Prosperity Home Mortgage, LLC Blog

Blog

Prosperity Home Mortgage Consultants Recognized by VHDA

Oct 4

3:51

Category | Prosperity News

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/)

Prosperity Home Mortgage Reaches $1.4 Billion in VA Loan Fundings

Sep 26

1:41

Category | Newsroom

Waives $6.2 Million in Fees for Active Military and Veterans

Since launching its VA Home Loan Advantage program in 2014, Prosperity Home Mortgage, LLC, (Prosperity) has saved active-duty military members and veterans over $6.2 million in origination fees and appraisal credits. As a full-service mortgage banker, we have funded over $1.4 billion and closed 4,198 VA home loans since November 11, 2014, when the program first began.

The VA Home Loan Advantage program continues to be offered to all Prosperity clients purchasing or refinancing a home using a VA loan. The program waives the company’s standard origination fee and provides eligible clients with a lender credit to pay for the cost of a home appraisal.¹

“At Prosperity Home Mortgage, LLC, we believe in supporting the brave men and women who serve our country in the military,” said Tim Wilson, president and CEO of Prosperity. “That’s why we are delighted to help lower the upfront cost of buying or refinancing a home for service members and veterans using a VA home loan.”

Additionally, Prosperity is pleased to share that Jonathan Haug, a senior mortgage consultant based in Virginia Beach, Virginia, has been recognized as the company’s top producer for VA home loans for the second year in a row. Haug closed 120 VA home loans with associated volumes over $33 million in 2017 and 2018. Haug is also a member of Prosperity’s Chairman’s Club for 2017, was named to Mortgage Executive Magazine’s Top 1% of Mortgage Originators in America 2017 list, and was recognized as one of the Virginia Housing Development Authority’s Top Producing Loan Officers in VHDA’s Fiscal Year 2018.

“It’s fantastic that Jonathan has once again earned this recognition, and we are thrilled to have funded over $1.4 billion in VA loan volume as a company since the program’s inception,” said Randy Krout, national sales manager of Prosperity. “We are very proud of the hard work that each of our mortgage consultants has put forth to make homeownership a reality for military service members and veterans, and it’s because of that ongoing commitment that we remain among the top lenders in the nation.”

Wilson added to Krout’s thoughts. “Prosperity is in the business of financing homeownership and the American Dream, and our VA clients are a very important part of our business,” Wilson said. “We have employees who have friends and family in the military, and it is imperative to us that we support those who have served our nation.”

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

Learn more about a Veterans Affairs (VA) loan.

Prosperity Home Mortgage, LLC is not affiliated with any government agencies.

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. Lender credit may not exceed $525.00 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 lender credit is void where prohibited and is non-transferable, subject to the terms herein, and valid on all complete applications received on or before 03/31/2019.

2. 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 10/01/2018 and 03/31/2019. Loan must close within 90 days from the date of loan application. Only one discount permitted per New Loan.

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

Things to Consider When Buying a Home

Sep 5

11:48

Category | Prosperity News

For many people, buying a home may be the biggest purchase they will make in their lifetime, and the right time to buy is different for everyone. Before making the decision to buy a home, consider the following questions:

How do lenders determine who qualifies for a mortgage?

Lenders take many things into consideration: credit score, the cash you have available for a down payment and closing costs, your income, and your existing debt and financial obligations are just a few. Two housing ratios are used:

The housing expense-to-income ratio compares your anticipated monthly mortgage payment (principal, interest, taxes and insurance), to the total gross monthly income (pre-tax) for your household.
The debt-to-income ratio compares total monthly expense, including the anticipated monthly mortgage payment to the total gross (pre-tax) monthly income for your household.

How do I know how much money I can borrow to buy a home?

Your mortgage consultant will help you get a preliminary approval that lets you know the maximum loan amount you might be able to borrow.¹ With that information in hand, you can then determine a price range with which you are comfortable.

What is a credit score?

