Land Home Financial Services (LHFS) Within Reach™ FHA & FHA MH 3.5% DAP
Special Alert
• Maximum number of 4 borrowers. • No first-time homebuyer requirement. • The loan file must demonstrate financial management based on credit patterns, bank statements showing withdraw/payment of current housing, and expense activity
Maximum Purchase Price
$0
Contact Info:
https://wholesale.lhfs.com/guidelines
Limitations
All HUD agency guidelines apply. Manual Underwriting is not permitted. All mortgages on the property collectively may not exceed the FHA Nationwide Mortgage Limit for the area in which the property is located in. High balance loan amounts are allowed, however there is an additional 2.5 points. Transferred appraisals not permitted. No Buy-downs or temporary buy-downs permitted. Maximum number of 4 borrowers. Paying off debt to qualify is not allowed. Auto draft payments required for both the 1st and 2nd mortgage payments. LHFS does not allow audited P&L’s to be used for income calculation purposes. No outstanding judgments, including repayment plan. All outstanding judgments must be paid in full. Foreclosure, Deed-in-Lieu, and Short-Sale History: 3 years Chapter 7: 2 years from discharge date Chapter 13: Bankruptcies must be fully discharged before eligible for financing Prepaid interest credits are not allowed. Avoid any potential delays: Contact title company for 2nd mortgage fee amounts, notify LHFS of cost.
Credit Score Requirements
Minimum Credit Score: 640 Each borrower must have at least one credit score.
Deferred Payments?
No
Accepted First Mortgage Type:
FHA 203(b)
Homeowners Education Class:
Required
Is Forgivable?
Location:
2603 Counties, 42 Cities Nationwide Program, excluding the States of New York and Washington.
Income Limitations:
Yes, based on Qualifying (1003) Income Income limits from HUD 2022 160% AMI guidelines Within Reach Income Limits: https://view.officeapps.live.com/op/view.aspx?src=https%3A%2F%2Fcdn.lhfs.com%2Flhfscdn%2Fwholesale%2Fdownload%2FDAP_IncomeComparison.xlsx&wdOrigin=BROWSELINK
Maximum Assistance
3.5% of Total Loan Amount
Education Requirements Info:
• Homebuyer Education is required. LHFS will accept any valid certificate completed within the last year by at least one borrower who will be on the loan. • Course developed by HUD-approved counseling agencies. HUD Approved First Time Buyer Course. https://apps.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
Eligible Property Types:
Single Family Detached Condo Townhome/PUD Manufactured Home
Income By Household Size:
HH1-8 $269,600 *Income limits as of 04/21/2023
Qualifying Ratios:
Per AUS approval.
