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  • Buying a home? Get a step ahead with the FM Lending Buyer AdvantageTM

    Obtaining a mortgage preliminary approval is a great place to begin when buying a home. But if you want your home purchase offer to stand out to sellers, ask for the FM Lending Buyer Advantage.1

    By electing to participate, you can get much of the home financing process out of the way and obtain a Commitment Letter before you even begin searching for a home.

     

    What are the benefits?

    • Complimentary - Choosing to participate costs you nothing additional.

    • Distinguished - A Commitment Letter can set your home purchase offer apart from other offers a seller maybe considering.

    • Smooth - With much of the home financing process completed up-front, additional requirements or conditions can be identified to help prevent last-minute issues.

    • Flexible - You may have the option of being more flexible with your closing date and also help ensure an on-time closing.

     

    And ask about the FM Lending Buyer Advantage FASTRACK!

    We are excited to offer FM Lending Buyer Advantage FASTRACK, which features expedited processing and underwriting for certain loan products.2  In a fast-paced real estate market, home buyers often need quick answers about mortgage financing, and FASTRACK can accommodate!

    To use FASTRACK, clients will be asked to provide these documents at the time of loan application:

    • 30 days’ most recent pay stubs with year-to-date information for all jobs and for each borrower
    • W-2 forms for the 2 most recent years for each borrower
    • Federal tax returns for the 2 most recent years for self-employed borrowers, or borrowers where other income/ loss is listed (i.e. Schedule E rental income, interest, business expenses not reimbursed, etc.)
    • Most recent 2 months of asset statements for all funds needed for down payment and reserves 

     

    Don't waste time during the home financing process. Ask for the FM Lending Buyer Advantage!

     

     

    1. FM Lending 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.

    2. Bond loans, USDA loans, renovation loans and non-delegated loans do not qualify for FM Lending Buyer Advantage Fastrack. Eligible borrowers must have a FICO credit score of 640 or greater, no bankruptcies and no foreclosures.

  • What is renovation financing?

    Our renovation loans may help you finance a home and cover the cost of improvements ranging from basic repairs or upgrades to more expensive additions or rebuilding.1 Qualified customers can buy or refinance a home, plus finance needed improvements or repairs — all in one convenient transaction.

    The amount for which you may qualify is based on the expected value of your home after improvements are made. Work can begin after the loan has closed and must begin within 30 days of closing. Then you pay for the renovations gradually, over the entire term of your mortgage.

    The process is completed in five easy steps:

    1. Find a property with your real estate agent and determine the improvements you would like to make.
    2. Contact Licensed Contractors to get quotes for the eligible improvements.
    3. Submit all information to your Renovation Mortgage Consultant.
    4. A property appraiser will be utilized by us to determine the property’s after-improved value.
    5. Proceed to the loan closing, and renovations may begin!

    A renovation loan may work for you.

    • Owner-occupied homes only
    • Foreclosured properties are eligible
    • 1-4 unit properties are eligible
    • 3.5% down payment is required (may be gifted from a family member or relative)

    The "House-to-Home" Renovation Program

    You see the home it could be, and so do we. Purchase or refinance a house, make improvements right after closing, and roll the cost of the improvements into one mortgage loan.1   That’s the power of House-to-Home renovation financing.

    From old and worn...
    ...to fresh and new!

    Renew.  Restore.  Renovate.

    With a low down payment and a loan amount based on the appraised value of the home after  improvements are made, you may be able to:

    •  Install new carpets or flooring
    •  Add new appliances
    •  Update the kitchen or bathrooms
    •  Upgrade electrical, plumbing or heating systems
    •  Replace the roof, siding or windows

    Improvements can range from basic repairs or upgrades, to more extensive additions or rebuilding.

    Speak with your renovation loan specialist about turning a house you like into a home you love.

    To learn more about House-to-Home renovation financing, check out this video!

    Talk to one of our Reno Experts today, call 877-275-1762 or Apply for a no cost pre-qualification:

     

    1. The interest on any portion of credit greater than the fair market value of your property is not tax deductible for Federal income tax purposes. You should consult your tax advisor regarding the tax deductibility of interest and charges. FM Lending is not a tax advisor.

