Want to help your home financing process go more smoothly?  Once you've received a home loan approval, simply understanding issues that can impact the financing process is important. The following topics address potential challenges that may delay your closing date or even impact your ability to obtain a mortgage.

Follow these tips for a smoother financing process:¹

DON’T hesitate to inform your mortgage consultant before making changes to your employment.

DON’T stop making payments on existing accounts.

DON’T make major purchases with credit, co-sign another loan, or max out existing credit cards.

DON’T assume closing existing lines of credit or paying off collections or charge-offs will improve your credit score.

DON’T deplete savings to pay off credit debts.

DON’T make large deposits into your bank account(s).

DON’T change bank accounts or transfer funds within existing accounts.

DON’T hesitate to contact your mortgage consultant if you are concerned something will impact your loan.

Individual circumstances will vary. Any one of the above mentioned activities may or may not impact the financing process. Questions?  Contact a mortgage consultant near you to discuss the details about your individual situation.

1. This list is only to be used as a guide and is not all-inclusive. Should events arise requiring changes to your credit, income or assets, your mortgage consultant can discuss how these changes may affect your loan application process. Prosperity Home Mortgage, LLC is not a credit counselor. Information displayed is not credit advice and should not be relied upon or interpreted as such.

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, Florida, Georgia, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina,Tennessee, Virginia, and West Virginia.

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

©2018 Prosperity Home Mortgage, LLC. All Rights Reserved.

FHFA Announces Higher Loan Limits for 2019

As the result of a higher average U.S. home price in 2018, the Federal Housing Finance Agency (FHFA) has announced new, higher maximum conforming loan limits for 2019.

In most areas of the country, the 2019 maximum loan amount for one-unit properties will be $484,350, an increase from $453,100 in 2018.  In high-cost areas, the new maximum high balance loan limit will be $726,525, up from $679,650.  This is a 7% increase over the prior year.

As a special offer to our clients, Prosperity Home Mortgage, LLC can close loans using the 2019 limits beginning December 10, 2018.

Loan limits may vary by county. Click here for a list and map of the 2019 maximum loan limits for all counties and county-equivalent areas in the U.S.

New Conforming Loan Limit Sample:

New High Balance Loan Limit Sample:

Contact your mortgage consultant directly if you have questions on local limits or other home financing options.

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, Florida, Georgia, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

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

©2018 Prosperity Home Mortgage, LLC. All Rights Reserved.

We understand the option to rent or buy a home depends on your unique situation, and your decision requires careful consideration.  While renting may make more sense for some, buying a home can be less expensive on average than renting long-term.¹

When deciding which option is right for you, we recommend asking some basic questions:

• Is it important that your home can be used as an investment?
• How long do you plan to stay in your home?
• How fast do rent and home prices rise in your area?

Buying may be the right option if you:

• Want the opportunity to build equity in your home as a long-term investment and take advantage of homeowner tax credits and incentives.
• Are planning to stay in your home long-term (typically 4 years or more).
• Would like to create a home that is unique to your own style.
• Are experiencing rising rent payments.

Renting may be the right option if you:

• Prefer a monthly budget that does not include costs for home maintenance or improvements.
• Plan to move again within the next few years (typically less than 4 years)
• Enjoy the amenities that are often available within rental communities.
• Have financial obstacles or credit issues that may preclude homeownership.

Buying or renting can be different for everyone based on your individual situation.  Contact a local mortgage consultant to answer any questions you may have about buying a home!

BY THE NUMBERS:
Rent vs. Buy calculations often differ by real estate market. Use our rent vs. buy calculator tool to help you decide if renting or buying is right for you!

1. Contact a mortgage consultant to compare the cost of renting versus buying to determine the right option for you.
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, Florida, Georgia, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.
NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
©2018 Prosperity Home Mortgage, LLC. All Rights Reserved.

Buying your first home doesn't need to be overwhelming, and the more prepared you are, the better. Here are a few tips and tools to make first-time home-buying a little easier.

