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Same house, lower mortgage payment.

To help make housing more affordable for home buyers and homeowners, FHA recently reduced annual FHA mortgage insurance premiums (MIP) for new mortgage loans.  Refinancing into a lower monthly FHA MIP may help homeowners:

  • Reduce an existing overall mortgage payment
  • Reduce an existing mortgage interest rate
  • Build home equity faster.

Now, Prosperity Home Mortgage is offering to pay closing costs to help eligible homeowners refinance to a lower monthly mortgage payment!1

Refinance with confidence.

  • Lender-paid closing costs – No out-of-pocket closing costs for borrowers
  • No appraisal required – Use of original appraised value may help minimize declining value issues
  • Favorable interest rates – Interest rates near historic lows
  • No maximum income ratios – Changes in income may have less impact
  • Quicker financing process – Helps facilitate faster loan closing
  • Potential refund of existing FHA upfront MIP

Contact us for a complimentary mortgage pre-approval to find the right home financing option for you!

 

 

 

1. Borrowers are eligible for a lender credit toward closing costs on the Settlement Statement (HUD-1) for FHA streamline refinance loans, secured by a first mortgage or deed of trust (New Loan), subject to qualification, approval and closing. Lender credit will cover the costs of: orgination fee, appraisal fee, flood certification fee, credit report fee, title fee (including title search), and any applicable recording fees/transfer taxes. Cash back to borrower may not exceed $500.00. All eligibility requirements must be met no later than 2 days prior to the New Loan closing date. This discount is void where prohibited and is non-transferable, subject to the terms herein, and valid on all complete applications with interest rate locked between 1/26/2015 – 2/28/15.
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, Maryland, North Carolina, Pennsylvania, South Carolina, Virginia, and West Virginia.
NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
©2015 Prosperity Home Mortgage, LLC. All Rights Reserved.


Housing Just Became More Affordable

Mortgage lending and credit standards have tightened in recent years.  This has helped promote responsible lending practices and new consumer protections, however it has also made refinancing or buying a home more difficult for many homeowners and would-be home buyers.

For this reason, President Obama announced on January 7, 2015, a reduction in annual FHA mortgage insurance premiums (MIP) for new mortgage loans in an effort to help make housing more affordable for more home buyers and homeowners. Purchases AND refinance transactions will benefit from the premium reduction, which becomes effective Monday, January 26, 2015.  FHA will lower annual MIP by 0.5% from 1.35% to 0.85%.  According to the White House, this reduction should result in a savings of $900 per year for the typical home buyer!  Existing homeowners who choose to refinance may see similar savings, as well.

For home buyers who have already applied for a FHA home loan, HUD has temporarily approved the cancellation of existing case number assignments of active case numbers within 30 days of January 26, 2015. Buyers may receive a new case number and take advantage of reduced FHA MIP.

Purchasing a home with a lower monthly FHA MIP may help buyers:

  • Leave the housing sidelines and enter the housing market
  • Take advantage of FHA’s 3.5% down payment option
  • More easily qualify for their chosen price range

Refinancing into a lower monthly FHA MIP may help homeowners:

  • Reduce an existing overall mortgage payment
  • Reduce an existing mortgage interest rate
  • Build equity faster

As a responsible lender, we are eager to discuss the FHA home loan and other financing options for which you may be eligible so that you can choose the right financing option to meet your needs.

Your local mortgage consultant will be happy to provide a complimentary consultation!

 

 

 

 

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, Maryland, North Carolina, Pennsylvania, South Carolina, Virginia, and West Virginia.
NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
©2015 Prosperity Home Mortgage, LLC. All Rights Reserved.


Prosperity to name mortgage veteran Mark Metaxas as new regional manager.

Prosperity Home Mortgage, LLC, (Prosperity) is expanding its operations in Philadelphia, Pa. Effective Jan. 1, 2015, a team of over 20 knowledgeable and experienced mortgage professionals from First American Mortgage will join Prosperity.  Prosperity will also bring on Mark Metaxas, who previously served as president at First American, as its new regional manager in Philadelphia in the coming year.

“First American built a reputation for providing the highest quality of service and support to clients in the Philadelphia area. By bringing their team to Prosperity, our company will deliver even more exceptional service and competitive rates to buyers and sellers in the Delaware Valley,” said Tim Wilson, CEO of Prosperity. “At Prosperity, we lead the way with cutting-edge tools and technology, as well as competitive loan products, and we look forward to the energetic partnership created by teaming with First American.”