  • Submit your home loan application and lock in your interest rate with the FM Lending Buyer AdvantageTM Lock, Shop & Home program!

    At FM Lending, we understand searching for a new home often takes time, which can add stress to the home buying process if rising interest rates or market volatility are a concern while you shop.

    Good news! The FM Lending Buyer Advantage Lock, Shop & Home program may be able to help! Eligible home buyers who choose to participate in the FM Lending Buyer Advantage program1 may also have the opportunity to lock in an interest rate before finding a home.

    Here are a few features of Lock, Shop & Home!

    • No property address is needed at the time of application and rate lock.
      •     Lock an interest rate up to 90 days.2
      •     Conforming loan amounts available up to $484,350 and high balance loan

    amounts available up to $726,525.3

    •     May be used with conventional or government fixed rate loan programs.4

    For more information:

     

    1. FM Lending Buyer Advantage is not a loan approval. Ask your mortgage consultant for details about FM Lending Buyer Advantage. 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. 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.
    2. Additional fees may apply.
    3. $726,525 maximum loan amount is available in high balance areas only. Contact your mortgage consultant for details.
    4. Lock, Shop & Home program is not available for bond, jumbo, or renovation loan programs.

  • Home Equity Line of Credit

    Home equity can be a valuable financial resource when you need access to funds as a homeowner, or if you need assistance with a down payment as a home buyer. FM Lending offers a simultaneous second mortgage program home equity line of credit, or HELOC, to consider as a financing option that may help you reach your homeownership goals.

    Features of the HELOC:

    • Loan amounts as low as $5,000 and up to $500,000.
    • Interest only payments for first 10 years.
    • May be a tax benefit. Consult your tax advisor.
    • Use credit any time or all at once.

    Homeowner Refinance Benefits:

    • Make home improvements with renovations, repairs or maintenance.
    • Manage or consolidate debt.
    • Access funds for a major purchase or unexpected expense.

    Home Buyer Purchase Benefits:

    • Combine the 1st mortgage loan with a HELOC to avoid monthly mortgage insurance payments.
    • Access funds again after the HELOC principal balance is paid down.

    Consider a HELOC to access funds now or in the future.

    To apply for this Home Equity Line of Credit:

    FM Lending is a responsible lender and cares about our clients’ long-term financial well being. Carefully consider each of your home financing options to determine the home loan that is right for you.

     

     

    Home Equity Lines of Credit (HELOC) provided by 3rd party. Available for 1-2 unit primary residences and owner-occupied second homes. Combined 1st and 2nd mortgage loan amounts up to $2,000,000. Annual maintenance fee of $75.00 is required. Product is not available in West Virginia.

  • THINKING ABOUT 

    BUILDING A NEW HOME?

    Let us tell you

    about a financing option

    that gives you advantages.

     

    If you are planning to build a home, wouldn’t it be nice to have a lender that arranged both the construction and permanent financing? Even better, wouldn’t it be nice if you also had the option to lock in a currently low interest rate, but still take advantage if interest rates decline?

    The Builder Advantage loan program is designed to meet your needs, and also help protect you in case construction completion is delayed.


    Ask for the Builder Advantage. It’s a win-win-win!

    • One Stop Shopping – FM Lending will arrange both the construction and permanent financing.1
    • Rising rate protection – Buyers can lock in a long-term interest rate for 90, 120, 150, or 180 days.2
    • Declining rate access – If interest rates decline, you have the option to re-lock at a lower market rate one time within 60 days of the scheduled closing date.3

    Ask your local mortgage consultant about the Builder Advantage!


    1. To accommodate local needs, construction financing may be originated by one of our local construction loan partners.
    2. Available only on conventional loans within conforming loan limits. Jumbo loan locks may be available up to 120 days.  Not available for properties located in the District of Columbia.

    3. Certain restrictions apply.

  • Home Loan Gateway offers potential home financing options for borrowers who may not qualify for traditional mortgage financing.

    At FM Lending, we understand that life happens.

    While the goal of homeownership may not seem possible due to past financial issues, Home Loan Gateway options are designed to help meet the needs of borrowers who are buying or refinancing a property, but may not qualify for other loan programs.

