Dec 7 2017

Prospect Mortgage – Options for Buying Fannie Mae Foreclosed Properties #mortgage #reduction #program

#homepath mortgage financing


Great Loan Options for Buying Fannie Mae Foreclosed Properties

Buying a foreclosure from Fannie Mae can be a great way to get the house you want at an affordable price. Prospect Mortgage has many loan programs that are perfect for purchasing your foreclosure. We can even provide funds to upgrade the home with no additional down payment!

  • Get a great price on a bank-owned home
  • Use an FHA loan and buy with as little as 3.5% down on a primary residence
  • Get up to $35,000 (or more) to upgrade or renovate your home
  • VA loans require no down and no mortgage insurance for veterans on a primary residence

Who Qualifies?

  • Buyers with a minimum down payment of 3.5% for their primary residence using an FHA loan
  • Minimum credit score 580 for some programs; 640 for others
  • Buyers planning to use their property as primary residence, second home or investment
  • Buyers must be able to document their income

Loan Programs

There are many reasons why a Prospect Mortgage foreclosure loan might be right for you. Learn more

Renovation Loans

Once you find a house, turn it into the perfect home with a Prospect Mortgage Renovation loan. A renovation loan allows you to completely change the floor plan of a house or make smaller upgrades to appliances, flooring or windows. Learn more

Discontinued Fannie Mae HomePath Financing Program

Fannie Mae will stop offering their HomePath suite of mortgage products on October 7, 2014. Prospect will continue to accept new loan applications until October 6, 2014 for the HomePath Mortgage provided:

  • The signed, fully executed HomePath purchase contract includes a Real Estate Purchase Addendum dated on or before October 6, 2014, and the addendum indicates that the borrower intends to use HomePath Mortgage financing.
  • The HomePath loan must be funded on or before December 31, 2014.

The HomePath suite includes: HomePath Mortgage, HomePath Renovation Mortgage, HomePath Non-Owner Occupied. If you have clients who are considering buying with a HomePath Mortgage, please let them know that they have a limited time to secure their financing.

Even though Fannie Mae is ending HomePath Renovation Financing, Prospect has additional renovation programs that can help move listings that are outdated or in need of repairs.

Existing Customers

Contact customer service or manage your closed loan online at Cenlar’s website: Loan Servicing Portal

2016 Prospect Mortgage, LLC.

Mortgage loans are available in the United States only, not available in OH or UT and currently not available in Canada, Guam, Puerto Rico or Virgin Islands.

Loan inquiries and applications will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd. Suite D300, Sherman Oaks, CA 91403, 800-464-2484. Prospect Mortgage, LLC, NMLS ID #3296, ( ) is a Delaware limited liability company licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act and operates with the following licenses: AZ Mortgage Banker License #BK0903027; Georgia Residential Mortgage Licensee #16984; Illinois Residential Mortgage Licensee; MA Mortgage Lender/Broker License #MC3296; MS Licensed Mortgage Co.; Licensed by the NJ Dept. of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services, 711 Westchester Avenue, Suite 304, White Plains, NY 10604; RI Licensed Lender, RI Licensed Loan Broker; In Texas, located at 8650 Freeport Parkway, Suite 130, Irving, TX 75063. This is not an offer for extension of credit or a commitment to lend. Loans are currently being closed and committed at the expressed rates, however these rates may change or may not be available at the time of your loan lock-in, commitment or closing. All loans must satisfy company underwriting guidelines, interest rates and APRs are based on recent market rates, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value ratio, credit score and other variables. Terms and conditions apply. Additional loan programs may be available. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law. Call for details. 08/2016. Our Loan Officers are dedicated to helping you with your home financing needs.

TX Complaint & Recovery Fund Notice

HomeStyle is a registered trademark of Fannie Mae.

Disclosure last updated August 24, 2016

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