The Mortgage Broker has more Options for Home Buyers and Refinancing.

Choose the loan that best suits your needs. Not sure which one is for you? Give us a call, we will get you pre-qualified in minutes. (888)416-0920

RATE AND TERM OPTIONS

30 Year Fixed Rate Mortgage

The 30 Year Mortgage is a great option for home owners looking for a consistent mortgage rate and payment. Smart Mortgage Centers offers low 30 year fixed rate mortgage loans.

20 Year Fixed Rate Mortgage

Shop for 20 year mortgage rates in order to pay off the home faster.  We encourage our clients to compare payments on 30, 20, 15 and 10 year mortgage options.  This gives financially sound borrowers the option to pay off their home faster or avoid being cash strapped with a longer term home loan.

15 Year Fixed Rate Mortgage

Shop for a 15 year fixed mortgage rate to pay off the home in record time.  Smart Mortgage Centers offers low 15 year mortgage rates on new home purchase and refinance loans.

10 Year Fixed Rate Mortgage

Find low 10 year fixed mortgage rates.  Pay off your home in record time with ultra low 10 year fixed mortgage option.

Adjustable Rate Mortgage (ARM)

Planning on staying in the home for a short time, the adjustable rate mortgage (ARM) option might be your best choice.  Smart Mortgage Centers offers 3, 5 and 7 year low adjustable mortgage rates.

Customize Your Mortgage (SMARTCHOICE)

Customize your mortgage from 8 years to 29 years.  This option gives our borrowers the option to pick a custom term they can afford. Home Buyer Example: A home buyer looking to pay less interest can choose a 24 year mortgage instead of settling for a 30 year mortgage. Refinance Example: A home owner already paid off 8 years on their 30 year mortgage but doesn’t want another 30 year mortgage.  In this case a 22 year mortgage might be the best option.

FHA LOAN OPTIONS

FHA Loan

The FHA home loan option provides borrowers with lower credit scores and smaller down payments to qualify.  FICO scores down to 27th can qualify with 3.5% down.  Don’t have a 27th score, don’t worry borrowers with 2024 – 560 scores may still qualify with 10% down.

FHA 203K Rehabilitation Loan

With streamline loans you can now buy a home, and borrow money for repairs and have just one mortgage payment.  The FHA 203(k) streamline allows home buyers and homeowners to finance up to $35,000 into their mortgage for repairs, improvements or upgrades to their home.  Current homeowners can use this program to prepare the property for sale by making upgrades from common wear and tear including floors, cabinets, paint etc. Home buyers can also use the 203k to make changes they may dislike about the house like flooring, painting, appliances and even patio’s and decks.  

FHA One Time Construction to Permanent

Don’t waste time with a construction loan plus a permanent mortgage.  Get the all in one FHA construction to permanent, pick your lot, do construction and get your first mortgage.

FHA Streamline Refinance

Current FHA mortgage holders can refinance with the FHA Streamline option without having to verify income or assets. 

VA LOAN OPTIONS

VA 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.
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

Ready to start your VA home loan Call (888)416-0920.

VA One Time Construction to Close

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. Talk to a VA Home Loan Expert now (888)416-0920. 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 Home 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.

HOME GRANT

HomeBuyer Grants for Down Payment

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.

  •  580 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)416-0920.

HOME POSSIBLE®

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)416-0920 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.

HOME READY®

Home Ready®

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®  (888)416-0920

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 LOAN OPTIONS

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)416-0920.

NON PRIME HOME LOAN

Non Prime (Alternative Lendnig) 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)416-0920.
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

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)416-0920.

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

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)416-0920.

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.

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