Jonathan D. Okun's Blog - Prosperity Home Mortgage, LLC

Blog

The VA Home Loan Advantage

Aug 10

12:33

Category | Prosperity News

A Foundation of Service

At its core, our company has been shaped by military education and dedication to service. Wes Foster, Chairman and Chief Executive Officer of The Long & Foster Companies, graduated from the Virginia Military Institute (VMI) in 1956 and served as an officer in the U.S. Army.

Wes Foster has generously given millions of dollars back to his alma mater, which is dedicated to educating the next generation of our military. His loyalty has been so strong to the school, he was awarded VMI’s Distinguished Service Award, the highest award given to an alumnus for service to the institute.

Our Commitment to Service

Prosperity Home Mortgage, LLC has continued in the tradition of placing our men and women of uniform at the forefront of our new ideas and promotions. Since the program’s inception, our exclusive VA loan program has accomplished the following:

Over $1.2 million in appraisal savings
Over $3.1 million in origination savings
Total borrower savings of over $4.3 million
Over 2,900 military families served with a customer satisfaction survey rating of 94.6%

We want your help spreading the word that our VA home loan incentives continue to be available! In fact, our goal is to give back over $6 million in savings to service members and veterans. Here is an overview of the exclusive incentives we offer:

No loan origination fee (up to $1,085 value) through Prosperity Home Mortgage, LLC
Complimentary appraisal (up to $450 value)¹

“We are delighted to offer all the benefits of a VA home loan, while also providing additional assistance to service members and veterans that will help lower their cost of purchasing or refinancing a home.”, said P. Wesley Foster, Jr., Chairman & Chief Executive Officer of The Long & Foster Companies.

Additional incentive offers for settlement services and home inspections are also available in certain geographical locations.^2,3 Ask your 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 $450.00 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 09/30/2017.

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 07/01/2017 and 09/30/2017. Loan must close within 90 days from the date of loan application. Only one discount permitted per New Loan.

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/)

Understanding Your Home Appraisal

Jul 27

10:57

Category | Prosperity News

Whether you’re buying or selling a home, understanding the role of an appraisal in the home buying process is important. An appraisal can have a significant impact on your real estate transaction, so here are some common questions about the process:

What is a property appraisal?

A property appraisal is a professional assessment of a home’s value conducted by a licensed appraiser.

What does an appraiser do?

An appraiser evaluates a home’s value by considering various factors such as the home’s features and location, current housing market conditions, and comparison to the sale of similar homes in the area.

How do appraisers provide an unbiased assessment of a home’s value?

An appraiser is a licensed, independent service provider who has no affiliation with a home’s buyer or seller. Appraisers are paid a flat fee for their service rather than a commission so they are unprejudiced when determining a home’s fair market value. There are also federal laws that require the appraiser to be unbiased in the performance of the appraisal.

When does an appraisal take place?

Once a buyer and seller both sign a purchase agreement for a home, the buyer can complete their loan application and continue with the home financing process. During that time, the buyer’s mortgage lender will order the home’s appraisal. An appraiser is assigned to assess the home’s value and will submit an appraisal report back to the lender once the appraisal is complete.

What if the appraisal of a home’s value is lower than expected?

If a home’s value is determined to be different than the contract price, and the buyer feels that the estimate is inaccurate, then the buyer may authorize an appraisal reconsideration process. The buyer, real estate agent or lender may ask an appraiser to:

consider additional, appropriate property information,
provide further detail, substantiation or explanation for the appraiser’s value conclusion, and/or
correct any errors within the appraisal report.

What can be included in the appraisal reconsideration?

To reexamine a home’s value, appraisers may consider:

a list of major home improvements or upgrades completed after the original appraisal, such as renovations, landscaping, or replacement of major systems or utilities.
a copy of the plat or site plan showing unique or contextual characteristics such as a lot’s size compared to those around it, a desirable view, or even a quiet property away from busy areas.
overlooked sales and listings that were used to help determine the home’s price.
elements of the appraisal’s comparable properties that were reported incorrectly.
the home’s specific circumstances, such as multiple offers, special concessions, or repairs outlined in the contract that would raise the home’s value.

More questions about property appraisals?

Your mortgage consultant or real estate professional will be happy to speak with you directly to help make sure you understand the entire process.

