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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!


Buying a home doesn’t have to be stressful.  After all, finding and moving into that special home should be one of the happiest moments of your life. If you know what to expect—and you have a knowledgeable team of real estate and mortgage-lending professionals to assist you—finding and financing your first home can be an exciting and rewarding experience. Here are the basics of what you need to know:

Before you even begin to shop, obtain a mortgage preliminary approval.  We recommend our Buyer Advantage preliminary approval! 1  We’ll need your most recent 2 years of W-2’s and tax returns, the last 30 days of pay stubs, and 2 months of bank statements.  Qualified borrowers will receive a mortgage commitment letter upfront, subject to an appraisal.  Some lenders only offer a pre-qualification letter, which doesn’t verify any of the information you provide.  A mortgage commitment letter, though, is an important first step and will help you determine how much home you may be able to purchase and can strengthen your bargaining position with sellers.

Once you are issued your preliminary approval, you’ll work with your real estate agent to find the right home. It helps to determine your needs and create a wish list of desirable features. While you visit homes, take notes to be able to determine which homes may warrant a second visit.

Once you find a home you like, you’ll make a purchase offer.  Your real estate agent will present your offer to the seller, who will then choose to accept, counter, or reject the offer.  When a price is settled on, you and the seller will sign a Purchase Agreement, defining the terms of the sale.

The next step will be to complete the loan application process. If you have already obtained a mortgage preliminary approval, contact your mortgage consultant and let them know you have a contract on a home. They will update your loan application and help you to proceed with the home financing process. If you were issued a Buyer Advantage preliminary approval, most of the work is already completed!

Next, the home will be appraised. An appraisal is a formal, written estimate of the home’s current market value. Your lender will review the appraisal and note any conditions that may be required prior to closing on the loan. You will be provided a copy of the appraisal.

Once any remaining conditions are submitted including the appraisal, title insurance and homeowners insurance, we will issue a final commitment and finalize the details of your closing with your real estate agent and your settlement agent.  Your closing documents will be prepared, and you will go to settlement.  Make sure you talk to your settlement agent about how you should prepare the funds needed for closing.  Today, a wire from your bank is the most popular way, but you may be able to provide a cashiers’ check or money order.

Congratulations, you become the proud owner of your new home!

We hope you have found this overview helpful; contact your local mortgage consultant for more details!

 

1. Prosperity Buyer Advantage is not a 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.


We are pleased to announce that effective June 10, 2019, Prosperity Home Mortgage, LLC (Prosperity) has expanded its operations into Illinois, Indiana, Kentucky, Ohio and Nebraska.  Two teams of knowledgeable and experienced mortgage professionals from HomeServices Lending have joined Prosperity.  These teams, led by regional managers Nancy Baker in Indiana/Kentucky/Ohio and Michael Mabrey in Illinois, will continue to serve real estate professionals, homebuyers and existing homeowners as Prosperity Home Mortgage consultants.

“We’re thrilled to have the opportunity to once again expand our footprint,” said Tim Wilson, CEO of Prosperity Home Mortgage.  “Prosperity continues to be one of the best mortgage companies in the country, and we are looking forward to demonstrating the wealth of knowledge and integrity that our team of mortgage professionals brings to every mortgage transaction—all in support of our mission to deliver an extraordinary home financing experience to our clients.”

Prosperity has been focused on growing its business throughout the country in 2019, and the addition of the new teams align with our company’s long-term growth strategy, according to Wilson.

Ron Wivagg, National Sales Support Manager for Prosperity, echoed Wilson’s thoughts.

“Prosperity has built a strong reputation for providing the highest quality of service and support to our clients.  We lead the way with cutting-edge technology and competitive loan products,” said Wivagg.  “I’m confident with our dedication to providing personalized service to every Prosperity customer, we’ll show our clients in Illinois, Indiana, Kentucky, Ohio and Nebraska exactly why we are among the top lenders in the nation.”

Prosperity has been voted as one of the 50 Best Companies to Work For 2018 and has also been ranked among the Top 100 Mortgage Companies in America 2018 by Mortgage Executive Magazine, a publication that spotlights the country’s leading mortgage lenders and loan originators.  Prosperity has earned a position among Mortgage Executive Magazine’s top 50 mortgage companies in America each year since 2014.

Prosperity’s mortgage professionals have the advantages of a large company with excellent resources and state-of-the-art technology, while also maintaining a family approach to business that ensures our clients’ continued real estate success, added Wilson.

The company offers very competitive interest rate pricing and a wide range of mortgage products, including fixed and adjustable rate mortgages, jumbo loans, Federal Housing Administration (FHA), Veterans Affairs (VA) loans, down payment assistance and bond programs, home equity line of credit programs, and renovation financing.

