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Introducing HomeBuyer Boost

Jun 29
9:34
AM
Category | Prosperity News

Prosperity sets aside up to $1 million to help home buyers.

At Prosperity Home Mortgage, LLC, we are committed to helping responsible, creditworthy buyers achieve the goal of homeownership.  Earlier this year, we offered a program in which Prosperity clients qualified for $2.5 million in down payment or closing cost assistance.

Now, we are excited to announce that we are setting aside up to an additional $1 million in closing cost assistance for qualified, low-to-moderate income borrowers! This new incentive, HomeBuyer Boost, is a conventional loan with flexible terms, plus an additional Boost.  Take a look:

  • Low down payment available up to 97% financing for purchase of a primary residence (1-unit properties).
  • Flexible sources of funds can be used for the down payment and closing costs with no minimum contribution required from the borrower’s own funds (1-unit properties).
  • Income from all borrowers on the loan must be used to qualify. Income may not exceed 100% of the HUD area median income for the property’s location.1
  • Extended-income household may allow non-borrower income to be considered toward the borrower’s debt-to-income ratio when qualifying the borrower for the mortgage.2
  • Reduced Mortgage Insurance coverage requirements for loans with loan-to-values (LTV) greater than 90%, up to 97%.
  • Homeownership education helps buyers get ready to buy a home and be prepared for the responsibilities of homeownership.  The required training offers an easy-to-use, online course provided by Framework.

Now for the HomeBuyer Boost:

  • $1,000 program credit toward closing costs for clients who are at or below 80% of the area median income limit.3
  • $500 program credit to borrowers who get one-on-one homeownership education through a HUD-approved counseling agency prior to signing a purchase contract.4
  • Job loss protection for 2 years for eligible borrowers through MortgageAssureSM. This unemployment insurance can help cover up to 6 monthly mortgage payments in the event of an involuntary, unexpected job loss, to help borrowers avoid falling behind or defaulting on their mortgage.5

 

If you have more questions about our HomeBuyer Boost incentives, one of our mortgage consultants would be happy to speak with you.  Or, if you are ready to begin your loan application, apply on-line here!

 

 

 

 

HomeBuyer BOOST may not be the best mortgage product for all borrowers. Please consult your mortgage consultant to discuss your financing options.

1. Except for properties located in a low-income census tract.

2. Non-borrower income must be at least 30 percent of the total monthly qualifying income being used by the borrower(s). The non-borrower must 1) document his or her income, and 2) sign a statement of intent to reside with the borrower(s) for a minimum of 12 months. Other terms, conditions, and requirements may apply.

3. Borrowers are able to use program credit toward closing costs only. Excludes down payment assistance. All incentive offers valid on complete loan applications received between 06/27/2017 and 12/31/2017. Loan must close within 60 days from the date of loan application. This offer may not be used with any other offers.

4. Borrowers are not eligible for additional program credits if minimum borrower contribution is exceeded.

5. Radian MortgageAssureSM is available with borrower-paid mortgage insurance (BPMI) only. Radian MortgageAssureSM will provide up to 6 monthly mortgage payments, for a maximum monthly benefit of up to $1,500 or total protection of $9,000 during the two-year coverage period. Benefit is automatically provided on Radian-insured loans for primary, owner-occupied, single-family homes with loan-to-values of 95.01% - 97%, that meet the program guidelines.

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.


Prosperity surprises buyers with check to cover first mortgage payment.

We are delighted to share that Prosperity Home Mortgage, LLC (Prosperity) has closed its first residential Detroit home loan on June 16—just a few weeks after we officially began conducting business in Michigan! The purchasers, Anthony and Lana Sellors, received a great post-closing surprise, with Prosperity presenting them with a check for their first mortgage payment!

“Prosperity Home Mortgage is off to a spectacular start in the Detroit area, and we’re thrilled to close our first home loan in Michigan and help these two buyers achieve their homeownership dreams,” said Tim Wilson, CEO of Prosperity Home Mortgage, LLC. “I’m confident our commitment to offering exceptional customer service and competitive loan products will ensure our continued success in the Detroit area, helping us provide even more buyers with the total homeownership experience.”

