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Between down payments and closing costs, buying a home is a big financial commitment that may seem out of reach for those who ultimately choose to rent instead. However, in today’s market environment of rising rents, the difference in cost between renting and owning is actually narrowing, making this a favorable time to buy a home in most U.S. cities.

According to a recent national index from Florida Atlantic University and Florida International University faculty, the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, 15 of the 23 cities covered are solidly in buy territory, while another five are only marginally in rent territory.

Want to know if buying is a better than renting for you? Ask yourself the following questions:

How stable is my employment situation? Lenders will take the length of time you’ve spent at your current job into consideration, so if you’ve jumped around a lot or just started a new position, that may work against you.

Are you ready to settle down for awhile? Buying a home is an excellent long-term investment, not usually a quick flip. So if you’re still testing out different cities or interested in seeing the world, renting may be a better option.

What shape is your credit in? Your credit score weighs heavily in securing a favorable mortgage loan. If yours is not in the best shape, it may be better to rent while you work at building a better credit profile.

What’s your true financial picture? While your salary may seem more than sufficient to make your projected mortgage payments, keep in mind that homeownership involves many different costs, from property taxes to repairs. So run the numbers carefully before deciding to buy.

The best way to decide whether to rent or buy is to consult a real estate professional in your area. If you’d like more information about home financing, please contact a mortgage consultant near you.

 

 

 

Reprinted with permission from RISMedia. ©2017. All rights reserved.

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.


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 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!

 

 

 

Reprinted with permission from RISMedia. ©2017. All rights reserved.

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.


31 Prosperity Home Mortgage Consultants Recognized as Top in the U.S. by Mortgage Executive Magazine

We are proud and excited to share that Prosperity Home Mortgage, LLC, (Prosperity) has been recognized for its exceptional mortgage originators by Mortgage Executive Magazine. The industry publication honored both The Nation’s Top 200 Mortgage Originators, as well as The Nation’s Top 1% of Mortgage Originators, in its winter 2017 edition, and 31 members of the Prosperity team were named to these exclusive lists.

“It’s quite an honor to see that so many of our mortgage originators were recognized as some of the top in the country by Mortgage Executive Magazine,” said Tim Wilson, CEO of Prosperity. “I’m proud of not only their hard work and achievements, but that of our entire sales organization. We’re committed to providing personalized and focused service to every client at Prosperity, and it’s because of that ongoing commitment that we remain among the top lenders in the nation.”

Three of Prosperity’s mortgage consultants ranked among the top 200 mortgage originators nationwide by annual mortgage volume. Jody Eichenblatt, a senior mortgage consultant based in Alexandria, Virginia, was ranked No. 85 on the list. He closed 269 loans for a total volume of $124,809,152 in 2016. Tom O’Keefe, branch manager of Prosperity’s Bethesda, Maryland, office, was ranked No. 107 with 237 closed loans in 2016 and a total volume of $114,780,903. Jonathan Okun, a senior mortgage consultant also based in Bethesda, Maryland, earned the No. 192 spot on the 2016 list with 190 closed loans and total volume of $91,418,935.

Additionally, 28 mortgage consultants with Prosperity were named to Mortgage Executive Magazine’s list of The Nation’s Top 1% of Mortgage Originators. To be eligible for the list, a loan originator had to personally produce at least $30 million in 2016. According to NMLS Mortgage Industry Report, there were more than 422,500 federally registered mortgage loan originators as of Dec. 31, 2016. Below are the Prosperity members who were recognized:


Congratulations to each of our mortgage consultants on their success!

 

 

 

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.


Announcing Homebuyer Power PLUS

Qualified applicants may be eligible for down payment and/or closing cost assistance in addition to job loss protection insurance.

 

Under current lending standards, many homebuyers face challenges that make homeownership seem unattainable, including the ability to save for a down payment, pay for closing costs, or qualify for a loan.

While these factors may deter otherwise motivated clients, Prosperity Home Mortgage, LLC wants to help them purchase a home today. For a limited time, we are offering a program that has many features of a traditional mortgage but with additional incentives that may help these clients become homeowners.

