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Fannie Expands HomePath, Adds Prospect as Partner

""Prospect Mortgage"":http://www.myprospectmortgage.com/ has been appointed as a new financing partner for ""Fannie Mae"":http://www.fanniemae.com/, as the government-sponsored enterprise takes steps to expand its ""HomePath Mortgage program"":http://www.homepath.com/. Through the collaboration with Fannie, Prospect will now be able to extend funding to borrowers who qualify for the mortgage loan initiative.

""Prospect Mortgage's participation will give investors the opportunity to capitalize on current below-market prices on foreclosures owned by Fannie Mae, while also giving buyers the expanded ability to access financing on up to 20 investment properties,"" noted Doug Long, president of retail and correspondent lending for Prospect.

Under the terms of the program's expansion, borrowers can gain funding for up to 20 HomePath-eligible properties. The new rules represent a significant increase to HomePath's previous standards, which limited the total number of financed properties to 10 on non-owner occupied residences.

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""We're delighted to have been selected by Fannie Mae as the inaugural financing partner for the expanded HomePath investor loan program,"" concluded Long.

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