This list is only to be used as a guide and is not all-inclusive.

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

Understanding the Mortgage Process

Jul 13

12:08

Category | Prosperity News

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. Using our house hunting checklist can assist in this process.

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.

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

Introducing HomeBuyer Boost

Jun 29

9:34

Category | Prosperity News

Prosperity sets aside up to $1 million to help home buyers.

At Prosperity Home Mortgage, LLC, we are committed to helping responsible, creditworthy buyers achieve the goal of homeownership. Earlier this year, we offered a program in which Prosperity clients qualified for $2.5 million in down payment or closing cost assistance.

Now, we are excited to announce that we are setting aside up to an additional $1 million in closing cost assistance for qualified, low-to-moderate income borrowers! This new incentive, HomeBuyer Boost, is a conventional loan with flexible terms, plus an additional Boost. Take a look:

Low down payment available up to 97% financing for purchase of a primary residence (1-unit properties).
Flexible sources of funds can be used for the down payment and closing costs with no minimum contribution required from the borrower’s own funds (1-unit properties).
Income from all borrowers on the loan must be used to qualify. Income may not exceed 100% of the HUD area median income for the property’s location.¹
Extended-income household may allow non-borrower income to be considered toward the borrower’s debt-to-income ratio when qualifying the borrower for the mortgage.²
Reduced Mortgage Insurance coverage requirements for loans with loan-to-values (LTV) greater than 90%, up to 97%.
Homeownership education helps buyers get ready to buy a home and be prepared for the responsibilities of homeownership. The required training offers an easy-to-use, online course provided by Framework.

Now for the HomeBuyer Boost:

$1,000 program credit toward closing costs for clients who are at or below 80% of the area median income limit.³
$500 program credit to borrowers who get one-on-one homeownership education through a HUD-approved counseling agency prior to signing a purchase contract.⁴
Job loss protection for 2 years for eligible borrowers through MortgageAssure^SM. This unemployment insurance can help cover up to 6 monthly mortgage payments in the event of an involuntary, unexpected job loss, to help borrowers avoid falling behind or defaulting on their mortgage.⁵

If you have more questions about our HomeBuyer Boost incentives, one of our mortgage consultants would be happy to speak with you. Or, if you are ready to begin your loan application, apply on-line here!

HomeBuyer BOOST may not be the best mortgage product for all borrowers. Please consult your mortgage consultant to discuss your financing options.

1. Except for properties located in a low-income census tract.

2. 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.

3. Borrowers are able to use program credit toward closing costs only. Excludes down payment assistance. All incentive offers valid on complete loan applications received between 06/27/2017 and 12/31/2017. Loan must close within 60 days from the date of loan application. This offer may not be used with any other offers.

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

5. Radian MortgageAssure^SM is available with borrower-paid mortgage insurance (BPMI) only. Radian MortgageAssure^SMwill 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.

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

Prosperity Home Mortgage Closes First Home Loan in Detroit, MI

Jun 16

5:02

Category | Prosperity News

Prosperity surprises buyers with check to cover first mortgage payment.

We are delighted to share that Prosperity Home Mortgage, LLC (Prosperity) has closed its first residential Detroit home loan on June 16—just a few weeks after we officially began conducting business in Michigan! The purchasers, Anthony and Lana Sellors, received a great post-closing surprise, with Prosperity presenting them with a check for their first mortgage payment!

“Prosperity Home Mortgage is off to a spectacular start in the Detroit area, and we’re thrilled to close our first home loan in Michigan and help these two buyers achieve their homeownership dreams,” said Tim Wilson, CEO of Prosperity Home Mortgage, LLC. “I’m confident our commitment to offering exceptional customer service and competitive loan products will ensure our continued success in the Detroit area, helping us provide even more buyers with the total homeownership experience.”

The Sellors purchased a home in Chesterfield, Michigan, and mortgage consultants with Prosperity, Jeni Barchichat and David Knuth, guided them through the financing process. The Sellors also worked with Bill Finn, a real estate professional with Century 21 Town & Country.

Prosperity offers a wide range of mortgage products, including fixed and adjustable rate mortgages, and we are represented by mortgage consultants throughout 12 states and Washington, D.C. For more information our company, visit our About Us page!