Prosperity Home Mortgage announced today the launch of its HomeBuyer Boost Grant Program to benefit first-time homebuyers currently living in eligible census tracts in the Atlanta-Sandy Springs-Alpharetta, GA, and the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD metropolitan statistical areas (MSAs). HomeBuyer Boost, a Special Purpose Credit Program(SPCP), will reduce the costs for individuals and families in these select underserved communities looking to buy a home, helping more Black families achieve sustainable homeownership.
“In addition to a $5,000 HomeBuyer Boost grant, Prosperity will provide borrowers with a one-year home warranty at closing to provide financial assistance to cover the costs of unexpected repairs and replacements on home systems. If the loan requires an appraisal, up to $500 will be covered, and there are no income limits,” commented Justin Messer, Prosperity’s President and CEO.
April Alexander, Vice President, Community Lending and Outreach for Prosperity said, “We continue to develop products and services with the potential to have the greatest impact on closing the generational wealth gap for communities of color. The launch of HomeBuyer Boost is an expansion of the home affordability programs and other support we already provide to underserved communities across the country.”
“Thousands of minority community members are mortgage ready today, and, for them, our focus at Prosperity is not only providing innovative products like Homebuyer Boost, but also partnering with other likeminded organizations to provide critical education and resources to better explain the generational benefits of homeownership. An exciting product like Homebuyer Boost is a great way to get these critical conversations started in our communities,” Messer said.
ABOUT PROSPERITY HOME MORTGAGE
Prosperity Home Mortgage, LLC is a full-service mortgage banker specializing in residential and refinance loans. Prosperity operates in 49 jurisdictions and from 2021-2022 funded $25 billion in production. Prosperity’s team of over 500 Mortgage Consultants work closely with consumers throughout the financing process ensuring consumers can make informed decisions on their journey to homeownership. For more information, visit www.phmloans.com
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