Reverse Mortgage - Borrower must pay required taxes and insurance.
14 business day guarantee only applies to purchase transactions. This guarantee does not apply to Reverse Mortgages, FHA 203k, VA, Bond, MCC, loans that require prior approval from an investor, or brokered loans. The guarantee does not apply if events occur beyond the control of New American Funding, including but not limited to; appraised value, escrow or title delays, 2nd lien holder approval, short sale approval, or lender conditions that cannot be met by any party. The 14 business day trigger begins when the borrower’s initial application package is complete and the borrower has authorized credit card payment for the appraisal. If New American Funding fails to perform otherwise, a credit of $250 will be applied toward closing costs.
Skip 3 - Borrower will be responsible to prepay 3 months of principal at the time of closing. Regular payments will begin after three-month period. The seller will provide a concession (up to 6% of sales price for FHA & up to 4% of sales price for VA), which provides 3-month’s pre-payment of interest, monthly mortgage insurance (if applicable), proposed taxes and insurance (hazard, flood, etc.). Subject to borrower and property qualifications. Not all applicants will qualify. Terms and conditions are subject to change without notice. Due to maximum seller concession rules on purchase loans, the discount could be less than the specified amount in some cases where other concessions have been made to the consumer. Consult your loan officer with questions about these rules. Due to maximum seller concession rules on purchase loans, the discount could be less than the specified amount in some cases where other concessions have been made to the consumer.
FHA - Please call your local HUD office to verify or visit their web site at http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing. Current guidelines for FHA Financing can be found in HUD Handbook 4155.1, REV-4, CHG1, paragraphs 1-12.
New American Funding, NMLS# 6606, Georgia Residential Mortgage Licensee, License # 22564; Subject to borrower qualifications. Not all applicants will qualify. Terms and conditions subject to change without notice. 800-450-2010. 1/20.