Metaxas also shared his enthusiasm for the change, noting that he looks forward to even better serving the financing needs of homeowners and homebuyers as part of the Prosperity team and to supporting the company’s dedicated mortgage consultants.

“Joining the Prosperity family presents a tremendous opportunity for our team, as well as all of the real estate agents, home buyers and sellers with whom we work,” said Metaxas. “As part of Prosperity, we gain the advantages of a much larger company with more resources and better technology, while also maintaining the family approach to business that ensures our clients’ continued real estate success.”

Prosperity 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 South Carolina to New Jersey. Prosperity also coordinates its clients’ appraisals and mortgage fulfillment in-house.

Prosperity is focused on growing its business throughout the Mid-Atlantic, Northeast and the Carolinas, and the addition of the First American Mortgage aligns with the company’s long-term growth strategy, according to Wilson. For more information about Prosperity Home Mortgage, visit our About Us page!

 

 

 

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. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

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

©2015 Prosperity Home Mortgage, LLC. All Rights Reserved.


Is your savings account standing between you and homeownership?  We may be able to help!

According to Fannie Mae consumer research, the ability to save enough money for a down payment and closing costs is the main obstacle that stands between potential first-time home buyers and homeownership.


In support of first-time home buyers who may lack the funds to make a larger down payment and cover closing costs — but otherwise qualify for a mortgage — we are now offering 3% down, conventional home financing!


Here are some key features:

  • 3% down payment (97% LTV)
  • 30 year fixed rate mortgage loan
  • No income limit
  • 3% down payment and reserves (if required) may be supplied by gift funds
  • No pre-or post-purchase home buyer counseling required
  • 1-unit primary residences eligible (e.g. single family homes, town houses, condos, planned unit developments (PUD))
  • At least 1 borrower on the loan must not have owned any residential property in the previous 3 years

 

Contact your local mortgage consultant to discuss your home financing options, today!

 

 

 

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, Maryland, North Carolina, Pennsylvania, South Carolina, Virginia, and West Virginia.
NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
©2014 Prosperity Home Mortgage, LLC. All Rights Reserved.


Avoiding PMI with Only a 5% or 10% Down Payment

When calculating their potential monthly mortgage payment, many home buyers forget to include the cost of private mortgage insurance, or PMI.  If you're not familiar with PMI, it is insurance that some buyers must purchase to qualify for a home loan.  However, the purpose of PMI is to protect a lender in the event that the homeowner fails to pay their mortgage. In other words, homeowners are paying for insurance that protects lenders, not homeowners.

There is good news, though!  There are options for buyers to avoid paying PMI with a down payment less than 20 percent. PMI is available in other forms that can make monthly house payments lower and save homeowners money over the life of the loan:

  • Lender paid mortgage insurance (LPMI): The buyer accepts a slightly higher interest rate in lieu of paying monthly mortgage insurance. With rates so low, the monthly benefit is immediate and the LPMI option can help homeowners start saving money as soon as they buy.
  • Home Equity Line of Credit (HELOC): Avoid mortgage insurance completely by going with a simultaneous closing, or “piggyback” loan, which is typically seen as an 80-10-10 home loan. The “80” is the percentage of the first loan, the “10” is the second loan, and the final “10” is the down payment.1
  • “Single Premium” mortgage insurance: This is a one-time lump sum that can be paid at closing by the seller and, under the right circumstances, financed into the loan.

Tip: Homeowners who are required to pay for private mortgage insurance may qualify for a tax deduction. The specifics of this issue are different for every household, so check with your local tax advisor to discuss tax advantages for which you may qualify.

The fact of the matter is there are different ways to obtain home financing with a down payment less than 20 percent. Structured properly, avoiding PMI may save homeowners thousands of dollars over the life of the loan.  For many people, the standard monthly mortgage insurance is their best option, but how do you know until you see a detailed, side-by-side comparison of all your loan options?

We are ready to provide the details you need to help you make the right decision. Begin a loan application on-line or find a local mortgage consultant to discuss your options.

 

 

 

1. Available for primary residence as a simultaneous closing only. Annual maintenance fee of $75.00 applies. Product not available in North Carolina or West Virginia.

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.  Also licensed in Delaware, District of Columbia, Maryland, North Carolina, Pennsylvania, South Carolina, Virginia, and West Virginia.

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

©2014 Prosperity Home Mortgage, LLC. All Rights Reserved.


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