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Last Updated: 04/18/2025

Prosperity Home Mortgage HELOC

from Prosperity Home Mortgage

Last Updated: 04/18/2025

Rating not yet determined2 total votes

2 users recommend

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Highlights

Credit Score Range

620 - 850

Amount Range

$5,000 - $500,000

Maximum LTV

80%

Minimum Draw

N/A

Loan Term (Years)

N/A

Prosperity Home Mortgage HELOC Review

Prosperity Home Mortgage HELOC is offered by Prosperity Home Mortgage (NMLS #75164), a direct lender founded in 2014 and based in Chantilly, VA. Prosperity Home Mortgage HELOC are available in 26 states and Washington, DC.

Key Takeaways

Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Prosperity Home Mortgage HELOC.
Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, Prosperity Home Mortgage HELOC does offer financing for primary and secondary homes (e.g. vacation properties).
Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
Maximum LTV. Prosperity Home Mortgage HELOC has a maximum loan to value ratio of 80%.

Prosperity Home Mortgage HELOC Pros & Cons

Pros

Cons

Considers applicants with fair credit.

Charges an origination fee.
Charges prepayment fees.
No co-sign option available.
Only available in 26 states.

Prosperity Home Mortgage HELOC FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit secured by your home. Once approved, you can access funds by check, phone, credit card, or online up to your credit limit.

Borrowers can apply for lines of credit of up to $500,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.

The maximum loan-to-value (LTV) ratio goes up to 80%. This means total debt secured by the property cannot exceed this percentage of its value. For example, on a $100,000 home with a $20,000 mortgage balance, you may qualify for up to $60k in credit.

What are the terms for Prosperity Home Mortgage HELOC?

HELOCs include a draw period followed by a repayment period. During the draw period, borrowers can access funds as needed up to the credit limit.

Prosperity Home Mortgage HELOC offers a draw period of up to 10 years

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

What fees does Prosperity Home Mortgage HELOC charge for a HELOC?

Prosperity Home Mortgage HELOC may charge an origination fee.

What types of property can you use as security for a HELOC with Prosperity Home Mortgage HELOC?

Prosperity Home Mortgage may consider HELOCs secured by the following property types:

Primary residences
Secondary or vacation homes

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Message from Prosperity Home Mortgage HELOC

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. Prosperity Home Mortgage, LLC 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.

Contact

Headquarters

14501 George Carter Way

Suite 300

Chantilly, VA 20151

(804) 762-5440

Visit Site

Email Support

Hours of Operation

SundayClosedMonday9:00AM - 5:00PMTuesday9:00AM - 5:00PMWednesday9:00AM - 5:00PMThursday9:00AM - 5:00PMFriday9:00AM - 5:00PMSaturdayClosed

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SuperMoney Net Recommendation Score

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Prosperity Home Mortgage HELOC Community Reviews

Would you recommend Prosperity Home Mortgage HELOC to your friends?

Chijioke O.

Jan 14, 2021

May or may not recommend

I hadn't thought I'd ever fins such a reliable credit line at my doorstep Bravo! I hope they keep this up or I'd be back to take my review. Meanwhile, I'm recommending you guys to my mum. She's been in search of a financial aid with very friendly terms

Emily W.

Nov 24, 2020

May or may not recommend

We financed our current residence last year and re-financed it a few weeks ago, both through Prosperity Home Mortgage. Excellent services, and they obtained a very good interest rate for us. The entire team is very efficient and organized, and the officer assigned to us was very responsive and always there to help. I would highly recommend anyone who needs mortgage to reach out to Prosperity for help.

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