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.
- Except for properties located in a low-income census tract.
- 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.
- 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.
- Borrowers are not eligible for additional program credits if minimum borrower contribution is exceeded.
- 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.