SHERMAN OAKS, Calif., Nov. 11, 2014 /PRNewswire/ -- Prospect Mortgage, LLC ("Prospect" or the "Company"), one of the nation's leading independent mortgage lenders, today announced new loan programs designed specifically to help more veterans finance a home purchase. Prospect also today announced a new effort to recruit and hire loan officers focused on serving the veteran community.
These new loan programs are intended to provide additional financing options to a wider-range of qualified veteran borrowers and include products with a credit score of 580 and above plus a new Jumbo Loan product specifically designed for veterans.
"Prospect plays an important role in serving our veterans by providing programs and financing that enable our veterans and their families to purchase their first home or move-up to their next home. Our VA loans offer veterans access to loans with no or low down payments, less stringent underwriting requirements and can be used to take out cash, up to 100% of the value of their home, to meet the needs of their families," said President of National Lending Doug Long. "Our new programs will add to an already wide range of loan products developed specifically for veterans. These programs enable Prospect to make a real difference in the lives of veterans and their families."
The New Opportunity Loan enhances the program offered through the Veterans Administration (VA) by enabling qualified veterans with a FICO score of 580 or above to finance a home purchase, extending the loan limit to $700,000 and requiring a less stringent Debt-to-Income ratio (DTI). These enhancements will allow more qualified veterans to access financing for a wider range of home values.
In addition, Prospect will launch a new Jumbo Loan product for veterans that will allow qualified veterans to finance homes for up to and exceeding $1 million, providing veterans the opportunity finance a much wider range of properties.
Recruiting loan officers dedicated to serving veterans is also a major initiative and priority for the Company. Prospect currently has more than thirty veterans serving in leadership and operational roles throughout the Company. Hiring veterans and those focused on serving veterans and their families is central to the Company's recruiting strategy.
"We are very fortunate to have many Prospect colleagues who have served or have loved ones who are currently serving in the U.S. military. We are proud of their service and commitment to our country," said Long. "This new effort to attract and hire loan officers to serve veterans will help grow our ranks with those who understand the products and programs that are available for those who have served in the ranks of the U.S. Armed Forces."
A new webpage, which launched Veterans Day, November 11, 2014, on Prospect's Careers website highlights the stories and service of those currently a part of the Prospect team, as well as, attract new Loan Officers who may be interested in focusing on helping veterans and their families reach their homeownership goals. It can be found at: http://www.myprospectmortgage.com/careers/Loan_Officers/va_home_loans.aspx
About Prospect Mortgage
Prospect is a leading national home purchase lender offering a full range of quality home loans, including FHA and VA, conventional, jumbo, renovation, and more. It is backed by Sterling 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 @myprospectmtg and follow the company on Facebook at www.facebook.com/prospectmtg.
SOURCE Prospect Mortgage, LLC