A VA loan is a mortgage guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses (provided they do not remarry) and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and new construction. The VA does not originate loans, but sets the rules for who may qualify, issues minimum guidelines and requirements under which mortgages may be offered and financially guarantees loans that qualify under the program.

The basic intention of the VA home loan program is to supply home financing to eligible veterans and to help veterans purchase properties with no down payment.

VA Mortgage Brokers are standing by to answer questions 888-882-1058.

The VA loan allows veterans 103.3 percent financing without private mortgage insurance (PMI) or a 20 percent second mortgage and up to $6,000 for energy efficient improvements. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA; this fee may also be financed and some may qualify for an exemption. In a purchase, veterans may borrow up to 103.3% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, where a new VA loan is created, veterans may borrow up to 100% of a property’s reasonable value, where allowed by state laws. In a refinance where the loan is a VA loan refinancing to VA loan (IRRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount. The additional .5% is the funding fee for a VA Interest Rate Reduction Refinance.

VA loans allow veterans to qualify for loan amounts larger than traditional Fannie Mae / conforming loans. Standard VA guidelines state that the VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills, although there is no hard limit to the DTI for a VA home loan. Veteran’s have been known to be approved with a DTI of up to 80%, if there are other factors that strengthen their loan application. These factors include a low Loan-To-Value (LTV), sufficient residual income, additional income received but not used to qualify for the loan, good credit, etc…

The maximum VA loan guarantee varies by county. As of 1 January 2018, the maximum VA loan amount with no down payment is usually $453,100, although this amount may rise to as much as $721,050 in certain specified “high-cost counties.”

Qualifying for Veteran Home Loans

The Veteran Loan program is designed for veterans who meet the minimum number of days of completed service. Some of the other eligibility requirement for the VA loan program^[4] and some specific home loan benefits include the length of service or service commitment, duty status and character of service. The program does allow for benefits to Surviving Spouses.

The VA does not have a minimum credit score used for pre-qualifying for a mortgage loan, however, most Lenders require a minimum credit score of at least 620.

A Veteran who has used their entitlement to previously purchase a home, may have entitlement left to purchase another one. If you previously purchased a home using your VA Benefits then you might still have some of that “Entitlement” available to you for the purchase a new home. To Calculate Maximum Entitlement available, consider the following:

1. If your previous home was purchased using a VA Loan, and that loan was paid off by the new owners, the full entitlement may have been restored.
2. If you sold your home to someone, and allowed them to assume your VA Loan, then you might have the full entitlement restored, if one or more of the purchasers were also Veterans.
3. If you still own the home, and you are renting it out – you might be able to purchase a new home using your partial entitlement, but there are several restrictions.

Allowable Income Sources used to qualify for a VA Loan include: Retirement Income, Social Security Income, Child Support, Alimony and Separate Maintenance, BAH, BAS and Disability Income. Dependency and Indemnity Compensation (DIC) for a Surviving Spouse can also be included. In addition, stable, documented income from employers remains the best income source for VA loans.

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.

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® 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.

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.

• 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

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.

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.

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.

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.

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.

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. 

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.

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.