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Government Shutdown FAQs

Jan 8
3:29
PM
Category | Newsroom

As Prosperity Home Mortgage, LLC continues to monitor the government shutdown, we would like to share some frequently asked questions about the impact on mortgage loans.  Please contact your mortgage consultant with any questions or concerns about specific loan transactions.

Will the flood certification process be affected?

For the most part, the flood certification process will not be impacted. However if a situation requires additional research, such as mapping issues, the flood certification process will be impacted.

What about loans requiring social security number verification?

The Social Security Administration is now currently fulfilling requests for social security number verifications.

Will the IRS process tax transcript requests?

The IRS started to process transcript requests as of January 8th. However, the IRS will require an undetermined amount of time to return to normal service levels.

What is the impact on USDA loans?

USDA is unable to issue new commitments or guarantee closed loans. Effective December 15, 2018, USDA loans require tax transcripts. USDA loans cannot close without full tax transcripts for all adult household members.

How are government employees affected regarding employment verification?

If a borrower works at an agency that does not use a third-party verification resource, then employment verification cannot be completed. Loans cannot close without a 10-day verbal verification of employment (VVOE).

How are FHA, USDA & VA questions escalated?

Government agencies will have limited staff available to answer questions or correspondence.  We always intend to answer questions in a timely manner; however, we may be delayed in responding while we wait for clarification from the government agency.

 

Contact your local mortgage consultant to discuss any financing questions.

 

 

 

This list is of frequently asked questions is only to be used as a guide and is not all-inclusive. Please contact your mortgage consultant for any questions related to specific loan transactions.

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, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

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

©2019 Prosperity Home Mortgage, LLC. All Rights Reserved.


FHFA Announces Higher Loan Limits for 2019

As the result of a higher average U.S. home price in 2018, the Federal Housing Finance Agency (FHFA) has announced new, higher maximum conforming loan limits for 2019.

In most areas of the country, the 2019 maximum loan amount for one-unit properties will be $484,350, an increase from $453,100 in 2018.  In high-cost areas, the new maximum high balance loan limit will be $726,525, up from $679,650.  This is a 7% increase over the prior year.

As a special offer to our clients, Prosperity Home Mortgage, LLC can close loans using the 2019 limits beginning December 10, 2018.

Loan limits may vary by county. Click here for a list and map of the 2019 maximum loan limits for all counties and county-equivalent areas in the U.S.

 

 

New Conforming Loan Limit Sample:

   2019 Conforming Loan Limit   

   Maximum Sales Price   

   Down Payment Amount   

$484,350

$499,329

3%

$484,350

$605,437

20%

 

New High Balance Loan Limit Sample:

   2019 High Balance Loan Limit   

   Maximum Sales Price    

   Down Payment Amount   

$726,525

$764,763

5%

$726,525

$908,156

20%

 

Contact your mortgage consultant directly if you have questions on local limits or other home financing options.

 

 

 

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, 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.


Scotsman Guide releases Top Mortgage Lenders 2017 rankings

Great news!  Prosperity Home Mortgage, LLC, (Prosperity) has once again been ranked as one of the top mortgage companies in the nation, according to the Scotsman Guide, the leading resource for mortgage originators. Prosperity, a full service mortgage banker that specializes in residential and refinance loans, earned the 43rd position on the Scotsman Guide’s Top Mortgage Lenders 2017 list, as ranked by overall volume.

Prosperity was ranked among entries from hundreds of mortgage companies across the country. To be eligible for consideration in rankings, all loan volume had to be from mortgages on one- to four-unit residential properties within the United States. No commercial or international loans were included. After receiving submissions, Scotsman Guide required written verification of top entrants’ volume from a certified public accountant, the chief financial officer at the company or a similar source.

“It’s a tremendous honor for our company and our team to have been recognized by the Scotsman Guide as one of the top mortgage companies in the United States,” said Tim Wilson, president and CEO of Prosperity. “I’m exceptionally proud of our team, and I’m confident that with our continued commitment to providing personalized and focused service to each and every Prosperity customer, we’ll remain among the top lenders in the nation for years to come.”

