FHA Home Loans

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Easy Qualifications with Low Down Payments!

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GET PRE-APPROVED FOR A FHA LOAN

    MINIMUM LOAN AMOUNT $60,000

    FHA Loans

    FHA loans have been helping people become homeowners since 1934.

    Some Benefits Of FHA Loans Are:

    • Low down payments
    • Low closing costs
    • Easy credit qualifying

    What Does FHA Have For You?

    Buying Your First Home?

    FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

    FHA Loans Have Been Helping People Become Homeowners Since 1934.

    How Do We Do It?

    The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal.

    FHA allows a buyer to purchase a home with as little as 3.5% down with 580 plus fico scores, under a 580 fico score could require more money down. They tend to be more lenient on areas such as credit, funds to close and co-borrowers.

    Most loans use a method of analyzing credit called credit scoring in the underwriting process. Studies have demonstrated a direct relationship between low credit scores and higher mortgage delinquency rates. As a result many lenders have established minimum credit scores at which they will accept loans. Unfortunately, a lack of credit, old delinquencies or incorrect information on the credit report can cause a low credit score. FHA does not have specific credit score requirements. Although a high credit score may assist in getting the mortgage approved, a low score is not automatically cause for denial. If the credit scores are low, then it is up to the borrower to demonstrate his/her ability and willingness to pay the loan back. This allows the borrower to explain the circumstances surrounding the credit difficulties and have that explanation considered in the underwriting process.

    The underwriter on an FHA loan will review the credit and payment history of a customer concentrating on the most recent 12 to 24 months. If the customer has had a good payment record over the past 12 to 24 months they can often get approved for a mortgage even when Conventional financing has turned them down. An experienced Mortgage Broker can help the customer clearly tell their story and will often make suggestions as to how to make the file more acceptable to FHA. Because of FHA’s leniency, some borrowers with past credit problems elect to use FHA for loans when they have a substantial down payment rather than getting a higher interest rate conventional loan. FHA tends to be more flexible than Conventional financing in the money needed to purchase the home.

    In an FHA mortgage the customer must put at least 3.5% of the sales price into the transaction. Some of this money may be used for down payment and the rest for closing costs. Keep in mind, however, that the total cost to close on an FHA is commonly over 3.5%.  With the down payment, closing costs, money to establish escrows for taxes and insurance plus interest to finish out the month of closing, the total costs can be closer to 6 or 8% of the sales price. When borrowers do not have enough funds to put down they can qualify for a grant.

    The interest rate that you select will also have a bearing on the total costs. If you select a lower rate so that you can reduce your payment, you may end up paying additional money towards “points”. At the same time if you are comfortable with a slightly higher payment you may find a lender that is willing to reduce the costs to close in favor of a higher interest rate.

    FHA allows the borrower to get the funds necessary to close from several sources. They include such areas as personal savings, gifts, grants, loans from retirement accounts and seller contributions.

    Homebuyer Options

    FHA Home Loan

    The FHA home loan allows for borrower’s to qualify with smaller down payments.  Fico scores 580 and higher can qualify for a payment of 3.5% down.  Fico scores between 500 – 579 can still qualify with 10% down.  Pre-qualify for FHA mortgage financing 888-882-1058.

    Home Grant

    Grants for Homebuyers are available to assist with down payments and or closing costs.  Grants at Smart Mortgage Centers are completely forgivable and you are not required to be a first time homebuyer.  The grant program is only available to borrower’s applying for mortgage financing with Smart Mortgage Centers.

    •  620 Credit Score Required
    •  Grant is completely forgiven – no repayment required!
    •  Grant can be used for down payment and/or closing costs
    •  Seller Credit of 6% is allowed
    •  Gift funds are allowed!
    •  Borrower(s) not required to be First Time Homebuyers.
    •  Income limit is based on qualifying income used for     transaction, not household income.

    Our licensed Mortgage Brokers are standing by to assist homebuyers with grant questions and pre-qualification. Apply for a Grant Now at 888-882-1058.

    Home Possible®

    Home Possible® mortgages offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or under served communities.  Home Possible® offers two programs for homebuyers.  Our Mortgage Brokers are standing by to explain Home Possible® and can answer any question you may have. Pre-Qualify now for Home Possible® at 888-882-1058. Read more about the 3% Down option or the 5% down option. Home Possible Advantage® 3% down program.

    • LTV: Maximum LTV of 97 percent; TLTV 105 percent.
    • Property Options: 1-unit properties, condos and planned unit developments; manufactured homes are not eligible.
    • Flexible Sources of Down Payments:Down Payment can come from a variety of sources, including family, employer-assistance programs and secondary financing.
    • Cancellable Mortgage Insurance: Mortgage insurance (MI) can be cancelled after loan balance drops below 80 percent of the home’s appraised value.
    • Stable Mortgages: Fixed-rate mortgages with a term of up to 30 years.
    • Refinance Flexibility: Purchase and no cash-out refinancing options available.
    • Income Flexibility: No income limits in underserved areas. Use the Home Possible Income & Property Eligibility Tool to see income limits for specific properties.
    • Primary Residence Only: All borrowers must occupy the property as their primary residence.

