First Home Program Terms and Conditions

The First Home Program (“First Home”) is a homebuyer program offered by Long & Foster Real Estate, Inc. dba Virginia Properties, Evers & Company Real Estate, Tailored Move, and Northrop Realty (“Long & Foster”) and members of The Long & Foster Companies, Inc. family of companies, including Prosperity Home Mortgage, LLC (“PHM”) and various affiliated settlement providers listed below (each, “Long & Foster Settlement”). Long & Foster provides real estate brokerage services and, through Tailored Move, moving services; PHM offers mortgage financing; and Long & Foster Settlement provides title insurance and/or closing services.

Eligibility. First Home benefits are available solely to consumers (“consumers” or “you”) who buy a home with Long & Foster and chose to use PHM and Long & Foster Settlement in connection with that residential home purchase. Consumers meeting all applicable requirements are entitled to the incentives and guarantees outlined in the First Home Benefits section below. “Reserving Benefits” does not obligate you to avail yourself of this program or any settlement services in the future.

Affiliated Business Arrangement. As is set forth in Long & Foster’s separate Affiliated Business Arrangement Disclosure (“ABAD”), available at site.longandfoster.com/first-home/pages/abad, Long & Foster has affiliated business relationships with PHM, Long & Foster Settlement, and other providers (together, the “Affiliated Companies”). Each of the Affiliated Companies is indirectly owned, in whole or in part, by HomeServices of America, Inc., a Berkshire Hathaway, Inc. affiliate. Any referral by one of the Affiliated Companies to another may provide the referring company, its affiliates, and/or their employees with a financial or other benefit. You are NOT required to use any Affiliated Company to do business with Long & Foster. See ABAD for further detail, including estimated charges.

No Required Use under First Home. While we have assembled the First Home team for you and offer First Home benefits only if you take advantage of the First Home program, participation in the program is optional. You are not required to participate in First Home or to use any particular Affiliated Company to obtain brokerage services from Long & Foster, financing from PHM, or settlement services from another affiliate.

First Home Team; Personal Guide.While the Affiliated Companies strive to operate as one family of companies and one team under the First Home program, your personal guide in the First Home process is an employee of Long & Foster, and is not an employee of PHM or Long & Foster Settlements. If you use PHM for mortgage financing, your loan originator in the mortgage process will be an employee of PHM, not an employee of Long & Foster. If you use a Long & Foster Settlements provider for closing and/or title services, your settlement and/or title agent will be with that Long & Foster Settlement provider.

First Home Benefits. Consumers who buy a home with Long & Foster (the “Subject Property”) and choose to use the following Affiliated Companies in connection with that purchase under the First Home program are eligible for incentives and guarantees, subject to certain additional limitations, as set forth below.

PHM Benefits. With home financing from PHM under the First Home program:

$10K Closing Guarantee: Prosperity Closing Guarantee is only available on Buyer’s Advantage-designated, conventional, FHA and VA loans approved by Prosperity Home Mortgage, LLC (“Prosperity”) in writing prior to execution of fully ratified sales contract. Prosperity Closing Guarantee is NOT applicable on renovation loan products, loans for the purchase of cooperative housing units, or loans involving any sort of bond, down payment assistance mortgage credit certificate, or any other municipal or housing authority program. For loans from Veterans Affairs (VA loans), acceptable appraisal must be received and approved by Prosperity at least 10 business days prior to closing or loan is not eligible for Guarantee. The Commitment Agreement has an expiration date. The Loan must close on or before the expiration date contained in the Commitment Agreement, unless the Borrower(s) qualifies for and is approved for an extension in writing. The Commitment Agreement issued to the Borrower(s) contains conditions that must be satisfied prior to closing. Subject to acceptable appraisal of property value at or above contract sales price. This Prosperity Closing Guarantee is subject to the satisfaction by the Borrower(s) of all Loan conditions identified in the Commitment Agreement as determined by and in the sole discretion of Prosperity. The Guarantee is not valid if either Borrower(s) or Seller terminate the purchase contract or otherwise choose not to consummate the transaction for any reason whatsoever. The Prosperity Closing Guarantee is invalid if there is a substantial change in the Borrower(s)’ financial condition or to the terms of either the Loan or the purchase contract between Borrower(s) and Seller. Prosperity 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. Prosperity Closing Guarantee is void in the event closing is delayed or cancelled as a direct or indirect result of COVID-19. This offer is void where prohibited and is non-transferable, subject to the terms herein, and valid on all complete applications received on or before 04/30/2021.
Complementary Home Appraisal. PHM will provide a complementary appraisal in the form of a lender credit at settlement, under which PHM will cover the cost of one appraisal for the Subject Property from an independent third party appraisal company, up to a maximum credit of $500. This is subject to any additional terms and conditions provided by PHM.
First Year, No Fee Home Warranty. In connection with your First Home closing, PHM will cover the cost of a one-year Cinch home protection plan for the Subject Property, up to a maximum value of [$648 (DE/DC/MD/NC/PA/VA/WV), $598 (NC), or $698 (NJ)]. For full home warranty plan terms and conditions, click here. This is subject to any additional terms and conditions provided by PHM.