    Our family of Home Loan Gateway options offers disciplined credit solutions to qualified borrowers who can demonstrate their ability to repay.  If you have the ability to repay a mortgage but don’t qualify for traditional mortgage financing, we are here to help!

    Learn more about each option:

    Premier Access — Home financing with more flexible credit terms, a down payment as low as 10% on Jumbo loans, up to $750,000 for cash-out refinances, and loan amounts up to $3 million.

    Homeowner’s Access — Home financing with more flexibility for derogatory credit events*, higher debt-to-income (DTI) ratios, gift funds acceptable, and loan amounts up to $1.5 million.

    Fresh Start — Allows derogatory credit events* to have been completed just prior to application.  Allows higher DTI ratios, gift funds acceptable, and loan amounts up to $1 million.

    *A derogatory credit event is defined as a short-sale, deed-in-lieu, mortgage loan charge-off, foreclosure or Chapter 7 or Chapter 13 bankruptcy.

    Contact us to discuss your home financing options.

     

    The Home Loan Gateway loan options listed above may not be the best product for all borrowers. Consult your mortgage consultant to discuss your financing options.

  • Boost your buying power with the FM Lending Two Step Advantage (15/15 ARM).

    Features of the FM Lending Two Step Advantage (15/15 ARM) include:

    • Combines the low rate of an ARM with the stability of a fixed rate mortgage.
    • Only 1 interest rate adjustment during the entire life of the loan.  
    • Available on purchases and refinances with loan amounts above conforming loan limits, up to $2 million.
    • Eligible for purchase or refinance of a primary residence or second home.
    • Simultaneous home equity line of credit, or HELOC, options may be available.

    The FM Lending Two Step Advantage loan may be right for you if:

    • You are planning to move again in the next 15 years.
    • You are considering a 15 year loan term but are concerned about the higher payments.
    • You want the lower payment offered by an ARM product but are concerned about the risks associated with an adjustable interest rate.

     

    Available on purchases and refinances up to $2 million for 1-2 unit properties. Not available for applications without a property address (pre-purchase). Investment properties are not eligible. The initial rate is fixed for 15 years (180 months). When the rate adjusts, the new rate will be the lower of the index plus margin or loan cap. The rate will be equal to the note margin plus index, rounded to the nearest 0.125%, or adjustment cap of 6% above the borrower’s initial rate, and no lower than the floor rate of 2%. Other restrictions may apply.

    Interest rates may change daily. Consult a mortgage consultant for current rates.

  • The FM Lending Doctor Loan

    If student loans are preventing you from buying the home you love, the all-new doctor loan program from FM Lending may be able to help!
     

    Here are a few features of the program:

    • Loan amounts up to $650,000 with just 3% down
    • Loan amounts up to $850,000 with just 10% down
    • Loan amounts up to $2 million with 20% down
    • Deferred student loans excluded from the borrower’s debt-to-income (DTI) ratio if student loan payments are deferred at least 12 months after the home’s closing date
    • Gift funds may be allowed1
    • Available for purchase and rate/term refinance of primary residences

    FM Lending is a responsible lender and cares about our clients’ long-term financial well being. Carefully consider each of your home financing options to determine the home loan that is right for you. A doctor loan may not be the best mortgage product for all borrowers. Please consult your mortgage consultant to discuss your financing options.

    1 Three (3%) percent of the down payment must come from the borrower’s own resources. Remaining funds may come from a gift, FNMA eligible Community Second Program, or an approved gift/grant program.

  • What is XLR8? The Future of Mortgage Banking

    XLR8 is an expedited mortgage approval process designed to allow us to verify a borrowers1 credit, assets and income / employmet with minimal loan documentation. Borrowers simply complete a digital loan application via our website or mobile app and connect their bank accounts and employer via a secure portal.

    In a matter of minutes, we may be able to validate credit, income / employment and assets electronically ad issue a XLR8 commitment letter. Don't let financing scare your clients, XLR8 them insead!

    Credit APPROVED
    Assets APPROVED
    Income / Employment APPROVED

    Advantages of XLR8:

    • Minimize loan conditions
    • Simplify the mortgage process
    • Close on your home faster
    • No last minute surprises

     

    1. The XLR8 mortgage program is available on conforming, conventional loans only. Contact your mortgage consultant for more information.

