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Prospect Mortgage Loan Programs

FHA 203(k)

  • Loan amount based on the home value including renovations*
  • As little as 3.5% down payment for purchase of a primary residence
  • Refinance and rehab your own home
  • Can be used to buy property otherwise not eligible for financing

*For 203(k) purchase transactions the maximum loan amount is the lesser of the sales price + renovation costs or the after improved value, times the maximum LTV. For refinance transactions the maximum loan amount is the lesser of the property value before renovation + renovation costs or 110% of the after improved value, times the maximum LTV. Loan amount must be within FHA county limits.

Fannie Mae HomeStyle® Renovation Loans

  • Buy and renovate investment properties in one loan
  • Not limited to Fannie Mae foreclosures

Who Qualifies?

  • Generally for FHA, a credit score of 640 or higher
  • For Fannie Mae as low as 5% down. Minimum FICO score requirements apply.

FHA Loan limits vary by market. They currently range from $271,050 to $625,500 for a single-family property. To check the current loan limits by county, go to entp.hud.gov or check with your Loan Officer for the current limits.

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