Non-Prime Home Loans in Fidelity Illinois

Smart Mortgage Centers offers alternative lending programs to help borrowers who may not meet general Agency financing guidelines.

Fidelity, Illinois Non-Prime loans are also known as temporary or fixer loans for borrowers who are on their way to Prime but need a little help before they qualify. Non-Prime loans characteristically are made to borrowers who have had a past credit event or events in the form of Foreclosures, Bankruptcies, Short Sales, late payments, collections, charge-offs, etc. Additionally, a borrower seeking a Non-Prime loan can use alternative documentation to qualify, in form of bank statements, liquid assets, and other forms of income not typically accepted by government lending criteria. Non-Prime loans usually have increased rates of interest and costs for providing access to capital while providing the ability to participate in the economy and housing market. Non-Prime loans in Fidelity should only be looked at as a temporary solution to an immediate need.

At Smart Mortgage Centers we realize not everyone has perfect credit and we understand life happens. Additionally, not everyone can document their income in the narrow definition that government loans allow. Smart Mortgage Centers allows borrowers with a rougher than usual credit history to qualify for loans with terms that are fair and meet government lending criteria for Ability-to-Repay and government fee limitations. Find a , Illinois Non Prime Mortgage Broker Now.

Apply now for a Non-Prime Home Loan

Talk to a Non-Prime Mortgage Broker in Fidelity IL 888-882-1058

Fidelity Non-Prime Lending Programs

Fidelity Non-Prime Programs

Rates starting in the low 5’s
1 day out of foreclosure, short sale, bankruptcy or deed-in-lieu
Loans up to $1 million
Credit scores down to 500
Up to 90% LTV
DTI up to 50% considered
Owner-occupied, 2nd homes, and investment properties
Non-warrantable condos considered
Jumbo loans down to 500 score
5/1 ARM or 30-year fixed
No pre-payment penalty for owner-occ and 2nd homes
No active tradelines OK with housing history
SFRs, townhomes, condos, 2-4 units
Seller concessions to 6% (2% for investment)

Fidelity Bank Statement Programs

No tax returns required
12 month personal bank statements
24 month business bank statements
Loans up to $3 million
Credit scores down to 620
Rates starting in the low 5’s
Up to 90% LTV on Personal and Business
DTI up to 50% considered
Owner-occupied, 2nd homes and investment properties
2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
Non-warrantable condos considered
Jumbo loans down to 660 score
5/1 ARM or 30-year fixed
No pre-payment penalty for owner-occ and 2nd homes
Seller concessions to 6% (2% for investment)
2 year self-employed required

Fidelity Second Chance Program

Second Chance Program Highlights
Up To 80% Ltv
No Minimum Credit Score
Full Doc Only-43% DTI
Bankruptcy, Foreclosure And Short Sales Are Ok
Deferred Maintenance Is Acceptable On Purchases
Up To 7% Seller Help Allowed
Gift Funds Are Acceptable
Need 2 Months PITI Post-Closing
May Consider 1st Time Homebuyer With Larger Down Payment

Inherited Property Program

Losing a family member is difficult, but keeping a home in the family after a loss should not be.Whether you need funds for repairs, the buy out of another heir or cash out, we have a solution.

Up To 80% LTV & Up To 5 Year Term
No Minimum Credit Score
Future Value of Rental Income Considered
Bankruptcy, Foreclosure And Short Sales Are Ok
Deferred Maintenance Is Acceptable
Debt Consolidation Allowed
Rehab Money Escrow for Future Value to Sell Available
Refinancing of Reverse Mortgages Available

Fidelity Foreign National Partnership Program

General Requirements – Max LTV 75% Max Loan Amount $1,000,000 Qualify at 640 FICO score Designed for experienced investors. Income and employment are not verified. Documentation – Copies of the borrower’s passport and unexpired visa must be obtained The following visa types are accepted for foreign nationals: – B-1 and B-2, H-2 and H-3, I, J-1 and J-2, O-2, P-1 and P-2 Assets – NO Reserves required Funds for down payment and closing costs must be sourced or seasoned for 60 days – Must be in US depository for 30 days prior to closing Credit – 3 open accounts with a 2-year history Letters of reference allowed 2-year housing history can be used as tradeline **All documents must be translated by a certified translator

Fidelity ITIN Loans

Smart Mortgage Centers offers mortgages that are designed to help people who have a tax id number (ITIN) but no social security number. Program 1

Minimum Down Payment of 15% is Required
Use Tax Return or Bank Statements to Document Income
Most Property Types Accepted
Gift Funds Allowed
Quick Closings
Fixed Rate Mortgage with 15, 20, or 30 Year Term

Program 2

Purchase, Refinance, Investment Properties
20% Down Payment (Gift allowed) Call for details
2 Years Tax Returns
2 Years W2 or 1099
3 Months Bank Statements
Passport, ITIN Card, Drivers License

Fidelity is the quality of faithfulness or loyalty. Its original meaning regarded duty in a broader sense than the related concept of fealty. Both derive from the Latin word fidēlis, meaning “faithful or loyal”. In the City of London financial markets it has traditionally been used in the sense encompassed in the motto “My word is my bond”.

In audio, “fidelity” denotes how accurately a copy reproduces its source. For example, a worn gramophone I record will have a lower fidelity than one in good condition, and a recording made by a low budget record company in the early 20th century is likely to have significantly less audio fidelity than a good modern recording. In the 1950s, the terms “high fidelity” or “hi-fi” were popularized for equipment and recordings which exhibited more accurate sound reproduction. Similarly in electronics, fidelity refers to the correspondence of the output signal to the input signal, rather than sound quality, as in the popular internet connection technology “Wi-Fi”.