch 13 BKCY

2 Yrs from Discharge Date; 4 Yrs from Dismissal

2 Yrs from Discharge

1 Yr of the payout must elapse and pmt history must be satisfactory

Minimum Credit Score

2 Yr Exception Possible

580

620

620

3% First Time Homebuyer

3% First Time Homebuyer 5% If Borrower Owned Property in Most Recent 3 Years

3.5%

Maximum Loan Amount

$806,500

$806,500

$524,225

Seller Concessions

3% (>90.1% LTV) 6% (75.01-90%LTV) 9% (≤75% LTV)

3% (>90.1% LTV) 6% (75.01-90%LTV) 9% (≤75% LTV)

6%

Minimum Down Payment

NMLS#6606

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3 Yrs

5% If Borrower Owned Property in Most Recent 3 Years

500-579 scores permitted w/ additional factors

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What?

VA

USDA

Jumbo

Foreclosure

2 Yrs

3 Yrs

Investor Specific

Short Sale

Underwriter Discretion

3 Yrs

Investor Specific

CH 7 BKCY

2 Yrs from Discharge

3 Yrs from Discharge

Investor Specific

Ch 13 BKCY

1 Yr of the payout must elapse and pmt history must be satisfactory

3 Yrs from Discharge

Usually 4-7 Yrs From Completion

Minimum Credit Score

580 Scores under 580 permitted w/ additional factors

580

660

Minimum Down Payment

0%

0%

10%

Maximum Loan Amount

No Maximum Loan Amount With Full Eligibility

Maximum Loan Amount Determined by USDA Income and Ratio Limits

$3M with 10% Down Payment, $5M with 20% Down Payment

Seller Concessions

4%

6%

Investor Specific

Notes

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COMPARING RENOVATION LOAN OPTIONS

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Based on FHA County Loan Limits

Up to $35k which will include the renovation costs, contingency and allowable fees.

No minimum

Same as Standard 203(k)

Not Required

Up to allowable loan limits including cost of home upgrades, contingency reserves and allowable fees.

$5,000

Must commence within 30 days of closing and be completed within 6 mos.

Required to review contractor bid and complete formal write up on the project. completing all progress inspections throughout project.

MAXIMUM REPAIR COSTS

MINIMUM REPAIR COSTS

REPAIR COMMENCEMENT /COMPLETION

HUD CONSULTANT

FHA FHA LIMITED 203(K) STANDARD 203(K)

Based on FHA County Loan Limits

FINANCING OPTIONS

LOAN LIMITS

51 Up to Max. Conforming/High Balance Loan Limits

Up to Max. Conforming/High Balance Loan Limits

Required

Must be completed within 12 months of closing.

No minimum

Not required

Must be completed within 9 months of closing.

No minimum

Up to allowable loan Up to allowable loan limits including cost of limits including cost of home repairs/ home repairs/ improvements. Total improvements. financed renovations Total financed cannot exceed 75% of renovations cannot the lesser of purchase exceed 75% of the lesser price + total renovation of purchase price + total cost, or “as completed” renovation cost, or “as appraised value. For completed” appraised manufactured homes value. For manufactured this is limited to the homes this is limited to lesser of $50,000 or 50% the lesser of $50,000 or of the “as completed” 50% of the “as completed” appraised value. appraised value.

FREDDIE CHOICERENOVATION®

FANNIE MAE HOMESTYLE®

Not required

Must be completed within 120 days of closing.

No minimum

Total financed renovations cannot exceed 10% of the lesser of purchase price + total renovation cost, or “as completed” appraised value. If property is located in a Duty to Serve High Needs Area, this can be increased to 15%.

For manufactured homes this is limited to the lesser of $50,000 or 10% of the “as completed” appraised value (increase to 15% if property located in Duty to Serve High Needs area).

Up to Max. Conforming/High Balance Loan Limits

FREDDIE CHOICERENO® EXPRESS

FINANCING OPTIONS

ELIGIBLE PROPERTIES Same as FHA Standard 203(k)

Complete tear down & reconstruction.

Alterations to allow for commercial or business use. New construction.

Purchase of personal property (built in appliances allowed).