  • BorrowSmart

    We understand that the expense of a down payment and closing costs can present a challenge for many home buyers. That's why we are introducing BorrowSmart, a new loan program designed to help customers purchase a home with less money out-of-pocket.

    Check out the features of BorrowSmart, and let’s find out if you qualify today!

    • Eligible borrowers may receive up to $2,500 in credit towards down payment and/or closing costs.
    • Conventional mortgage with less than 3% down (if credit is used towards the down payment).
    • Credit is NOT a grant or second lien but a true lender credit.
    • Gifts and other down payment assistance programs may also be applied where eligible.


    Other restrictions apply. Not all borrowers will qualify. Speak to a mortgage consultant for additional information. BorrowSmart is not available in Washington, D.C. Low down payment options may not be the best options for all borrowers. Consult your mortgage consultant to review potential loan scenarios and financing options to determine the home loan that is right for you.

  • Business Owner Access Home Loan

    The mortgage with self-employed borrowers in mind.

    If you are a self-employed business owner with a high number of deductions on your tax returns, qualifying for a conventional or jumbo mortgage may be more difficult. But our Business Owner Access home loan may be able to help!

    Features of the Business Owner Access home loan:

    • Cash flow analysis using 12 - 24 months of personal or business bank statements may be used to qualify instead of tax returns.
    • Loan amounts from $150,000 - $2,000,000 are available
    • Fixed and ARM loans are available for purchase or rate/term refinance of a primary residence.
    • Multiple bank accounts may be used.

     

    Some restrictions apply. This program is not available in West Virginia.

    The Business Owner Access home loan may not be the best product for all borrowers. Not all loan types are available to all borrowers. Not all borrowers will qualify. Borrowers will be subject to qualification and must satisfy all underwriting requirements and conditions. Consult your mortgage consultant and carefully consider each of your home financing options so you can determine the home loan that is right for you.

  • This home loan program offers eligible homebuyers more financing options that require little or no money down.

    Homebuyers who qualify for the program may be able to purchase a home with a 97% loan-to-value (LTV) first mortgage, plus down payment assistance that may be used to cover the down payment and/ or closing costs

    Features of the Welcome Home loan:

    First Mortgage:

    • Available for purchase of 1-unit, single-family properties used as primary residence (Condos may be eligible)
    • No mortgage insurance requirement
    • 97% LTV / 105% CLTV
    • 30-year fixed rate
    • Maximum loan amount of up to $484,350 ($726,525 maximum loan amount is available in high balance areas. Contact your mortgage consultant for details.)

    Second Mortgage:

    • Up to 4% of the purchase price or the appraised value, whichever is less
    • May be used to cover the down payment or closing costs
    • No maximum amount
    • Interest rate is equal to the first mortgage rate
    • Interest-only, 30 year loan with balance due at sale, refinance, transfer, maturity or payoff of the first mortgage

    No or low down payment options may not be the best product for all borrowers. Please consult your mortgage consultant to discuss your financing options. Not all borrowers will qualify. Welcome Home is not available in all areas. This program is only available in the following states: Alabama, Arkansas, Colorado, California, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Utah, Vermont and Virginia.

  • Business Owner Access Home Loan

    Credit challenges? We have options.

    We strive to ensure our clients have an extraordinary home financing experience, so we are pleased to offer the FHA and VA Credit Advantage home loans to make the home buying and refinancing easier for borrowers with credit challenges.

     

    Here are a few features of the Credit Advantage programs:

    • Lower credit scores may be considered! Ask your mortgage consultant for further details.

    • Down payment as low as 3.5% for FHA loans.1

    • No down payment for VA loans if the purchase price does not exceed the appraised value of the home.

    • Seller contributions allowed up to 6% for FHA loans and up to 4% for VA loans

     

    FHA Credit Advantage and VA Credit Advantage programs may not be the best product for all borrowers or all situations. Consult your mortgage consultant to discuss your financing options.

    1. FHA Loans have the benefit of a low down payment, but there are other loan products with the same option. Ask your mortgage consultant to help you compare the overall costs of all products, including the monthly and long-term costs and conditions of the required mortgage insurance. In many instances, FHA may be a more expensive financing option and should only be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs.

