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The VA Home Loan Advantage

Aug 10
12:33
PM
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/)

©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.


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.

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.


HomeBuyer Boost

Jul 14
1:58
PM
Category | Newsroom

Prosperity Home Mortgage, LLC, Introduces HomeBuyer Boost

Prosperity Home Mortgage, LLC, a full-service mortgage banker and a wholly owned subsidiary of The Long & Foster Companies, has introduced a new program, HomeBuyer Boost, to help responsible, creditworthy buyers achieve the goal of homeownership.

Earlier this year, the company offered a program in which its clients qualified for $2.5 million in down payment or closing assistance. The new HomeBuyer Boost program sets aside up to an additional $1 million in closing cost assistance for qualified low- to moderate-income borrowers. HomeBuyer Boost is a conventional loan that has flexible terms with an additional boost.

The program offers the following to qualified borrowers:

  • Low down payment available. Up to 97 percent financing for purchase of a primary residence (one-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 percent 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 percent, up to 97 percent.
  • 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.

The additional Boost includes:

  • $1,000 program credit toward closing costs for clients who are at or below 80 percent 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 two years for eligible borrowers through MortgageAssureSM. This unemployment insurance can help cover up to six monthly mortgage payments in the event of an involuntary, unexpected job loss, to help borrowers avoid falling behind or defaulting on their mortgage.5

“For individuals and families who are ready to buy a home, our HomeBuyer Boost program offers incentives that may help them get the house they want,” said Tim Wilson, CEO of Prosperity Home Mortgage. “By taking part in the approved homeownership education program, they can receive an additional incentive and gain a better understanding of the responsibilities of homeownership.”

Those interested in learning more about the HomeBuyer Boost program can reach out to a Prosperity mortgage consultant. Prosperity Home Mortgage offers a wide range of mortgage products, including fixed and adjustable rate mortgages. It is represented by more than 150 mortgage consultants and operates its own in-house processing, underwriting and closing at its five operation centers across the East Coast, from Georgia to New Jersey. Prosperity Home Mortgage also coordinates its clients’ appraisals and mortgage fulfillment in-house. For more information, visit www.PHMLoans.com.

 

DISCLAIMER: 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 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, 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.


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.

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.


Brian Haug Appointed to Leadership Position at Long & Foster Real Estate   

  Haug to lead the brokerage’s real estate operations in Richmond, Hampton Roads, Charlottesville and Southwest Virginia

Brian Haug, a mortgage and real estate professional with over 15 years of experience, has been named Senior Vice President of Real Estate and Mortgage for Long & Foster Real Estate, the nation’s No. 1 private residential real estate company by sales volume. Haug will oversee operations of Long & Foster’s Richmond, Hampton Roads and Southwest Virginia regions, ensuring the company’s and its real estate agents’ ongoing success.

In this role, Haug will manage the nearly 45 Long & Foster offices and around 1,300 Long & Foster agents throughout Southern Virginia. He will work closely with the company’s regional and office leadership, determining the best marketing, technology and operational programs to grow the business and the brand. Haug will also take on a strategic consulting role with Prosperity Home Mortgage, LLC, a full-service mortgage banker and wholly owned subsidiary of The Long & Foster Companies—parent company of Long & Foster Real Estate.

“I’m honored and thrilled to take on this leadership position with Long & Foster Real Estate and to work with even more of the brokerage’s exceptional agents and managers,” said Haug. “Throughout my career, I’ve focused on helping agents to achieve success in the industry—learning about their needs, collaborating on strategic ideas and assisting them in growing their businesses. I look forward to building on that foundation in my new role—helping all our team to reach our best potential and dominate the marketplace in Richmond, Hampton Roads, Charlottesville and Southwest Virginia.”

Haug comes to Long & Foster Real Estate from Prosperity, where he most recently served as the firm’s area manager in the highly competitive Washington, D.C., and Montgomery County, Maryland, markets. In that position, he oversaw mortgage operations and sales, leading a team of more than 80 loan officers, financing assistants and operations staff. Haug’s strategic approach to the business, working to build win-win relationships between Prosperity and its real estate partners, brought great results. Under his leadership, the two divisions of Prosperity not only achieved double-digit market share growth, but also earned the highest customer satisfaction scores ever.

Prior to that position, Haug worked with Prosperity in Southern Virginia for about a decade. He joined the team as a mortgage consultant, working with Long & Foster Real Estate’s Midlothian, Virginia, office. There, he built strong relationships with Long & Foster and other brokerage real estate agents, closing hundreds of transactions annually. A few years later, he was promoted to branch manager for Prosperity’s Richmond and Southwest Virginia regions, and he led that area until he transferred to his most recent role in the D.C. market.

“Working at Prosperity and with our Long & Foster teams, Brian has distinguished himself not only for being an inspirational leader, but also a person who truly listens to and learns from his peers and staff,” said Gary Scott, president of Long & Foster Real Estate. “I’m confident these abilities, as well as his positive approach to the business and his successful background in the mortgage industry, will benefit our agents and our companies tremendously in the years to come.”

Not only did Haug start his career in Southern Virginia, but also he has deep roots within the area. He attended high school in Hampton Roads and graduated from Virginia Commonwealth University in Richmond. He also discovered his passion for real estate while attending VCU, when he purchased an investment property near the university. That first purchase led to another and then to a successful career in the mortgage and real estate industries and Haug looks forward to returning to the area that started his career.


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