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The VA Home Loan Advantage

Aug 10
2:42
PM
Category | FM Lending News

A Foundation of Service

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.

Our Commitment to Service

FM Lending Services continues to place our men and women in uniform at the forefront of our new ideas and promotions. Since the program’s inception, our exclusive VA loan program has accomplished the following:

  • Over $1.2 million in appraisal savings
  • Over $3.1 million in origination savings
  • Total borrower savings of over $4.3 million
  • Over 2,900 military families served with a customer satisfaction survey rating of 94.6%

We want your help spreading the word that our VA home loan incentives continue to be available!  In fact, our goal is to give back over $6 million in savings to service members and veterans.  Here is an overview of the exclusive incentives we offer:

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

“With many veterans and military families in need of affordable housing, we have 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.”

Contact your local mortgage consultant to learn more about the Veterans Affairs (VA) home loan.

 

 

 

 

Prosperity Home Mortgage, LLC dba FM Lending Services is not affiliated with any government agencies.

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 FM Lending Services. Loan must close within 90 days from the date of loan application. Lender credit 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 lender credit is void where prohibited and is non-transferable, subject to the terms herein, and valid on all complete applications received on or before 09/30/2017.

All Incentive offers valid on complete VA home loan applications received between 07/01/2017 and 09/30/2017. Loan must close within 90 days from the date of loan application. Only one discount permitted per New Loan.

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/)

©2017 Prosperity Home Mortgage, LLC dba FM Lending Services. All Rights Reserved.


Whether you’re buying or selling a home, understanding the role of an appraisal in the home buying process is important.  An appraisal can have a significant impact on your real estate transaction, so here are some common questions about the process:

What is a property appraisal?

A property appraisal is a professional assessment of a home’s value conducted by a licensed appraiser.

What does an appraiser do?

An appraiser evaluates a home’s value by considering various factors such as the home’s features and location, current housing market conditions, and comparison to the sale of similar homes in the area.

How do appraisers provide an unbiased assessment of a home’s value?

An appraiser is a licensed, independent service provider who has no affiliation with a home’s buyer or seller.  Appraisers are paid a flat fee for their service rather than a commission so they are unprejudiced when determining a home’s fair market value.  There are also federal laws that require the appraiser to be unbiased in the performance of the appraisal. 

When does an appraisal take place?

Once a buyer and seller both sign a purchase agreement for a home, the buyer can complete their loan application and continue with the home financing process.  During that time, the buyer’s mortgage lender will order the home’s appraisal.  An appraiser is assigned to assess the home’s value and will submit an appraisal report back to the lender once the appraisal is complete.

What if the appraisal of a home’s value is lower than expected?

If a home’s value is determined to be different than the contract price, and the buyer feels that the estimate is inaccurate, then the buyer may authorize an appraisal reconsideration process.  The buyer, real estate agent or lender may ask an appraiser to:

  • consider additional, appropriate property information,
  • provide further detail, substantiation or explanation for the appraiser’s value conclusion, and/or
  • correct any errors within the appraisal report.

What can be included in the appraisal reconsideration?

To reexamine a home’s value, appraisers may consider:

  • a list of major home improvements or upgrades completed after the original appraisal, such as renovations, landscaping, or replacement of major systems or utilities.
  • a copy of the plat or site plan showing unique or contextual characteristics such as a lot’s size compared to those around it, a desirable view, or even a quiet property away from busy areas.
  • overlooked sales and listings that were used to help determine the home’s price.
  • elements of the appraisal’s comparable properties that were reported incorrectly.
  • the home’s specific circumstances, such as multiple offers, special concessions, or repairs outlined in the contract that would raise the home’s value.

More questions about property appraisals?

Your mortgage consultant or real estate professional will be happy to speak with you directly to help make sure you understand the entire process.

 

 

 

 

This list is only to be used as a guide and is not all-inclusive.

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/)

©2017 Prosperity Home Mortgage, LLC dba FM Lending Services. All Rights Reserved.


Buying a home doesn’t have to be stressful.  After all, finding and moving into that special home should be one of the happiest moments of your life. If you know what to expect—and you have a knowledgeable team of real estate and mortgage-lending professionals to assist you—finding and financing your first home can be an exciting and rewarding experience. Here are the basics of what you need to know:

Before you even begin to shop, obtain a mortgage preliminary approval.  We recommend our Buyer Advantage preliminary approval! 1  We’ll need your most recent 2 years of W-2’s and tax returns, the last 30 days of pay stubs, and 2 months of bank statements.  Qualified borrowers will receive a mortgage commitment letter upfront, subject to an appraisal.  Some lenders only offer a pre-qualification letter, which doesn’t verify any of the information you provide.  A mortgage commitment letter, though, is an important first step and will help you determine how much home you may be able to purchase and can strengthen your bargaining position with sellers.

Once you are issued your preliminary approval, you’ll work with your real estate agent to find the right home. It helps to determine your needs and create a wish list of desirable features. While you visit homes, take notes to be able to determine which homes may warrant a second visit.

Once you find a home you like, you’ll make a purchase offer.  Your real estate agent will present your offer to the seller, who will then choose to accept, counter, or reject the offer.  When a price is settled on, you and the seller will sign a Purchase Agreement, defining the terms of the sale.

The next step will be to complete the loan application process. If you have already obtained a mortgage preliminary approval, contact your mortgage consultant and let them know you have a contract on a home. They will update your loan application and help you to proceed with the home financing process. If you were issued a Buyer Advantage preliminary approval, most of the work is already completed!

Next, the home will be appraised. An appraisal is a formal, written estimate of the home’s current market value. Your lender will review the appraisal and note any conditions that may be required prior to closing on the loan. You will be provided a copy of the appraisal.

Once any remaining conditions are submitted including the appraisal, title insurance and homeowners insurance, we will issue a final commitment and finalize the details of your closing with your real estate agent and your settlement agent.  Your closing documents will be prepared, and you will go to settlement.  Make sure you talk to your settlement agent about how you should prepare the funds needed for closing.  Today, a wire from your bank is the most popular way, but you may be able to provide a cashiers’ check or money order.

Congratulations, you become the proud owner of your new home!

We hope you have found this overview helpful; contact your local mortgage consultant for more details!

 

 

 

 

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

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/)

©2017 Prosperity Home Mortgage, LLC dba FM Lending Services. All Rights Reserved.


Introducing HomeBuyer Boost

Jun 29
9:42
AM
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 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 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 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 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/)

©2017 Prosperity Home Mortgage, LLC dba FM Lending Services. All Rights Reserved.


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/)

©2017 Prosperity Home Mortgage, LLC dba FM Lending Services. All Rights Reserved.


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