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Introducing HomeBuyer Boost

Jun 29

9:42

Category | FM Lending News

FM Lending Services sets aside up to $1 million to help home buyers.

At FM Lending Services, we are committed to helping responsible, creditworthy buyers achieve the goal of homeownership. Earlier this year, we offered a program in which Prosperity clients qualified for $2.5 million in down payment or closing cost assistance.

Now, we are excited to announce that we are setting aside up to an additional $1 million in closing cost assistance for qualified, low-to-moderate income borrowers! This new incentive, HomeBuyer Boost, is 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.

Now for the HomeBuyer Boost:

$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 MortgageAssure^SM. 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 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 MortgageAssure^SM is available with borrower-paid mortgage insurance (BPMI) only. Radian MortgageAssure^SMwill 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 dba FM Lending Services. (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/)

How Interest Rates Affect Home Buying Power

Jun 8

11:04

Category | FM Lending News

When purchasing a home, did you know the mortgage interest rate you obtain can directly impact the loan amount for which you may qualify?

That's right! In fact, the higher the loan amount, the more an interest rate may affect your buying power.

While your interest rate should not be the only consideration when buying a home, a lower rate can result in a higher purchase price and loan amount for which you may be approved.

Here’s how a lower interest rate can mean more buying power for you:

Example 1:

In this scenario — for a similar monthly principal & interest payment —
the lower interest rate yields a difference in buying power of $25,000!

Example 2:

In this scenario — for a similar monthly principal & interest payment —
the lower interest rate yields a difference in buying power of $50,000!

If you are planning to purchase a home, be sure to understand the costs in addition to your principal and interest mortgage payment such as property taxes, insurance, maintenance, repairs, and utilities. Calcluate your monthly payments here:

Questions? We're happy to help! A local mortgage consultant can discuss how homeownership fits into your overall financial goal and help you make a sound financial decision.

Mortgage amounts are based on 30-year fixed rate conforming and jumbo conventional loans with a 20% down payment. Interest rates and annual percentage rates (APRs) are based on current market conditions, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables.

Examples are provided for educational and illustrative purposes only. The payment amounts do not include homeowners insurance or property taxes, which must be paid in addition to your loan payment. Your actual payment may be higher. This is an illustration and does not reflect your actual loan information, cost or the exact interest rate for which you may qualify. Please contact us for current interest rates. Your loan’s interest rate will depend upon the specific characteristics of the loan transaction and your credit profile up to the time of closing. Estimated closing costs used in the APR calculation are assumed to be paid by the borrower at closing. If the closing costs are financed, the loan, APR and payment amounts will be higher. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. Speak with your mortgage consultant for more information regarding the content contained on this page.

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762 dba FM Lending Services. 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/)

The VA Home Loan Advantage

May 26

1:04

Category | FM Lending News

At FM Lending Services, we proudly salute the commitment and sacrifice of servicemembers, veterans, and military families who have supported and defended our nation. That is why on Veterans Day 2014, our company began extending incentive offers—in addition to the beneficial features of a VA home loan—to help lower the cost of purchasing a home for veterans in need of housing within the communities we serve.

Since its inception on November 11, 2014, the program has been a tremendous success thanks to the many outstanding clients who have chosen to work with us to obtain home financing.

We are pleased to share that through the VA Home Loan Advantage, our company has funded over 2,700 VA home loans and has provided over $3.9 million in waived origination fees and appraisal credits since the program began!

“With many veterans and military families in need of affordable housing, we recognized an opportunity to give back to our military service men and women. Not only can we offer veterans all the benefits of a VA home loan, but also we can provide them with additional incentives to help lower the cost of purchasing a home or even refinancing their existing home,” said Tim Wilson, CEO of Prosperity Home Mortgage, parent company of FM Lending Services. “It’s just one of the many ways that our company gives back to the communities in which we live and work.”

Ron Wivagg, National Sales Support Manager for FM Lending Services, expanded on Wilson’s thoughts.

“FM Lending Services has built a strong reputation among active military, veterans and their families for providing outstanding service and support. We are delighted to give back to this exceptional community of people, and we are eager to continue to deliver an extraordinary home financing experience to them,” said Wivagg.

Veterans, active duty servicemembers, or eligible military families who finance their home with a Veterans Affairs (VA) loan through FM Lending Services may be qualified to receive discounts and complimentary services. Incentive offers include:

No loan origination fee (up to $695 value) through FM Lending Services
Complimentary appraisal (up to $500 value)¹

Want to learn more about the VA Home Loan Advantage? Contact a mortgage consultant near you!

