Top lender helps make homeownership more affordable for customers nationwide
Prosperity Home Mortgage, LLC, (Prosperity), a full-service mortgage banker specializing in residential and refinance loans, recently launched Home Advantage, a new down payment assistance program. Home Advantage offers eligible home buyers a financing option that requires no money down, and the program is now available in markets across the country.
Used in combination with a Federal Housing Administration (FHA) first mortgage, Home Advantage offers down payment assistance as a second mortgage up to five percent of a home’s purchase price, which helps buyers cover the down payment and closing costs to purchase a home. In addition, Home Advantage has no income restrictions and no geographic restrictions among states in which Prosperity is licensed to serve.
“As a mortgage company, we’re committed to offering new loan programs designed to serve a wider range of home buyers,”said Tim Wilson, president and CEO of Prosperity. “We understand that the combination of a down payment and closing costs can be a big financial obstacle to many would-be home buyers. These programs are designed to help diminish or eliminate that obstacle, so our clients can focus on other matters related to buying a home, such as planning their move.”
The program must be used to purchase a primary residence, however there is no requirement for customers to be a first-time home buyer. Moreover, the Home Advantage second mortgage offers no interest, no monthly payments, and is fully forgiven after five years if the home is still occupied as a primary residence by the owner.
“We have built a reputation for providing the highest quality of service and support to our customers,” said Wilson. “We take pride in offering some of the most competitive loan products in the market, and we look forward to serving even more customers with Home Advantage.”
Prosperity offers a wide range of mortgage products, including fixed and adjustable-rate mortgages. It is represented by more than 400 mortgage consultants in offices across 47 states. It operates its own in-house processing, underwriting and closing at its seven operation centers across the East Coast. Prosperity also coordinates its clients’ mortgage fulfillment in-house.
For more information, visit PHMLoans.com.