So you’ve decided to buy a home, but you need to close—FAST. Good news! Prosperity Home Mortgage, LLC (Prosperity) now offers the new Prosperity EXPRESS program for eligible home buyers to close on a home more quickly. Prosperity EXPRESS is a program that offers expedited loan processing and underwriting on certain mortgage products, which can provide a faster loan closing.1 When you need mortgage financing solutions for a fast-paced real estate market, Prosperity EXPRESS can help!
Here are some advantages of the program:
Faster Financing Process – Qualified home buyers may receive a full commitment letter within 7 business days after a purchase contract has been ratified.2
More Competitive Purchase Offer – For qualified buyers, an accelerated home financing process may help a purchase offer look more attractive to sellers in a multi-offer situation.
Faster Closing – A quicker home financing process can help expedite the home’s closing date.
Variety of Home Loan Options – Prosperity EXPRESS may be used in conjunction with conventional and government home financing products.1
“As a mortgage company, we’re committed to finding new ways to make the home financing process more efficient,” said Ron Wivagg, National Sales Support Manager at Prosperity. “The impact of Prosperity EXPRESS is significant. The program allows for an expedited closing date to help buyers win multi-contract scenarios, and it also helps reduce the stress of the home buying process so our clients can focus on other matters related to buying a home, such as planning their move and setting up services at their new home.”
The Prosperity EXPRESS program offers a 7 day loan commitment, which includes the property appraisal. It shortens the loan process and helps reduce stress by minimizing last minute conditions. The program is offered to qualified conventional, FHA and VA loan borrowers who are W-2 wage earners (no self-employed customers), but buyers should be prepared to provide certain documentation upfront. At their loan application, borrowers who are eligible for the program and wish to participate should be prepared to submit:
- 30 days paystubs,
- 2 years W-2s (or tax returns for commission-based income),
- 2 months banks statements and
- signed disclosures.
To learn more Prosperity EXPRESS, contact your local mortgage consultant.
1. FHA Credit Advantage loans and loans requiring manual underwriting do not qualify for Prosperity EXPRESS. Self-employed borrowers do not qualify for Prosperity EXPRESS.
2. Prosperity EXPRESS is not a loan approval. A Commitment Letter is based on information and documentation provided by you and a review of a borrower’s credit report. The interest rate and type of mortgage used to approve a borrower for a specified loan amount is subject to change, which may also change the terms of approval. The interest rate cannot be locked until the borrower’s offer to purchase a property has been accepted. If the interest rate used for credit approval has changed, the borrower may need to re-qualify. Information provided by the borrower is subject to review and validation, and all other loan conditions must be met. After the borrower has chosen a home and the purchase offer has been accepted, final loan approval will be contingent upon obtaining an acceptable appraisal and title commitment. Additional documentation may be required.
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/)
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