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 dba FM Lending Services. Loan must close within 90 days from the date of loan application. Discount may not exceed $500.00 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 discount is void where prohibited and is non-transferable, subject to the terms herein, and valid on all complete applications received on or before 06/30/2017.

All Incentive offers valid on complete VA home loan applications received between 04/01/2017 and 06/30/2017. Loan must close within 90 days from the date of loan application. Only one discount permitted per New Loan.

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

New Program Offers Faster Loan Closings

May 3

4:32

Category | FM Lending News

So you’ve decided to buy a home, but you need to close—FAST. Good news! FM Lending Services now offers the new FM Lending EXPRESS program for eligible home buyers to close on a home more quickly. FM Lending EXPRESS is a program that offers expedited loan processing and underwriting on certain mortgage products, which can provide a faster loan closing.¹ When you need mortgage financing solutions for a fast-paced real estate market, FM Lending EXPRESS can help!

Here are some advantages of the program:

Faster Financing Process – Qualified home buyers may receive a full commitment letter within 7 business days after a purchase contract has been ratified.²

More Competitive Purchase Offer – For qualified buyers, an accelerated home financing process may help a purchase offer look more attractive to sellers in a multi-offer situation.

Faster Closing – A quicker home financing process can help expedite the home’s closing date.

Variety of Home Loan Options – FM Lending EXPRESS may be used in conjunction with conventional and government home financing products.¹

“As a mortgage company, we’re committed to finding new ways to make the home financing process more efficient,” said Ron Wivagg, National Sales Support Manager for FM Lending Services. “The impact of FM Lending EXPRESS is significant. The program allows for an expedited closing date to help buyers win multi-contract scenarios, and it also helps reduce the stress of the home buying process so our clients can focus on other matters related to buying a home, such as planning their move and setting up services at their new home.”

The FM Lending EXPRESS program offers a 7 day loan commitment, which includes the property appraisal. It shortens the loan process and helps reduce stress by minimizing last minute conditions. The program is offered to qualified conventional, FHA and VA loan borrowers who are W-2 wage earners (no self-employed customers), but buyers should be prepared to provide certain documentation upfront. At their loan application, borrowers who are eligible for the program and wish to participate should be prepared to submit:

30 days paystubs,
2 years W-2s (or tax returns for commission-based income),
2 months banks statements and
signed disclosures.

To learn more FM Lending EXPRESS, contact your local mortgage consultant.

1. FHA Credit Advantage loans and loans requiring manual underwriting do not qualify for FM Lending EXPRESS. Self-employed borrowers do not qualify for FM Lending EXPRESS.

2. FM Lending EXPRESS is not a loan approval. A Commitment Letter is based on information and documentation provided by you and a review of a borrower’s credit report. The interest rate and type of mortgage used to approve a borrower for a specified loan amount is subject to change, which may also change the terms of approval. The interest rate cannot be locked until the borrower’s offer to purchase a property has been accepted. If the interest rate used for credit approval has changed, the borrower may need to re-qualify. Information provided by the borrower is subject to review and validation, and all other loan conditions must be met. After the borrower has chosen a home and the purchase offer has been accepted, final loan approval will be contingent upon obtaining an acceptable appraisal and title commitment. Additional documentation may be required.

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

Getting Ready to Rent? Buying Might be a Smarter Choice

Apr 28

4:15

Category | FM Lending News

Between down payments and closing costs, buying a home is a big financial commitment that may seem out of reach for those who ultimately choose to rent instead. However, in today’s market environment of rising rents, the difference in cost between renting and owning is actually narrowing, making this a favorable time to buy a home in most U.S. cities.

According to a recent national index from Florida Atlantic University and Florida International University faculty, the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, 15 of the 23 cities covered are solidly in buy territory, while another five are only marginally in rent territory.

Want to know if buying is a better than renting for you? Ask yourself the following questions:

How stable is my employment situation? Lenders will take the length of time you’ve spent at your current job into consideration, so if you’ve jumped around a lot or just started a new position, that may work against you.

Are you ready to settle down for awhile? Buying a home is an excellent long-term investment, not usually a quick flip. So if you’re still testing out different cities or interested in seeing the world, renting may be a better option.

What shape is your credit in? Your credit score weighs heavily in securing a favorable mortgage loan. If yours is not in the best shape, it may be better to rent while you work at building a better credit profile.

What’s your true financial picture? While your salary may seem more than sufficient to make your projected mortgage payments, keep in mind that homeownership involves many different costs, from property taxes to repairs. So run the numbers carefully before deciding to buy.

The best way to decide whether to rent or buy is to consult a real estate professional in your area. If you’d like more information about home financing, please contact a mortgage consultant near you.

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