Prosperity Home Mortgage’s HomeBuyer Power PLUS program offers a number of possible benefits to homebuyers who qualify. These include:

  • Down payment as low as 3% or less.
  • Reduced Mortgage Insurance (MI) coverage requirements.1
  • Program credit of 1% with no increase in interest rate.2  The credit may be applied toward:
    • Reducing your down payment.
    • Reducing your closing costs.
    • Reducing your interest rate.
  • $500 program credit for borrowers who receive 1-on-1 homeownership education through a HUD-approved counseling agency prior to signing a purchase contract.2
  • Job Loss Protection is available for eligible borrowers through MortgageAssureSM  to help avoid falling behind or defaulting on a mortgage due to an involuntary, unexpected job loss.3

 

“For those who are ready to buy a home, our HomeBuyer Power PLUS program offers incentives that may help clients get the house they want,” said Tim Wilson, CEO of Prosperity Home Mortgage. “By participating in the approved homeownership education program, they not only receive an extra incentive but it will help them understand the responsibilities of homeownership and prepare them to better anticipate and take on those responsibilities.”

 

Additionally, combining HomeBuyer Power PLUS with our Prosperity Buyer Advantage may give buyers an edge over others vying for the same property.

If you have questions about our home financing options, one of our knowledgeable, local mortgage consultants will be pleased to assist you, or you can also contact us online!

 

 

 

HomeBuyer Power PLUS may not be the best mortgage product for all borrowers. Income restrictions, other terms, conditions and requirements may apply. Please consult your mortgage consultant to discuss your financing options. All Incentive offers valid on complete loan applications received between 02/15/2017 and 05/31/2017. Loan must close by 07/31/2017. Only one discount permitted per New Loan.

1. Reduced Mortgage Insurance (MI) coverage requirements for loans with loan-to-values (LTV) greater than 90%, up to 97%.

2. Program credits do not count toward maximum seller contribution limit of 3%. Borrowers are not eligible for additional program credits if minimum borrower contribution of 2% is exceeded.

3. Radian MortgageAssureSM is available with borrower-paid mortgage insurance (BPMI) only. Radian MortgageAssureSM is available for two years from the borrower’s closing date and 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.


Announcing HomeReady® PLUS

Exclusively offered by Prosperity Home Mortgage, LLC

 

We are pleased to announce that Prosperity Home Mortgage, LLC is offering several enhancements to the existing HomeReady® mortgage program. HomeReady® already has several terrific benefits including: 

  • Down payments as low as 3%
  • Innovative underwriting flexibility that allows the use of boarder income, non-occupant borrowers and extended family income to help borrowers qualify1
  • Lower interest rates and mortgage insurance premiums than a traditional mortgage

Now with HomeReady® PLUS, exclusively offered by Prosperity Home Mortgage, LLC, qualified borrowers may receive:

  • A program credit of 1% of the loan amount toward closing costs that DOES NOT count toward the maximum interested 3rd party contributions2
  • An additional $500 program credit if borrower engages in one-on-one homeownership education prior to signing a sales contract (through a HUD approved counseling agency)2
  • Qualified borrowers may also be eligible for job loss protection for 2 years3

What does this mean for home buyers?

We know many home buyers face challenges that make homeownership seem unattainable, but HomeReady® PLUS can help make the dream of homeownership into a reality. In addition, combining HomeReady® PLUS with our Prosperity Buyer Advantage may give buyers an edge over others vying for the same property.

 

Questions about HomeReady®, HomeReady® PLUS, or the Prosperity Buyer Advantage? A knowledgeable, local mortgage consultant will be pleased to assist you, or you can also contact us online!

 

 

 

 

HomeReady® is a trademark of Fannie Mae. HomeReady® by Fannie Mae may not be the best mortgage product for all borrowers. Please consult your mortgage consultant to discuss your financing options.

1. 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.

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

3. 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, Maryland, 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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