LHC Choice Conventional Program
The LHC Choice Conventional Program allows lenders to process loans through "Loan Product Advisor" and provides a possibility of increased assistance if borrowers meet specific income limits. This program allows LTV to 97%, higher income limits to $99,000, and reduced mortgage insurance premium.
Program Details
- Competitive 30-year fixed rate
- Available for purchase of 1-unit principal residence (Detached/attached, PUD's, Condos)
- Maximum loan amount of $424,100
- Property must be located in Louisiana
- Maximum income limit of $99,000
- Minimum credit score of 640
- 97% LTV 1–unit property
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Homebuyer education required for first-time homebuyers
Program Benefits
- Up to 4% assistance for down payment, closing costs and/or prepaid items
- Up to an additional 2% assistance for closing cost and prepaid items based on borrower AMI
- First-time homebuyers and repeat buyers allowed
- Reduced mortgage insurance - HFA Advantage Mortgage Insurance Coverage 18%
- No origination or discount fees
- No reserves required
- No borrower contribution required
- Permitted ownership of other residential property under certain circumstances
- Limited program documentation