Take a class. Katie Ross, a community education and marketing manager for American Consumer Credit Counseling, says you shouldn’t be at all ashamed to take a first-time homebuyer education course, many of which are offered online. They provide potential homebuyers with detailed information, advice and budgeting tips on how to purchase a home. With a homebuyer certificate, consumers may qualify for loan products that might otherwise be out of their grasp.

Save, save, save. Prospective homebuyers are smart to save as much as possible toward the purchase price of the house and closing costs. Though low down payments programs are available, a greater down payment can open the door for more favorable borrowing terms.

Put more down. If you can purchase a home with at least 20 percent down, you probably will save even more because you won't need to buy private mortgage insurance (PMI).

Find an agent. First-timers may also be wise to find a trusted real estate agent. They say an agent's job is to know how much properties are worth, facilitate the sale process and bring an offer to the seller's agent.

Emily Starbuck Crone at nerdwallet.com reminds first-time prospects that there are a lot of mortgage options out there, each with their own combination of pros and cons. If you’re struggling to come up with a down payment, Crone says check out:

• Conventional mortgages that conform to standards set by the government-sponsored entities Fannie Mae and Freddie Mac, which require as little as 3 percent down.
• Federal Housing Administration loans, which permit down payments as low as 3.5 percent.
• Veterans Affairs loans, which sometimes require no down payment at all.

Finally, the Consumer Financial Protection Bureau (consumerfinance.gov) says shopping around for a mortgage can lead to real savings. Saving even a quarter of a point in interest saves thousands of dollars over the life of a loan.

If you have questions regarding your home financing options, we are here to help. Contact a mortgage consultant near you!

Reprinted with permission from RISMedia. ©2018. All rights reserved.

Low down payment options may not be the best option for all borrowers. Consult your mortgage consultant to review potential loan scenarios and financing options to determine the home loan that is right for you.

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, Florida, Georgia, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.  NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)  ©2018 Prosperity Home Mortgage, LLC. All Rights Reserved.

Four Prosperity Home Mortgage Consultants Named as VHDA Top Producing Loan Officers

We are proud to announce that four of our mortgage consultants were named as Virginia Housing Development Authority Top Producing Loan Officers. They include Jonathan Haug, Derek Alverson, Leroy (Lee) Moore, and William Woodfin.

“It’s fantastic to see Jonathan, Derek, Lee, and William receive this well-deserved recognition,” said Tim Wilson, president and CEO of Prosperity Home Mortgage. “We are very proud of their hard work and of all that they have achieved while helping to make homeownership a reality for their clients. All of us at Prosperity are committed to providing personalized and focused service to every client, and it’s because of our ongoing commitment that we are consistently among the top lenders in the nation.” 

The work of Haug, Alverson, Moore, and Woodfin helped numerous individuals and families become homeowners during the commonwealth’s last fiscal year. 349 people purchased a home in VHDA’s Fiscal Year 2018 through Prosperity Home Mortgage, LLC, resulting in $66.8 million in home loan volume.

Jonathan Haug is a senior mortgage consultant based in Virginia Beach, Virginia. He is a member of Prosperity’s Chairman’s Club for 2017 and was named to Mortgage Executive Magazine’s Top 1% of Mortgage Originators in America 2017 list. Derek Alverson is a senior mortgage consultant based in Richmond, Virginia.  He is also a member of Prosperity’s Chairman’s Club for 2017 and was named to the Top 1% of Mortgage Originators in America 2017 list.  Lee Moore is a mortgage consultant based in Yorktown, Virginia.  William Woodfin is a senior mortgage consultant based in Midlothian, Virginia. He is a member of Prosperity’s Presidents Club for 2017.

Congratulations to each of our mortgage consultants on their success!

To learn more about Prosperity Home Mortgage, click here.

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, Florida, Georgia, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

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

©2018 Prosperity Home Mortgage, LLC. All Rights Reserved.