    Home Possible® 5% down program

    • LTV: Maximum LTV and TLTV of 95 percent.
    • Property Options: 1-4 units, condos and planned-unit developments; manufactured homes are eligible with certain restrictions.
    • Flexible Sources of Down Payments:Down Payment can come from a variety of sources, including family, employer-assistance programs and secondary financing.
    • Cancellable Mortgage Insurance: Mortgage insurance (MI) can be cancelled after loan balance drops below 80 percent of the home’s appraised value.
    • Mortgage Flexibility: 15- to 30-year fixed-rate mortgages, 5/1, 5/5, 7/1 and 10/1 ARMs.
    • Refinance Options: No cash-out refinancing option is available for borrowers who occupy the property.
    • Income Flexibility: No income limits in underserved areas. Use the Home Possible Income & Property Eligibility Tool to see income limits for specific properties.
    • No Credit Score Necessary:Borrowers without credit scores are eligible for mortgages with down payments as low as five percent.

    HomeReady®

    Our low down payment mortgage designed to help lenders confidently serve today’s market of creditworthy low- to moderate-income borrowers. HomeReady qualified Mortgage Brokers are standing by to answer questions and pre-qualify homebuyers now. Pre-Qualify for HomeReady® call 888-882-1058.

    Ideal HomeReady Borrowers

    • Have low to moderate income
    • Are first-time or repeat homebuyers
    • Have limited cash for down payment
    • Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
    • Have supplemental boarder or rental income
    • Are looking to purchase or refinance

    Cancellable Mortgage Insurance*

    Unlike government-insured loans, with HomeReady, borrowers may have the option to cancel their mortgage insurance once their home equity reaches 20%. This can result in lower monthly payments down the road.

    Flexible Funding

    With HomeReady, cash for down-payment and closing costs can come from multiple sources, including gifts, grants, and Community Seconds ® – with no minimum personal funds required.

    USDA Home Loan

    A USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.  USDA Mortgage Brokers are available to answer questions and supply homebuyers with pre-approvals to shop for eligible homes.   Our Mortgage Brokers are happy to look up eligible USDA properties or homebuyers can check to see if a property is eligible here. https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do Pre-Qualify for a USDA Home Loan 888-882-1058.

    VA Home Loan

    For eligible veterans and active duty military personnel a VA mortgage loan can be a wonderful benefit to take advantage of. The Department of Veterans Affairs guarantees these loans, which can finance as much as 100% of the value of the property, ensuring low rates and easier qualification guidelines when compared to conventional loans. Local VA Mortgage Brokers 888-882-1058.

    In addition to the excellent VA mortgage rates, and no money down option there are a number of advantages to obtaining a VA home loan, such as: VA BENEFITS

    • Buy a Home with No Down Payment
    • Refinance up to 120% of your Home’s Value
    • Use your VA Benefits even if you used them in the past
    • Ask us how we can pay for your pest inspection
    • No mortgage insurance premiums
    ONE TIME CLOSE CONSTRUCTION LOAN
    Building a home might be complicated, but financing it doesn’t have to be. This is where our One-Time Close Construction to Permanent Loan comes in.
    Financing the land and construction in two phases seems a little cumbersome to us. Rather than one closing prior to breaking ground, and then a second closing prior to move in day, this program has just one closing. In one settlement the financing for the construction, lot purchase (if not already owned), and permanent loan are all arranged. Benefits of a One Time Close Construction to Permanent Loan.
    Save Money One appraisal, one set of closing costs, one underwriting and approval process…Eliminating the redundancy of a second closing reduces all of these costs, potentially saving the borrowers time and money when it counts. Reduced Interest Rate Risk Because the interest rate is locked in prior to the single closing and before the start of building, it eliminates the concern that rates could rise during construction. Any increase in rates could make the home less affordable or even jeopardize loan approval if ratios are tight. No Payments During Construction Once the loan is finalized, the payments don’t start until the home is complete. This is a huge selling point for many buyers who need to pay for another place to live until they can move into the new property. No Re-Qualification Once the closing is complete and the loan is in place, borrowers don’t have to worry about re-qualifying. With many traditional construction to permanent loans, the buyers will have to re-qualify at the end of the construction phase. Now the buyers can enjoy preparing for life in the new home without concern that purchasing new furniture or other items could impact their loan approval. Low Interest Rates Because OTC Construction programs are backed by either the FHA or the VA the pricing is extremely competitive, making building a new home a more affordable option.
    VA RENOVATION LOAN
    The VA Renovation Loan brings together some of the most innovative and attractive features of several popular mortgage programs. It provides no money down financing that covers not only the current value of the property, but the cost of remodeling and repairs as well. This program is intended for minor updates and work done on the home at a cost under $35,000, with no minimum renovation cost requirement.
    Buying a home with VA Renovation When purchasing a property with a VA Renovation Loan the plans for the work, including information on the general contractor, are evaluated with the other documentation during the underwriting phase. An appraisal will show the value of the home both before and after the renovation is complete. Once the work is finished there will be a final certification by a VA Inspector to ensure the home meets the property standards and is ready to be enjoyed by its new owners. Refinancing a home with VA Renovation Consumers are often surprised to learn that renovation loans, including the VA Renovation Loan, can also be used to refinance an existing mortgage. This can be an excellent alternative to a second mortgage or cash-out refinance when the funds will be used to repair or update the subject property.

