The Lakeview Springboard product is a fixed-rate conforming and conforming Jumbo first mortgage, with an interest-only second mortgage, to assist with down payment and closing costs.
Highlights & Terms
- 30-year second mortgage
- Up to 4% of the appraised value or purchase price (whichever is less) to be used towards down payment and/or closing costs
- Second mortgage proceeds may be used to fund up to 100% of the cash to close
- No minimum borrower contribution
- No Mortgage Insurance required
Guidelines & Consideration
- Homebuyer Education required for all borrowers
- Minimum credit score 660
- Purchase of primary residence only
- Income limits apply
- LTV > 95.01% at least one borrower must be a first-time home-buyer
- The second lien is due and payable at sale, refinance, payoff
- The following states are not eligible: Delaware, Washington DC, Maine, Michigan, New Hampshire, South Carolina and West Virginia