Prosperity operates 5 regional offices for loan processing, underwriting and closing and is represented by almost 300 mortgage consultants licensed in Washington, D.C. and 30 states including: Alabama, Arkansas, Arizona, Colorado, Connecticut, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, West Virginia and Wisconsin.

 


Scotsman Guide releases Top Mortgage Originators 2018 rankings

Prosperity Home Mortgage, LLC, (Prosperity) is proud to share that several of our exceptional mortgage consultants have been ranked among the top mortgage originators in the nation, according to Scotsman Guide, the leading resource for mortgage originators. Prosperity, a full service mortgage banker that specializes in residential purchase and refinance loans, is represented by mortgage consultants in the Top Women Originators, Top Dollar Volume, Most Loans Closed, Top Purchase Volume, and Top VA Volume categories.

The mortgage consultants listed in the categories below have been ranked among entries from the nation's top-producing residential mortgage originators. To be eligible for consideration in rankings, all loan volume had to be from purchase and refinance loans on residential properties within the United States. To ensure that Scotsman Guide publishes the most-accurate data possible, all submitted data has undergone an extensive verification and auditing process prior to the publication of the Top Originators rankings.

“It’s wonderful to see several of our mortgage consultants 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.” 

We would like to note that 2018 marks the first year of Scotsman Guide’s Top Women Originators rankings, which highlights the careers of women in the mortgage industry.  As such, we are so pleased to recognize and celebrate two of our senior mortgage consultants, Sarah Welsh and Michelle Davis, for being ranked among the top 200 in the nation!  Sarah Welsh works alongside her mother, Kathy Welsh, in McLean, Virginia, and closed 142 loans in 2018 with over $64 million in volume.  This mother and daughter make a remarkable team!  Michelle Davis works in Washington, D.C. and closed 114 loans in 2018 with over $49 million in volume, which marks another outstanding year for her career in the mortgage industry.

The Top Mortgage Originators 2018 list appears in Scotsman Guide’s May 2019 Residential Edition, and a complete list of all on-line rankings are available here. Please join us in congratulating the following Prosperity Home Mortgage Consultants on their outstanding achievements:

NEW - TOP WOMEN ORIGINATORS (200 Originators Ranked)

  104. Sarah Welsh, Senior Mortgage Consultant in McLean, VA

  174. Michelle Davis, Senior Mortgage Consultant in Washington, D.C.

TOP DOLLAR VOLUME (500 Originators Ranked)

  81. Jonathan Okun, Senior Mortgage Consultant in Bethesda, MD

  98. Jody Eichenblatt, Senior Mortgage Consultant in Alexandria, VA

  378. Anthony Pellegrino, Senior Mortgage Consultant in Cary, NC

  415. Sarah Welsh, Senior Mortgage Consultant in McLean, VA

MOST LOANS CLOSED (300 Originators Ranked)

  271. Anthony Pellegrino, Senior Mortgage Consultant in Cary, NC

  295. Jody Eichenblatt, Senior Mortgage Consultant in Alexandria, VA

TOP PURCHASE VOLUME (75 Originators Ranked)

  54. Jonathan Okun, Senior Mortgage Consultant in Bethesda, MD

  58. Jody Eichenblatt, Senior Mortgage Consultant in Alexandria, VA

TOP VA VOLUME (75 Originators Ranked)

  34. Jody Eichenblatt, Senior Mortgage Consultant in Alexandria, VA

  63. Jonathan Haug, Senior Mortgage Consultant in Virginia Beach, VA

 


What is XLR8?

We are delighted to introduce XLR8, a streamlined and expedited mortgage approval process designed to automatically verify borrowers’ credit, assets and income without the borrower providing any loan documentation.

Borrowers simply complete a digital loan application via our website or mobile app, and connect their bank accounts via our secure portal.  We then work behind the scenes to electronically validate credit, assets and income in minutes—not hours, days or weeks!

If validated…

  • No more digging for old tax returns
  • No more searching files for W-2’s from two years ago
  • No need to print off pay stubs
  • No need to copy, print or scan pages and pages of bank statements
  • Most borrowers are only required to provide a Valid ID and proof of Homeowner’s Insurance to close

Advantages of XLR8:

  • Minimize your loan conditions
  • Simplify the mortgage process
  • Close on your home faster
  • Reduce last minute surprises

 

In a matter of minutes, we may be able to electronically validate your information and issue an XLR8 commitment letter.  Contact your local mortgage consultant for more information about XLR8 today!

 

 

 

 

1. The XLR8 mortgage program is available on conventional loans guaranteed by the Federal National Mortgage Association (FNMA) only. Contact your mortgage consultant for more information.

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 Alabama, Colorado, Connecticut, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Maryland, Michigan, Minnesota, Missouri, Nebraska, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, West Virginia and Wisconsin.  

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

©2019 Prosperity Home Mortgage, LLC. All Rights Reserved.


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