SHERMAN OAKS, Calif., Sept. 19, 2012 /PRNewswire/ -- Fannie Mae, the government-sponsored enterprise chartered by Congress to assist the mortgage industry, has expanded its HomePath® Mortgage program and named Prospect Mortgage as a new financing partner.
Effective immediately, qualified investors may be able to secure HomePath Mortgage funding for up to a total of 20 properties (including those currently financed by the borrower). Previously published Fannie Mae guidelines limit the total number of financed properties to 10 on non-owner occupied residences, while other loan programs typically allow just four financed properties per borrower.
"We're delighted to have been selected by Fannie Mae as the inaugural financing partner for the expanded HomePath investor loan program," says Doug Long, president of Prospect Mortgage Retail and Correspondent Lending. "Prospect Mortgage's participation will give investors the opportunity to capitalize on current below-market prices on foreclosures owned by Fannie Mae, while also giving buyers the expanded ability to access financing on up to 20 investment properties."
Under the program, properties must be designated as an eligible Fannie Mae HomePath property. No mortgage insurance or appraisal is required. Funding is offered on one to four-unit residential properties with conforming loan amounts or high-balance loans. The maximum loan-to-value ratio is 70 percent on conforming loan amounts. There is a 2 percent interested party contribution limit for non-owner occupied purchases. Investor funding rates are fixed for the HomePath program, which is offered exclusively on purchase transactions. Second homes are ineligible under the program. HomePath renovation mortgage financing is also available to individual investors for up to four total financed properties. For information on available Fannie Mae properties in your area, visit www.HomePath.com. For information about HomePath investor financing, visit www.HomePath.com/investors.html.
Prospect Mortgage is a leading national lender offering a full range of quality home loans, including FHA and VA, conventional, jumbo renovation and more. It is backed by Sterling Capital Partners, a private equity firm with approximately $5 billion of assets under management and offices in Chicago, Baltimore, and Miami. For more information about Prospect Mortgage, visit www.MyProspectMortgage.com. Visit Prospect on Twitter at www.twitter.com/MyProspectMtg and follow the company on Facebook at www.facebook.com/ProspectMtg.
SOURCE Prospect Mortgage