The Sellors purchased a home in Chesterfield, Michigan, and mortgage consultants with Prosperity, Jeni Barchichat and David Knuth, guided them through the financing process. The Sellors also worked with Bill Finn, a real estate professional with Century 21 Town & Country.

Prosperity offers a wide range of mortgage products, including fixed and adjustable rate mortgages, and we are represented by mortgage consultants throughout 12 states and Washington, D.C. For more information our company, visit our About Us page!

 

 

 


All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia. NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.


Scotsman Guide Releases Top Mortgage Lenders 2016 Rankings

Great news! We’re pleased to share that Prosperity Home Mortgage, LLC (Prosperity) has been named one of the country’s top mortgage lenders by Scotsman Guide for the third year in a row!  Prosperity ranked No. 48 in overall volume on the 2016 Top Mortgage Lender list. Among lenders that focus solely on retail loans, Prosperity earned the 15th position with a 2016 volume of over $3.2 billion in funded loans.

Scotsman Guide, the leading resource for mortgage originators, has recently released its fifth annual Top Mortgage Lenders rankings on June 1. The list, which ranks the nation’s top mortgage-lending companies, appears in Scotsman Guide’s June 2017 residential edition, and all rankings are available online here.

Prosperity was ranked among entries from hundreds of mortgage companies across the country. To be eligible for consideration in Scotsman Guide’s Top Mortgage Lenders rankings, all loan volume had to be from mortgages on one- to four-unit residential properties within the United States. No commercial or international loans were included. After receiving submissions, Scotsman Guide required written verification of top entrants’ volume from a certified public accountant, the chief financial officer at the company or a similar source.

“We are honored to have been recognized once again by the Scotsman Guide as one of the top mortgage lenders in America,” said Tim Wilson, CEO of Prosperity. “It’s the dedication and hard work of our team, from our mortgage consultants to our underwriters, that enables us to achieve such success, and I’m confident that with our continued commitment to providing personalized and focused service to each and every Prosperity customer, we’ll remain one of the nation’s top lenders for years to come.”

Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies, shared similar comments. “Throughout our Long & Foster family, we strive to deliver our clients with the total homeownership experience and exceptional customer service. Rankings like these showcase not only the commitment our Prosperity team has made to achieve that goal, but also the wealth of knowledge, integrity and professionalism we bring to each and every transaction.”

Prosperity is committed to setting the highest standard for customer service and consistently exceeding our clients’ expectations.  Whether you are a home buyer, homeowner or real estate professional, we are ready to help guide you every step of the way to help ensure your home financing process with us is a smooth one.

For more information about Prosperity Home Mortgage, visit our About Us web page.

 

 

 

 

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.


When purchasing a home, did you know the mortgage interest rate you obtain can directly impact the loan amount for which you may qualify?

That's right!  In fact, the higher the loan amount, the more an interest rate may affect your buying power.

While your interest rate should not be the only consideration when buying a home, a lower rate can result in a higher purchase price and loan amount for which you may be approved.

 

Here’s how a lower interest rate can mean more buying power for you:

 

 

Example 1:

 

 

 

 

 

In this scenario — for a similar monthly principal & interest payment —
the lower interest rate yields a difference in buying power of $25,000!

 

 

Example 2:

 

 

 

 

 

In this scenario — for a similar monthly principal & interest payment —
the lower interest rate yields a difference in buying power of $50,000!

 


If you are planning to purchase a home, be sure to understand the costs in addition to your principal and interest mortgage payment such as property taxes, insurance, maintenance, repairs, and utilities.  Calcluate your monthly payments here:

 

Questions?  We're happy to help!  A local Prosperity Home Mortgage consultant can discuss how homeownership fits into your overall financial goal and help you make a sound financial decision.

 

 

 

Mortgage amounts are based on 30-year fixed rate conforming and jumbo conventional loans with a 20% down payment. Interest rates and annual percentage rates (APRs) are based on current market conditions, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables.

