Prospect Mortgage Loan Programs
- 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
- 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.