Frequently Asked Questions
Q Can Smart-Loan.com find me the best interest rate?
A Yes. Smart-Loan.com has every program that any bank can offer. If it is out there, we have it. If we can't do it, nobody can.
Q I've been late on my mortgage payments. Can I get a loan?
A Even if you have had many late payments on your present mortgage, we can secure the financing you need. We have closed numerous loans for clients with bad credit and can help you overcome your financial difficulties.
Q
What
is an APR (Annual Percentage Rate)?
A
APR
stands for annual percentage rate and reflects the interest rate charge
on the loan plus other finance charges including, for example, mortgage
insurance premiums, points and other financing costs you pay when obtaining
the loan.
Q
My credt score is below 500, can I get financed?
AYes you can, but our maximum loan to value would be 70%. That means on a purchase you need to put down 30%, have a seller carry back, an equity gift, or any combination of the 3 for the remaining 30%
Q
What is your minimum fico score to 100%?
A
If you do not have any open collections or defaults within the past 12 months, it is possible to get 100% financing with a 620 fico score. This usually requires some type of liquid reserves in the form of cash in the bank, stocks, bonds, 401k, or any other retirement account that has 2 months worth of principle, interest, taxes, and insurance payments.
Q
What is an FHA or VA mortgage?
A Federal Housing Administration (FHA) or Veteran's Administration (VA) mortgages are loans insured by governmental agencies. FHA programs enable lenders to arrange financing for the borrower with a minimal down payment.
Q What is a conventional loan or a conforming loan?
A
A
conventional loan is one which
may be purchased from local lenders by national organizations such as
Fannie Mae and Freddie Mac. The conventional loan limits for owner-occupied
properties are:
One-unit properties: $417,000
Two-unit properties: $533,850
Three-unit properties: $645,300
Four-unit properties: $801,950
Conventional loans must meet these guidelines and others based on credit,
employment, and down payment.
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