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The Within Reach™ Conventional Down Payment Assistance Program (DAP) is a competitively priced Conventional loan program that does not require a minimum down payment from the homebuyer(s), exclusively offered from Land Home Financial Services, Inc. (LHFS). Within Reach™ provides your borrower(s) with a 5% DAP. Loans submitted to LPA must not exceed 80% AMI for the location of the Mortgaged Premises. This applies to all Within Reach™ Conventional mortgages, including those secured by properties in low-income census tracts. This home loan program is a purchase money first lien mortgage with down payment assistance in the form of a subordinate soft second lien with a 0.00% interest rate, as a 5-year term, forgiven at month 61. Borrower(s) must remain current on their mortgage for the second mortgage to be forgiven. Please note: Within Reach™ Conventional for Manufactured Housing will remain a Grant. ? Refinance transactions are not eligible. ? Conforming loan amounts only ? Minimum FICO 620 ? Manual underwriting is not permitted ? Down payment assistance is in the form of a soft second lien, 0.00% interest, as a 5-year term, forgiven at month 61. ? Within Reach™ less than or equal to 80% AMI – DAP of 5% offered ? Income limits are based off credit qualifying income reported on the 1003. All eligible income must be used in income limit calculation regardless of need. Manipulation of income to meet the income limit is not acceptable. ? LHFS prepares - TRID partial exemption applies to the soft second lien: ? NHF Program – Partial Exemption Disclosure ? Second mortgage fees are noted on the LE & CD of the first mortgage ? No minimum borrower cash investment requirement ? LTV 97.00%/CLTV 105.00% ? Benefit – Mortgage insurance coverage is lower at 25% and cancellable vs. FHA financing life of loan ? Manufactured housing is allowed only under the Within Reach™ MH guidelines program Within Reach™
Refinancing a home mortgage can be a big decision for many homeowners. Your situation and needs change over time so why shouldn't your mortgage?
Conventional loans have better rates, terms and/or lower fees than other types of loans, ideal for borrowers with excellent credit and at least a 5% down payment.
Insured by the Federal Housing Administration, FHA loans are best for first-time home buyers and those who less than perfect credit looking to qualify for a mortgage.