A Link Home Loan is a contract for deed (otherwise known as an installment contract or land contract or seller financing agreement) in which Trio finances a home for a customer using what’s called a Wraparound Mortgage. A wraparound mortgage is a home loan that allows a seller (Trio and its affiliates) to maintain a mortgage while a buyer (you, the customer) obtains another mortgage which "wraps" around the seller’s original mortgage. As a type of secondary mortgage financing, wraparound loans mean that the customer will make monthly payments directly to Trio. Trio guarantees payment on the original mortgage as part of its service to the customer. Link Home Loans are legally structured as an installment contract and are secured in most states by recording a Memorandum of Contract in the public record of the financed home. Ownership of the home is transferred to the customer when all required payments are completed under the Link Home Loan, or the contract is otherwise paid off in full by the customer.
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A Link Home Loan can finance up to 100% of the FHA loan limit for a given market area, but no more than the appraised value of the home. A customer may purchase a home for more than the FHA loan limit, but the customer will have to fund the difference between the home purchase amount and the FHA loan limit as a down payment. You can look up your market area’s loan limit on this FHA link: FHA Mortgage Limits | HUD.gov / U.S. Department of Housing and Urban Development (HUD).

Payments on the Link Home Loan cover Trio’s fully serviced monthly mortgage payment(s), the costs of servicing, and a risk sharing contribution. Typical monthly payments include principal, interest, FHA required mortgage insurance, property taxes, hazard insurance, servicing and risk sharing. Payments may also include hardship protection, but generally do not include the cost of any HOA dues/fees, home warranty, renters insurance or utilities.

Link borrowers are required to make a minimum down payment of 3.5%. However, a greater down payment may be required based on underwriting requirements.

Borrowers are responsible for paying the costs to close the loan used to purchase or refinance the home, as well as certain program administration fees. Administration fees typically include a closing fee approximating 0.50% to 0.75% of the purchase price, $1,295 program fee, $465 for signing and $325 if the home is subject to an HOA. All Link Home Loans include both hardship payment protection and post-purchase counseling from a national HUD approved agency. Costs for these services are included in the costs to close the loan for the home purchase. Unless choosing a Move In Ready Home, a down payment is also required.

Your monthly payment will be made automatically via ACH from the bank account you provided at closing. The Link Home Loan is serviced by Trio's affiliate, Trio Residential, LLC. Trio Residential may also use additional sub-servicers. To make payments, see who your servicer is, or manage your account, please visit https://www.thinktrio.com/customers and select “Make a Payment.”

Link Home Loans provide up to 100% financing up to the appraised value of the home purchased (up to a maximum of the area FHA loan limit). Financing terms typically include a 40 year term that's fully amortizing. Interest rates depend upon customer qualification and are between 1.125% and 2.50% above Trio’s corresponding FHA loan. This interest rate premium covers the customer’s FHA required mortgage insurance and provides required program servicing reserves.

Yes, all Link financing payments are reported to the three major credit bureaus. On-time payments and late payments plus the total outstanding loan obligation are reported each month.

Link Home Loans are intended to be used for owner occupancy, but you can own another home and qualify. You will need clean mortgage payment history and meet higher qualification standards. Additional down payment funds will be required based on your application, the location of the home and home price. You cannot use the Link financed home for investment purposes or as a long-term rental.

A Wraparound Mortgage is defined as a secondary financing arrangement in which a lender, who is often the seller, leaves their loan intact and gives the borrower a second, larger loan. The total amount of a wraparound mortgage includes the previous mortgage’s unpaid amount plus the additional funds required by the borrower to purchase the home. The borrower makes payments on the larger loan amount to the secondary lender, who continues to make payments on the original loan. Link Home Loans are legally structured as an installment contract or land contract and are typically secured by recording a Memorandum of Contract in the public record of the financed home.

Property taxes and interest paid by a Link customer may be deductible for Federal and state income tax purposes subject to the advice of a tax professional.

Most of our contracts include an assumption feature of the FHA loan, and some contracts require that method of refinance early in its term. Once the financing is more seasoned, the customer can either assume the underlying FHA loan or use any other form of financing to pay off the Link Home Loan. If a Link financing is refinanced or paid off prior to during the first 3 years, some contracts may require a 2% prepayment penalty.

Just like a traditional home mortgage, monthly payments may increase in subsequent years based on the costs of insurance policies and property taxes. Should your payment increase, you should receive advance notice in the form of a letter and/or email. You payment will automatically be changed by the servicer.

Each financed home is required to have property hazard insurance, mortgage insurance, and renter’s insurance. As required by FHA home mortgages, the cost of property hazard insurance (sometimes called homeowner’s insurance) and mortgage insurance are included in the customer’s monthly payment. The cost of these policies may increase each year based on actual costs. The customer’s renter’s insurance policy must cover the contents of the customer’s home and loss of use in the event of significant property damage. Should the customer directly obtain property hazard insurance, a renter’s insurance policy may not be required. Customers are responsible to pay all deductibles and related administration fees should a claim be filed.

Maintaining your home is important for the health and safety of your household as well as maintaining property values. A home warranty from a qualified third party is required to be in place and paid for by you. A home warranty covers many home repairs that are not covered by hazard insurance policies. For a service fee generally ranging from $75 to $100, you can have many typical plumbing, electrical and other items repaired. Trio recommends national providers such as First American Home Warranty and American Home Shield. You are required to provide proof of coverage upon renewal each year.

All Link Home Loans include hardship counseling and payment protection provided by Applied Assurance Corp. HPP offers economic support in case of a financial hardship, such as loss of income, reduction in income, disability, death, or qualified impact due to a natural disaster. Costs for HPP are incorporated into the closing costs and the monthly payment. Should you have a hardship and need to submit a claim, go to www.appliedassurance.com.

As the buyer of the home, your name and the name of those over 18 with qualifying income are included on the Link Home Loan. The counterparty seller on the Link loan agreement is one of Trio’s affiliated companies and is listed on the title to the home until such time you payoff the Link Home Loan.

Link Enhanced expands the 40-year Link program for qualified borrowers seeking higher-priced homes, with financing up to $3 million.

Link Enhanced has a 680 minimum credit score, 10% minimum down payment, and a $3 million maximum home price. Link Essential starts at 600 credit and 3.5% down, with the maximum home price limited by the applicable FHA limit.

Link Essential is the base option for borrowers needing more flexibility. Link Enhanced is intended for stronger borrowers who need a higher home-price limit.

Link Global is designed for qualified foreign nationals, expatriates, ITIN borrowers, and relocating professionals purchasing a U.S. home.

Not necessarily. The program requires a 740 credit score or an acceptable foreign equivalent, subject to underwriting.

Link Global uses specialized qualification standards for internationally connected borrowers and offers home prices up to $3 million with a 15% minimum down payment.