The above PHM benefits are redeemable only if, under the First Home program, you use Long & Foster to buy the Subject Property and consummate a residential mortgage transaction for the Subject Property with PHM. See Additional Limitations on First Home Benefits, below.

Prosperity Home Mortgage, LLC is an Equal Housing Lender, NMLS ID #75164 (www.nmlsconsumeraccess.org). PHM products may not be available in all areas. Licensed by the NJ Department of Banking and Insurance. Licensed by the Delaware State Bank Commissioner. Also licensed in AL, AR, AZ, CA, CO, CT, DC, FL, GA, ID, IL, IN, KS, KY, LA, MA MD, ME, MI, MN, MO, MS, MT, NE, NC, ND,

Long & Foster Settlement Benefit. Under the First Home program, Long & Foster Settlement will give you a $250 credit against your closing costs on the purchase of the Subject Property.

Long & Foster Settlement includes any of the following title/closing providers: RGS Title LLC (VA, MD, DC, WV), dba RGS Property Closing Services (PA); Sage Title Group, LLC (VA, MD, DC, WV, PA, NJ, DE, MD, NC), dba Sage Settlement Group (VA, MD, DC, WV), dba Sage Premier Settlements (PA, NJ, DE, MD), dba Infinity Title Agency (NJ), dba Infinity Settlements Agency (PA), and dba Guaranty Title (NJ); or Mid-States Title Insurance Agency, Inc.

To receive this closing costs credit, you must use Long & Foster to buy the Subject Property and obtain title and/or closing services in that transaction with Long & Foster Settlement. See Additional Limitations on First Home Benefits, below.

Tailored Move Benefit. You are not required to use Tailored Move to be eligible to participate in the First Home program. If you do opt to use Tailored Move for residential moving services related to the purchase of the Subject Property, Long & Foster offers a Guaranteed Move-In Date. Under this option, Long & Foster will identify a moving date for you and guarantee that Tailored Move can be available for your move on that date. This Move-In Date Guarantee requires that you provide at least two weeks (14 calendar days) notice to Tailored Move for Tailored Move to identify an available date AND that you confirm that date as requested once it is offered to you by Tailored Move. Move-In Date Guarantee is for Tailored Move’s availability only and does not apply to your closing date or any other circumstances beyond Tailored Move’s control. See Additional Limitations on First Home Benefits, below.

Additional Limitations on First Home Benefits.Certificates for benefits are non-transferrable. You are responsible to pay any deductible during the first year of the home warranty plan, as well as the cost of any renewal for future home warranty benefits after the first year. Only ONE of each benefit is available per Subject Property transaction. You are not eligible if you are participating in another program utilizing the Long & Foster family of companies that provides a rebate and/or closing cost credit. Additionally, discounts are not available in specific locations in some states. Long & Foster and the Affiliated Companies bear no liability for disputes over payment or division of payment among multiple parties. If multiple owners, purchasers, or non-purchasing spouses exist in a transaction, such parties bear any responsibility for handling funds as such parties see fit or as the law requires. The trademarks, logos and names of participating companies or agents, including any offered products or services, are the property of their respective owners. Long & Foster has the right to modify or cancel the First Home program at any time. PHM has the right to modify or cancel the PHM Benefits at any time without prior notice. Promotion is void where prohibited by law.

Information Sharing and Privacy. Information about you and your interest in and eligibility for services and benefits offered under the First Home program may be collected and used in various ways by Long & Foster and its Affiliated Companies. For example, you may supply such information if you visit Long & Foster’s website or if you reach out to a personal guide regarding the First Home program. This information may be shared between and among Long & Foster and its Affiliated Companies, and any participating third party providers (such as the home warranty plan provider) to operate their businesses, market their services, process transactions, or better provide services to you. For more information on the Team’s individual Privacy Policies and any opt-out rights you may have, please see https://www.longandfoster.com/pages/privacy-policy (Long & Foster), https://www.phmloans.com/privacy-security-legal (PHM), https://www.rgstitle.com/privacy-policy (RGS Title), https://www.sagetitlegroup.com/privacy-policy (Sage Title), https://www.mid-statetitle.com/privacy-policy/ (Mid-States Title).

Affiliated Business Arrangement Disclosure Statement »