The three credit reporting agencies — Experian, TransUnion and Equifax — serve as a clearinghouse for credit information. “Credit score” is a term often used to refer to credit bureau risk scores. It broadly refers to a number generated by a statistical model which is used to objectively evaluate information that pertains to making a credit decision (i.e. credit cards, car loans, student loans, etc) that includes:

Your payment history
The total amount you owe
The amount of time you’ve had available credit
Whether you have any judgments entered against you
Whether you filed bankruptcy
The number of times potential lenders have reviewed your credit

Information in the agencies’ reports is evaluated and interpreted into a “credit score,” which help lenders make loan decisions. Credit scores range from 300 to 850, and yours may determine whether you are approved for a loan, the terms of the loan, and the interest rate.

Note: Making large purchases with a consumer loan or credit card just before applying for a mortgage may impact your ability to qualify. So consider your needs and priorities carefully.

If you still have questions about the home buying process, don't worry. We are committed to providing information that will help you make well-informed decisions about the financing process. Our mortgage consultants will pay attention to your goals, help you understand your options, and clearly explain how different loan programs work. So, you can take an informed, hands-on approach to achieving your goal of owning a home.

Contact your local mortgage consultant today!

1. A preliminary approval is based on our preliminary review of credit information only and is not a commitment to lend. We will be able to offer a loan commitment upon verification of application information, satisfying all underwriting requirements and conditions, and providing an acceptable property, appraisal, and title report. Preliminary approvals are subject to change or cancellation if a requested loan no longer meets applicable regulatory requirements. Preliminary approvals are not available on all products. See a mortgage consultant for details.

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

House-to-Home Renovation Options

Aug 9

3:22

Category | Prosperity News

House-to-Home Renovation Loans Offer Options for Agents and Home Buyers

If you’ve been house hunting—or if you’re an agent with a listing that needs work—you’ve probably been there: A home has great bones or offers a lot of space for the money, but some aspects of its condition are likely to frighten most buyers away. With a unique financing option available for homes in need of renovation, however, the property might actually be more desirable than you think.

Our House-to-Home renovation program is designed to make mortgage financing for properties in disrepair more accessible by combining the estimated costs of repairs and the home's purchase price into a single loan. Renovation financing can help home buyers turn a house they like into a home they love, and our loan options may help real estate agents present possibilities in a property, leading to a sale.

The House-to-Home renovation program offers a number of advantages:

The program offers a 30-year mortgage with a fixed interest rate that will remain the same for the life of the loan.
Purchase and rate-term refinancing options are available.
Unsafe homes can be made habitable, which can help improve the neighborhood.
Buyers may be able to get more house for the money and cover improvement costs.
The square footage of homes can be increased at a lower cost.
Agents can offer a greater inventory and close more sales.

There are two common types of renovation loans: The FHA 203(k) loan programs for properties that won't need structural repairs, and a conventional loan program for properties that do need structural work. Most types of home improvements are covered with the exception of "luxury" features such as swimming pools or landscaping.

If you choose to purchase, refinance, or market a home that may be eligible for 203k financing, having knowledgeable mortgage professionals to assist you is important. Whether you are a first-time home buyer or an experienced real estate professional, our renovation specialists can help you find the right renovation loan program for your needs.

To learn more about House-to-Home renovation financing, check out this video!

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

Mortgage Tools at Your Fingertips

Jul 26

1:55

Category | Prosperity News

Want instant access to home financing tools and information? We have a mobile app with several features designed to help make the home loan process simpler and more convenient for our clients. From the moment you submit your home loan application to the moment you reach settlement, this app is on your time!

To download our app, you can ask your mortgage consultant to share it with you directly, or you can find it on the Apple App Store and on the Android App Store. You can also search for “Prosperity Home Mortgage App” on your mobile device, choose your local mortgage consultant from the list presented to you, and download for instant access to our home financing tools:

Securely pre-qualify for mortgage financing right on their mobile device.
Utilize mortgage calculators to instantly calculate monthly mortgage payments, affordability, and refinance options.
Scan and upload documents to Encompass, our loan originating system, using your smartphone camera feature.
Track a loan from start to finish in real time and receive loan milestone notifications.
Get contact information for your local mortgage consultant with the touch of a button.
Access our blog, helpful articles, and a glossary of real estate/mortgage terms.

Learn more about the Prosperity Home Mortgage app in this video.

Need to find a local mortgage consultant? Click here to find a location near 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, Indiana, 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.