Examples are provided for educational and illustrative purposes only.  The payment amounts do not include homeowners insurance or property taxes, which must be paid in addition to your loan payment. Your actual payment may be higher. This is an illustration and does not reflect your actual loan information, cost or the exact interest rate for which you may qualify. Please contact us for current interest rates. Your loan’s interest rate will depend upon the specific characteristics of the loan transaction and your credit profile up to the time of closing. Estimated closing costs used in the APR calculation are assumed to be paid by the borrower at closing. If the closing costs are financed, the loan, APR and payment amounts will be higher. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. Speak with your mortgage consultant for more information regarding the content contained on this page.

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.


The VA Home Loan Advantage

May 26
12:46
PM
Category | Prosperity News

At Prosperity Home Mortgage, LLC (Prosperity), we proudly salute the commitment and sacrifice of servicemembers, veterans, and military families who have supported and defended our nation.  That is why on Veterans Day 2014, Prosperity began extending incentive offers—in addition to the beneficial features of a VA home loan—to help lower the cost of purchasing a home for veterans in need of housing within the communities we serve.

Since its inception on November 11, 2014, the program has been a tremendous success thanks to the many outstanding clients who have chosen to work with us to obtain home financing.

We are pleased to share that through the VA Home Loan Advantage, Prosperity has funded over 2,700 VA home loans and has provided over $3.9 million in waived origination fees and appraisal credits since the program began!

“With many veterans and military families in need of affordable housing, we recognized an opportunity to give back to our military service men and women. Not only can we offer veterans all the benefits of a VA home loan, but also we can provide them with additional incentives to help lower the cost of purchasing a home or even refinancing their existing home,” said Tim Wilson, CEO of Prosperity. “It’s just one of the many ways that our Prosperity family gives back to the communities in which we live and work.”

Ron Wivagg, National Sales Support Manager for Prosperity, expanded on Wilson’s thoughts.

“Prosperity has built a strong reputation among active military, veterans and their families for providing outstanding service and support. We are delighted to give back to this exceptional community of people, and we are eager to continue to deliver an extraordinary home financing experience to them,” said Wivagg.

Veterans, active duty servicemembers, or eligible military families who finance their home with a Veterans Affairs (VA) loan through Prosperity may be qualified to receive discounts and complimentary services.  Incentive offers include:

  • No loan origination fee (up to $1,085 value) through Prosperity Home Mortgage, LLC
  • Complimentary appraisal (up to $450 value)1

Additional incentive offers for settlement services and home inspections are also available in certain geographical locations.2,3  Ask your mortgage consultant to find out if additional incentives are available in your area!

 

Want to learn more about the VA Home Loan Advantage?  Contact a mortgage consultant near you!

 

 

 

 

1. Borrowers are eligible for a lender credit toward closing costs on the Closing Disclosure on a new purchase, secured by a first mortgage or deed of trust (New Loan), subject to qualification, approval and closing with Prosperity Home Mortgage, LLC. Loan must close within 90 days from the date of loan application. Discount may not exceed $450.00 for appraisal. Credit coupon must be presented at time of application and all eligibility requirements met no later than 2 days prior to the New Loan closing date. This discount is void where prohibited and is non-transferable, subject to the terms herein, and valid on all complete applications received on or before 06/30/2017.

2. $200 off settlement fees available through participating settlement services companies:  RGS Title (District of Columbia, Maryland, Virginia); Sage Title Group (District of Columbia, Maryland, Virginia); Settlement Pros (District of Columbia, Maryland, Virginia); Mid-States title of SWVA (Virginia); Bon Air/Long & Foster Title Agency, LLC (Virginia)

3. Home inspection services provided by US Inspect include a 10% discount and a 90-day home inspection guarantee to all Veteran borrowers obtaining VA loan financing with Prosperity Home Mortgage, LLC. The home inspection guarantee covers items that were inspected by US Inspect and found to be operating properly at time of inspection.  For limitation and exclusions, please see 90 day guarantee terms and conditions. Use coupon code “VALOAN” and call: (888) 874-6773

All Incentive offers valid on complete VA home loan applications received between 04/01/2017 and 06/30/2017. Loan must close within 90 days from the date of loan application. Only one discount permitted per New Loan.

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.


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