Mortgage

Get Pre-Approved

Before you start shopping for a home, get pre-approved for a mortgage. A pre-approval is a lender's written commitment to lend you up to a specified amount based on a review of your financial profile. In the Pocono market — where well-priced STR-eligible and lakefront properties can move quickly — having a pre-approval letter makes your offer credible and competitive from the start.

Understand What You Can Afford

Your pre-approval amount is the maximum you can borrow — not necessarily what you should spend. Factor in all monthly costs including principal and interest, property taxes, homeowners' insurance, PMI if applicable, and HOA dues. Use Kerry's Mortgage Calculator to estimate your full monthly payment.

Know What Documents You'll Need

Your lender will ask for documentation to verify your financial profile. Have the items in the checklist below ready before you apply.

Understand Your Credit Score

Your credit score is one of the most important factors in your mortgage approval and the interest rate you receive. Lenders evaluate the five key components shown below.

• Government-issued photo ID
• Social Security number
• Two years of federal tax returns and W-2s (or 1099s if self-employed)
• Two most recent pay stubs
• Two to three months of bank and asset account statements
• Documentation of any other income sources
• Information on existing debts — auto loans, student loans, credit cards

Payment History — 35%

The biggest factor. Always pay on time — every late payment can drag your score down for years.

Amounts Owed — 30%

Keep credit card balances below 30% of your limit. High utilization signals risk to lenders.

Length of Credit History — 15%

Older accounts help. Avoid closing long-standing credit cards before applying for a mortgage.

New Credit — 10%

Avoid opening new accounts before applying. Each hard inquiry can ding your score temporarily.

Credit Mix — 10%

A healthy mix of installment loans and revolving credit shows lenders you can manage different debt types.

Your interest rate is locked for the life of the loan, giving you predictable monthly payments that never change regardless of market conditions.

• Rate and payment remain the same for the full loan term
• Available in 10, 15, 20, and 30-year terms
• Best for buyers who plan to stay long-term and prefer payment certainty

Your interest rate is fixed for an initial period then adjusts periodically based on market indexes. ARMs often start with a lower rate than fixed mortgages.

• Lower initial rate than comparable fixed mortgages
• Rate adjusts after the initial fixed period
• May be a good fit for buyers who plan to sell or refinance before the adjustment period

A Federal Housing Administration loan designed to help buyers with lower credit scores or smaller down payments qualify for a home loan.

• Down payment as low as 3.5%
• More flexible credit score requirements
• Requires Mortgage Insurance Premium (MIP)
• Available for primary residences only
• Prosperity's Uplift program ensures FHA-qualified customers receive low rates and fees

Available to qualifying active-duty military, veterans, and surviving spouses. VA loans offer some of the most favorable terms available.

• No down payment required
• No private mortgage insurance (PMI)
• Competitive interest rates
• Available for primary residences only
• Prosperity's Uplift program ensures VA-qualified customers receive low rates and fees

Offers no-down-payment financing for eligible borrowers in designated rural areas. Some Pocono area properties may qualify.

• No down payment required
• Must meet income eligibility requirements
• Property must be in a USDA-eligible rural area
• Primary residences only

Designed to give buyers a confident edge in today's competitive market — providing a stronger offer position when shopping for a home.

Allows buyers to lock in an interest rate before they find a home — providing protection against rate increases while you search.

An expedited mortgage approval process that verifies credit, assets, and income upfront before you find a home — positioning you to move quickly when the right property appears.

Prosperity's trusted platform for closing loans fast. For buyers in competitive situations, speed to close can be as important as price.

A variety of loan programs designed specifically for real estate investors — including options for Pocono STR buyers. Ask your Prosperity consultant about DSCR loans, portfolio loans, and other investor-focused options.

A Freddie Mac loan program for low-to-moderate income buyers with flexible down payment options.

• Down payment as low as 3%
• Flexible income and credit requirements
• Available for primary residences

Qualifying buyers may be able to purchase a home with little or no down payment. Eligibility based on income, credit, and location.

Ensures all FHA and VA qualified customers receive low rates and fees — reducing the overall cost of homeownership.

Pre-Approval

Submit your application and documentation. Lender reviews your credit, income, and assets and issues a pre-approval letter.

Home Search

Shop for a home with Kerry using your pre-approved budget. Programs like XLR8® and Lock, Shop & Home can strengthen your position during this phase.

Offer Accepted

Once your offer is accepted your lender opens the formal loan file and begins processing your application.

Loan Processing

Your lender collects and verifies all documentation, orders an appraisal, and reviews the title. Respond promptly to any requests for additional information.

Underwriting

An underwriter reviews the complete loan file and issues a loan decision. Conditions must be satisfied before final approval.

Clear to Close

All conditions satisfied. Your lender issues a Closing Disclosure showing final loan terms, payment, and closing costs. Review it carefully.

Settlement

Sign all loan documents, pay closing costs and down payment via wire transfer, and receive the keys to your new Pocono home.