Here is a great program for REO properties.
Here is a great program for REO properties. They just need to be on Fannie Mae Home Path List
Program Benefits
As a preferred lender, Prospect Mortgage originates HomePath mortgages with the following
expanded eligibility parameters:
• No appraisal required - value is based on sales price
• Expanded LTVs (up to 97% LTV with no MI required based on occupancy – see eligibility
guidelines below)
• Up to 6% seller contributions allowed for principal residences/second homes
• For second homes or investment properties, borrowers may own up to 10 financed
properties (max LTV 75%) 90% on Investment with less then 4 properties own
Property Types
• All property types eligible per FNMA selling guide except
manufactured housing (prefabs and modular acceptable)
Important: For Condominiums, standard FNMA
guidelines apply. A HOA cert is required, and if
necessary the project must be sent to Secondary
Marketing for project approval or an exception.
Just need to verify the condo still has a master insurance policy in place.
Minimum FICO Scores
• Minimum FICO score of 660 for loans with LTV/CLTV
greater than 80%
• Minimum FICO score of 620 for loans with LTV/CLTV
less than or equal to 80%
Mortgage Insurance MI is not required (with a pricing adjustment)
Maximum LTV/CLTV •
Maximum LTV/CLTV allowed per the FNMA Selling
Guide, except:
o 90/90 Max LTV/CLTV for 1-2 unit investment
properties
o 75/75 Max LTV/CLTV for second homes and
investment properties where the borrower owns
more than 4 financed properties
Just have your clients go to my website and get pre approved
Tim Guy
Senior Loan Officer
813 431 7148 Direct
tim.guy@perospectmtg.com
