Prospect Mortgage is getting the go-ahead from Fannie Mae to expand financing to HomePath investors.
Previously published Fannie Mae guidelines limit the total number of financed properties to 10 on non-owner occupied residences. Prospect will expand the fianancing to up to 20 properties.
"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.
The maximum loan-to-value ratio is 70% on conforming loan amounts. Second homes are ineligible under the program.
HomePath renovation mortgage financing is also available to individual investors for up to four total financed properties. Prospect Mortgage just launched a renovation lending correspondent division earlier this month.
Prospect Mortgage 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.