Homebuyers who qualify for the Express program may be able to expedite the financing process and receive a full commitment letter within seven business days of ratification of the purchase contract.2 The quicker financing process allows buyers more flexibility to close sooner, which may also be attractive to those hoping to sell their home as soon as possible.
“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 at Prosperity. “The impact of Prosperity 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 Prosperity Express program’s seven-day loan commitment includes appraisal of the property as well. It is offered to borrowers who are using qualified conventional, Federal Housing Administration and Veterans Affairs loans and who are W-2 wage earners that are not self-employed.1
Borrowers are required to provide documentation at the beginning of the process, including 30 days of paystubs, two years of W-2s or tax returns for commission-based income, two months of bank statements and signed disclosures. To learn more about the program, speak with a Prosperity mortgage consultant in your area.
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 throughout the East Coast. Prosperity Home Mortgage also coordinates its clients’ appraisals and mortgage fulfillment in-house. For more information on Prosperity, visit www.PHMLoans.com.
Disclaimers: 1. FHA Credit Advantage loans and loans requiring manual underwriting do not qualify for Prosperity EXPRESS. Self-employed borrowers do not qualify for Prosperity EXPRESS. 2. Prosperity 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. 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/)