    Still looking for more options?  Don’t worry Smart Mortgage Centers will find you the perfect loan to fit your needs:

    • For larger scale renovation projects, including structural updates: FHA Standard 203(k) Loan
    • To finance luxury projects such as installing a pool or outdoor kitchen: Fannie Mae HomeStyle® Renovation Mortgage
    • Streamlined, simplified VA refinance option if repair costs are not needed: VA Interest Rate Reduction Refinance Loan (IRRRL)

    Non Prime Home Loan

    Smart Mortgage Centers offers alternative lending programs to help borrowers who may not meet general Agency financing guidelines.   Mortgage Brokers are ready to assist you with Non-Prime Home loans 888-882-1058.

    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 Foreclosure, Bankruptcy, Short Sale, late payment, collection, charge-off, 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 should only be looked at as a temporary solution to an immediate need.

    Non Prime Program
    • 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)

    Bank Statement Program

    • 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

    ITIN PROGRAMS (Individual tax identification number loan) 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

    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

    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

    Home Renovation Loan

    Whether your home improvement projects are large or small, a home renovation loan from Smart Mortgage Centers may be right for you. With a home improvement loan, you’ll be able to finance simple upgrades, remodeling or more complex renovation projects, and everything in between. Monthly payments on home renovation loans are typically lower than credit cards or personal loans and, in some cases, financing may even be tax deductible*. If you’re considering a home remodel, here is more information about home remodeling loans and what they can do for you and your home. Get your Home Renovation Questions answered now 888-882-1058.

    FHA 203k Loan

    If you plan to purchase a fixer-upper or renovate your existing home, an FHA 203(k) loan may be the perfect loan for you. FHA 203(k) loans are backed by the federal government, and are a great loan option for those who want to purchase a home and perform upgrades, repairs, remodel or customize to their needs and wants. Smart Mortgage Centers has FHA 203(k) specialists standing by to answer all of your FHA 203(k) Renovation Loan questions. 

    Fannie Mae HomeStyle®

    The Fannie Mae HomeStyle renovation loan allows you to either purchase a new home or refinance your existing home and make personalized improvements with one loan closing. The cost of your personalized improvements is placed in an interest-bearing Escrow account and disbursed as the work is completed and inspected. The HomeStyle loan does not have any minimum amount of improvements or any restrictions on the type of repairs that can be included in your loan. The only requirement is that any improvement must be permanently affixed to the property and adds value to your property. HomeStyle allows you to build home equity while increasing your comfort and enjoyment in home ownership.

    Manufactured Home Loan

    What Is A Manufactured Home Loan?

    Manufactured home loans are designed for factory-made homes built on a permanent chassis, and generally come in single or two-section units. This option offers various types of loans for homebuyers: FHA, VA, and conventional loans. Our Licensed Mortgage Brokers are ready to assist you at 888-882-1058.

    What Are The Advantages Of A Manufactured Home Loan?

    They may be small homes, but don’t be fooled – they come with big benefits. If you’re considering a ditech manufactured home loan, these are some of the advantages:

    • Manufactured home loan rates are affordable
    • You can choose between a conventional, FHA, or VA loan
    • Down payment options as low as 3.5% for FHA and 5% for conventional
    • Manufactured homes are environmentally friendly

    The Requirements Of A Manufactured Home Loan

    To find out if a property qualifies for a manufactured home loan, it makes sense to seek the advice from a lender, like us. But here are some general guidelines:

    • The home was built on or after June 15, 1976
    • Has no wheels and is designed as a single-family dwelling
    • Has a minimum of 400 sq. ft. for an FHA mortgage
    • Has a minimum of 600 sq. ft. for a conventional loan
    • Is permanently affixed to the property site for more than 12 months
    • You have a credit score of at least 580 for an FHA or 620 for a conventional (Other restrictions may apply, depending upon product and State.)

    If you like small home living, or If you’re a renter and want to take the first step to homeownership, a manufactured home loan could be right up your alley. A Home Loan Specialist can give you more information on manufactured home loan rates and whether this loan is the right option for you.

    Bad Credit Home Loan

    We specialize in loans other banks turn down If you have been turned down for a conventional mortgage due to the property type, source of income, or a credit hiccup we may be able to help. We offer program’s designed to help borrowers who have had a previous bankruptcy, short sale or foreclosure. We also have a loan program for self-employed borrowers. These programs often require a higher down payment. Credit scores from 500 – 579. Call to see if you qualify 888-882-1058.

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