Complete tear down & reconstruction.

Alterations to allow for commercial or business use. New construction.

Purchase of personal property (built in appliances allowed).

Terms and conditions apply. Subject to borrower and property qualifications. Not all applicants will qualify. This is not a loan commitment or guarantee of any kind. Rates and terms are subject to change without notice. NMLS #6606. © New American Funding, LLC. Corporate office 14511 Myford Rd., Suite 100 Tustin, CA 92780. Phone (800) 450-2010. http://nmlsconsumeraccess.org. 05/2024.

INELIGIBLE IMPROVEMENTS

1-4 Unit primary 1 unit 2nd home 1 unit investment property PUD, condo, leasehold estate Manufactured home provided subject remains in compliance with HUD’s property acceptability criteria and all Freddie Mac requirements Accessory Dwelling Unit (ADU), including a manufactured home ADU

1-4 Units 1 Unit 2nd Home 1 Unit Investment Condo/PUD Manufactured Home (provided improvements do not require structural changes) Newly built home when the home is at least 90% complete. The remaining improvements must be related to completing non-structural items the original builder was unable to finish.

Luxury items, including new swimming pools, hot tubs, outdoor fireplaces, gazebos.

Existing inground Same as FHA 203k swimming pools may be Standard, plus no repaired. Complete tear down & reconstruction. structural alterations or foundation repair.

Alterations to allow for commercial or business use. New construction.

Purchase of personal property (built in appliances allowed).

SFR 2-4 Units HUD REO PUD FHA Approved Condo Bank owned REO All properties must be completed with a min. of 12 mos. since Certificate of Occupancy Manufactured home double wide or larger

CONTINGENCY RESERVE

Complete tear down & reconstruction.

Alterations to allow for commercial or business use. New construction.

Purchase of personal property (built in appliances allowed).

Required. Ranges from 10-20% depending on the project. May be financed or paid in cash.

Required. Ranges from 10-20% depending on the project. May be financed or paid in cash.

Required. Ranges from Required. Ranges from 10-20% depending on 10-15% depending on the the project. May be project. May be financed financed or paid in or paid in cash. cash.

1-4 Unit primary 1 unit 2nd home 1 unit investment property PUD, condo, leasehold estate Manufactured home provided subject remains in compliance with HUD’s property acceptability criteria and all Freddie Mac requirements Accessory Dwelling Unit (ADU), including a manufactured home ADU

FREDDIE CHOICERENO® EXPRESS

FANNIE MAE HOMESTYLE® FREDDIE CHOICERENOVATION®

FHA FHA LIMITED 203(K) STANDARD 203(K)

Required. Ranges from 10-20% depending on the project. May be financed or paid in cash.

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

Buydown Program Disclaimer: Rate and payment information for example purposes only.

Lock In & Float Disclaimer: Float Down options subject to additional terms and conditions, ask a New American Funding Loan Officer for more information.

Borrower must pay required taxes and insurance.

Pathway Plus Disclaimer: Credit up to $7,500 maximum. Due to maximum seller concession rules applicable to purchase loan transactions, this credit could be less than $7,500 in some cases where other concessions have been made to the consumer.

Renovation Loan Disclaimer: Homestyle ® is a registered trademark of Fannie Mae. Homeownership education required by one borrower if all borrowers are first-time homebuyers.

NAF Cash Disclaimer: https://www.newamericanfunding.com/legal/statelicensing/. NAF Cash is fulfilled by NAF Cash, LLC, an affiliated real estate company of New American Funding that is managed and operated in compliance with applicable legal and regulatory requirements. NAF Cash, LLC. MI Real Estate Broker #6502431375. NAF Cash, LLC does not originate loans or issue loan commitments. NAF Cash, LLC charges a Transaction Fee of 1.5%-3.5% of purchase price for its service (fee varies by state). Terms and conditions apply, not available in all states. 41050 W 11 Mile Rd, Ste 220, Novi, MI, 48375. Phone 844-344-0531.

NAF Goal Grant Disclaimer: 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. NMLS #6606.

NAF Bridge Loan not available in TX or MA. 1/2025.

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