  • Real Estate Investor Loan Program

    Does your overall financial investment picture include real estate?

    Whether you are new to real estate investing or a seasoned investor, we have purchase and refinance options that may help meet your financial goals.

    Conforming Fixed-Rate Investment Loans:

    • Down payment as low as 15% for a 1-unit property.
    • Loan amounts up to $484,350.
    • Rental income may be used to qualify a borrower without rental history or a current lease on the property.

    High Balance Fixed-Rate Investment Loans:

    • Down payment as low as 15% for a 1-unit property.
    • Loan amounts up to $726,525 in high balance areas established by the Federal Housing Finance Agency.
    • Rental income may be used to qualify a borrower without rental history or a current lease on the property.

    Jumbo Fixed-Rate & Adjustable Rate Investment Loans:

    • Down payment as low as 25% for a 1-unit property up to $1 million.

    House-to-Home Renovation Loan Program:

    • Down payment as low as 20% for a 1-unit property (15% down payment may be available with qualifying minimum credit score).
    • Available for purchase or refinance of a home, plus the cost of repairs or improvements through a single mortgage.

    Prosperity Home Mortgage, LLC, dba DFW Texas Mortgage, Prosperity Home Mortgage, LLC dba Edina Realty Mortgage, Prosperity Home Mortgage, LLC dba FM Lending Services, and Prosperity Home Mortgage, LLC dba Long Mortgage Company are not financial advisors, nor are they offering Investment advice. Please consult a financial advisor to determine if real estate investing is right for you.

  • Foreign National Buyer Program

    The Foreign National Buyer Program helps make purchasing a home in the U.S. easier for qualified, non-United States citizens.

    Features of the Foreign National Program:

    • Loan amounts up to $1.5 million
    • Non-warrantable condominiums may be eligible
    • Second home and investment properties eligible
    • Purchase and rate/term refinance loans available
    • 5/1 ARM, 7/1 ARM, and 30 year fixed rate options available
    • Self-employed borrowers may qualify

    Other restrictions apply. Speak to a mortgage consultant for additional information. This program is not available in West Virginia.

  • Good Neighbor

    As a local lender, we understand the importance of serving those who help improve the communities in which we all work and live.

    If you are a law enforcement officer, pre-kindergarten – 12th grade teacher, firefighter or emergency medical technician, you may be eligible to participate in the revitalization of your community while also becoming a homeowner through the U.S. Department of Housing and Urban Development (HUD) Good Neighbor Next Door program.

    Highlights of Good Neighbor Next Door:

    • Discount of 50% from the list price of HUD Homes located in revitalization areas1
    • Applicants not required to be first-time home buyers2
    • No income limits
    • 1-unit single family primary residences, townhouses and condominiums eligible


    Program requirements for buyers:

    • Must be a law enforcement officer, pre-kindergarten – 12th grade teacher, firefighter or emergency medical technician
    • Must have a HUD approved real estate agent through which any purchase offers must be submitted
    • Must commit to live in the property for 36 months as sole residence
    • Must sign a 2nd mortgage and note in the amount of the 50% discount.3

    Some and/or all qualifying criteria may be set by independent third party program sponsors.
    1. Eligible Single Family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for seven days.
    The number of properties available is limited and list of available properties changes weekly. Check listings for eligible properties in your state at www.hudhomestore.com.
    2. Borrowers may not own any property at time offer is submitted and for 1 year prior to that date.
    3. No interest or payments are required on the 2nd mortgage provided the three-year occupancy requirement is fulfilled.

How to Prepare...

How to Prepare for Making an Offer on a House

Monday, December 9, 2019

So you’ve found the perfect house and you’re ready to move forward and make an offer. The number you put forth is one of the most important decisions you’ll make in the entire home-buying process, so before you make that offer, be sure to consider the following: You...

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December Economic...

December Economic Observer

Monday, December 2, 2019

DWELLING DEFICIT A key reason existing home sales have remained lackluster despite record low unemployment and spectacularly low interest rates is homeowners now stay in their homes for about 13 years, up from eight years as recently as 2010. Thus, the inventory of for sale homes has...

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