Blog


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.


The Real Deal on Rising Rates: What It Means for Your Home-Buying Plans

By Maria Patterson

 

You’ve taken all the necessary steps to get ready to buy a home. You’ve saved for a down payment, improved your credit score, got all your financial documentation in line, and figured out what price range you can afford. And then the interest rates went up. Is your dream of homeownership now unachievable?

According to recent data from realtor.com®, the share of first-time buyers planning to buy a home this spring fell sharply when mortgage rates began to rise toward the end of 2016. According to realtor.com®’s January survey of active homebuyers, 44 percent of buyers planning to buy in spring 2017 are first-time buyers. This has dropped significantly since the survey was conducted in October, when 55 percent of buyers planning a spring purchase indicated they were looking for their first home.

However, with inventory shortages and rising home prices, the urgency to buy now has never been greater. So before you shelve your plans for buying a home this spring, know the facts about rising rates and home prices.

The average 30-year conforming rate rose to more than 4.2 percent by the end of December 2016 from 3.4 percent at the end of September 2016. With average rates today about half a percentage point higher than they were in 2016, a median-priced home financed with 20 percent down would cost an additional $720 per year in added interest. That equals more than 1 percent of the median household’s income.

With affordability being a top concern for first-time buyers, a rising interest rate can be enough to scare you off. Kiplinger's expects the 30-year mortgage rate to reach 4.6 percent by year’s end, with the 15-year rate at 3.8 percent. Add to that the continued increase in home prices due to low inventories in many parts of the country and you can see that holding off on a home purchase will probably only cost you more down the line.

Take a cue from repeat homebuyers who are actually being spurred into action by rising rates. Even with the current increases, interest rates remain historically low, and the movement in rates hasn’t yet tipped overall buyer demand down. Experienced buyers, in fact, are trying to close before rates increase further, as evidenced by increased realtor.com® listing views and decreased inventory. In the short term, the rate movement seems to have encouraged, rather than dampened, overall demand.

While concerns about affordability are valid, waiting may not help your long-term financial picture. Instead, consider looking for a home in a slightly lower price range, finding a way to increase your down payment, or looking in a neighborhood that may be more affordable. The good news? In today’s competitive market, your home will most likely increase in value and prove to be one of the smartest investments you could’ve made.

For more information about how rising interest rates will impact your home purchase, contact us today.

 

 

 

 

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, 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.


Planning to purchase a home?  You may already expect to make a down payment, pay for closing costs, and make an ongoing monthly mortgage payment for the life of your loan.  But did you know there may be other costs to consider if you’re thinking about becoming a homeowner?  Here are a few additional expenses to keep in mind for your household budget that go beyond your monthly mortgage payment:

Homeowners’ association/condo fees:  If you buy a home within a community represented by a homeowners’ association (HOA) or condominium association, you may be required to pay fees on a monthly, quarterly or annual basis to help cover the cost of maintenance to community structures, amenities and grounds.  These may be included as part of your mortgage payment.  If not, you’ll need to budget for them.

Maintenance, updates & repairs:  Keeping a property in top condition can be costly.  This is particularly true of older homes, where system and appliance warranties may have expired.  Home warranty plans provide repair or replacement coverage for certain built-in appliances and major home systems for a specific length of time.  They can cost a few hundred dollars a year, depending on your mortgage size and where you live.

Utilities: Budgeting for heating, cooling, electricity, natural gas, water/sewage, and trash removal are some of the expenses homeowners may face on a monthly basis.  Before buying a home, consider asking the seller for a record of the last 12 months of utility bills for the home.

Personalization: An expense that catches many buyers off-guard is the cost of updating elements of the home to meet your needs or personal taste.  New furniture, window treatments and lawn care equipment are examples of costs that can quickly add up.  Try to make a list of items you need, and then create a budget to help keep costs under control.

 

Need help figuring out how much you can afford? Get started with our affordability calculator, and contact a local mortgage consultant for additional assistance.

 

 

 

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.


Mortgage 101: The Difference Between Pre-Qualification and Preliminary Approval

By Tim Wilson, Chief Executive Officer, President, Prosperity Home Mortgage.

Depending on your market, multiple home offers are becoming more common. That’s why it’s important for you to be armed with all of the necessary tools before you find your dream home. Getting a letter from your mortgage lender before you start looking for your home is a great way to get an advantage over others in the bidding process. But with lenders offering both pre-qualification and pre-approvals, it can be tough to figure out exactly what you need. Understanding the difference between the two can be crucial to getting the home you want.

What is a lender pre-qualification?

This is the first step to getting a mortgage. In this process, the lender will ask you a few questions about your overall financial picture, including your debt, income and assets. After evaluating the information, the lender will provide an estimated mortgage amount based on the unverified information provided. This will give you an idea of how much home you can afford as you start your hunt. It’s important to realize that since this is based on unverified information and does not include a credit report, it does not carry the same weight as a mortgage preliminary approval.

What is a lender preliminary approval?

The next and more detailed step in the mortgage process is generally a preliminary approval. In this step, you’ll complete a mortgage application and provide the lender with all of the necessary documentation to evaluate your current financial picture. The lender will also check your credit rating. A preliminary approval estimates how much you may be able to borrow based on your verified income, assets and credit report scores. Having a preliminary approval letter makes you more competitive against other bidders but also increases the chance that the lender who offered the preliminary approval will provide your financing.

Are there other options?

Yes, depending on your lender, there may be a variety of additional options. With Prosperity Home Mortgage’s Prosperity Buyer Advantage Program, for example, you can complete much of the financing process (and qualified borrowers may receive a commitment letter) before you even begin searching for a home. Having that commitment letter along with your purchase offer can help further strengthen your position.

The bottom line is that when it comes to buying your dream home, having as much ready upfront as possible is key to putting in a successful purchase offer. Doing your research and securing a preliminary approval is the best way to make sure that your offer is accepted when the time comes, and you get to move into the perfect home for you.

 

 

Reprinted with permission from the Long & Foster Companies, Inc. Newsroom blog.

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.

Prosperity Buyer Advantage is not a final loan approval. A Commitment Letter is based on information and documentation provided by you and a review of your credit report. The interest rate and type of mortgage used to approve you for a specified loan amount is subject to change, which may also change the terms of approval. The interest rate cannot be locked until your offer to purchase a property has been accepted. If the interest rate used for credit approval has changed, you may need to re-qualify. Information provided by you is subject to review and all other loan conditions must be met. After you have chosen a home and your 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, 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.


Showing results 1 - 5 of 49