The Top Mortgage Lenders list appears in Scotsman Guide’s June 2018 residential edition, and rankings are available online at ScotsmanGuide.com/TopLenders2017. All Scotsman Guide rankings are now searchable at ScotsmanGuide.com/Rankings/Search.

Prosperity is committed to setting the highest standard for customer service and consistently exceeding our clients’ expectations.  Whether you are a home buyer, homeowner or real estate professional, we are ready to help guide you every step of the way to help ensure your home financing process with us is a smooth one.

To find a mortgage consultant near you, please visit our Areas We Serve web 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. 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/)

©2016 Prosperity Home Mortgage, LLC. All Rights Reserved.


Prosperity Home Mortgage Named Among America’s Top 100 Mortgage Companies

Prosperity Home Mortgage, LLC, (Prosperity) has once again been ranked as one of the best mortgage companies in the nation by Mortgage Executive Magazine.1 The publication spotlights the country’s leading lenders in its annual list of Top 100 Mortgage Companies in America 2017, and Prosperity has earned a position in the top 50 for the fourth year in a row.

“We are thrilled that Mortgage Executive Magazine named Prosperity as one of the leading mortgage companies in the country, and thank our exceptional team of professionals for enabling the company to achieve such an honor,” said Tim Wilson, CEO of Prosperity Home Mortgage. “Rankings such as this one demonstrate the extraordinary service and commitment that our mortgage consultants provide to each of their clients. Their continuous dedication to providing personalized, focused service to every Prosperity customer is why we remain among the top lenders in the nation.”

Randy Krout, president of national sales at Prosperity, echoed Wilson’s thoughts. “It’s an honor to be ranked among the top mortgage companies in the country once again, and this award shows the wealth of knowledge, integrity and professionalism that our mortgage team brings to each transaction they do.” Krout said.

About Prosperity Home Mortgage, LLC

Prosperity Home Mortgage, LLC, is a full service mortgage banker that specializes in residential and refinance loans. It offers a wide range of mortgage products, including fixed and adjustable rate mortgages, jumbo loans, Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, and renovation financing. Prosperity Home Mortgage is represented by more than 190 mortgage consultants. Prosperity Home Mortgage funded over 10,700 home loans with a loan volume of over $3 billion in 2017.  Prosperity currently operates in 12 states and Washington, D.C.

 

 

 

1. Ranking published in Mortgage Executive Magazine, Summer 2018 Edition.
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.


Prosperity Home Mortgage Ranked Among Top Mortgage Lenders in D.C. Area

We are delighted to share that Prosperity Home Mortgage, LLC (Prosperity) has been recognized by the Washington Business Journal as one of the top home mortgage lenders in the Washington, D.C., metro area. Prosperity earned 7th place on the publication’s annual list, which ranks companies within the region by their 2017 metro-area lending volume.

“It’s an incredible honor for our team at Prosperity to earn a position on the Washington Business Journal’s list of the top mortgage lenders,” said Tim Wilson, president and CEO of Prosperity. “I congratulate each member of our Prosperity team on their achievement and thank them for their support of the many homebuyers who work with our family of companies.” 

Randy Krout, president of national sales at Prosperity, shared Wilson’s excitement for the award. “Each member of our team works diligently to support the homebuyers who choose Prosperity as their lending partner, and we’re thrilled to have been recognized by the Washington Business Journal as one of the top lenders in the D.C. area,” said Krout. “The honor highlights our team’s wealth of knowledge, integrity and professionalism in supporting Prosperity’s mission, and it demonstrates our ability to deliver best-in-class service, exceptional support and competitive rates.”

Prosperity offers a wide range of mortgage products, including fixed and adjustable rate mortgages, and is represented by more than 190 mortgage consultants in offices across 13 states and Washington, D.C.  Click here to find a local mortgage consultant near you.

 

 

 

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.


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