At Prosperity Home Mortgage, LLC, we are committed to helping responsible, creditworthy buyers achieve the goal of homeownership. In 2017, we offered the HomeBuyer Boost program in which Prosperity clients qualified for closing cost assistance.
Now, we are excited to announce that we have extended the program to continue offering closing cost assistance for qualified, low-to-moderate income borrowers through August 31, 2018! As before, the additional incentives are combined with 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.
HomeBuyer Boost Incentives:
- $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 MortgageAssureSM. 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 01/01/2018 and 08/01/2018. Loan must close by 08/31/2018 or within 60 days from the date of loan application, whichever takes place first. 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, Florida, 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/)
©2018 Prosperity Home Mortgage, LLC. All Rights Reserved.
