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FHA and VA approved lender

FHA loans and also VA mortgages are designed for anyone, but specifically for people with very little cash, has good income but lower credit scores.

• Generally no credit problems for the past 12 months is most desired.

• Collections 2 years old or older do not have to be paid off.

• Medical collections never need to be paid off.

• Foreclosures need to be 3 years out.

• Chapter 7 needs to be 2 years since discharge.

• Chapter 13 needs to be 1 year out.

• No Asset no down payment is called the futures program.

• Late payments?  We can use a letter of explanation.

• Self Employed with 1 year in same industry

• No savings is ok.

• Credit Scores 540-615 is ok too.

Definitions:

* LTV 
Loan-to-value ratio is the comparison of the amount of money you are borrowing and the price of the property. The smaller the amount of your down payment, the riskier the mortgage is perceived to be by mortgage lenders. 

* PMI 
Private mortgage insurance protects the lender in case you default on your home loan. If your down payment is less than 20% of the selling price, most lenders will require that you buy PMI. 

* PITI 
Principal, Interest, Taxes, Insurance.  Lenders look at the PITI amount in relation to the gross income of the borrower to make sure the borrower can afford the payments. 
Don't hesitate to call if you would like more information. My goal is always to make the buying or refinancing process as smooth and comfortable for you as possible. 

* DTI
Debt to Income.  Add up all your monthly debt (only include items that would show up on your credit report such as credit card minimum payment, car loans, rent/mortgage, do not include utilities).   Compare your monthly debt to your gross income.   The monthly debt should normally be no more than 35% to 55% of your gross income.

Example:  mortgage $1000, car $200, Visa $75, MasterCard $100 = $1375
Gross monthly income is $3000.   Take $1375 divid by $3000 = DTI 45.8%

This site is dedicated to Dusty (my golden retriever)

Highlights

• I shop the best rate for you. 

• Personal attention explaining the process the whole way through.

• Maybe you can pay off all credit card debt. 

• Low closing costs. 

• I specialize in debt consolidation and tough credit. 

• Even have the ability to work with hundreds of lenders covering a vast portfolio of programs. 

Programs Available

• Jumbo Loans. 

• Construction Loans. 

• Unique programs for self-employed, or for hard-to-show income (day care, contractors, etc). 

• Zero down, 100% financing. 

• Refinance your home even if you are out-of-work and get cash out.\

• Rental properties

• Commercial Loans

Rates change daily.  Different Programs = Different Rates and Points.
Not all people qualify for all programs.  

History of rates

LendSmart Mortgage, Inc.
If it makes sense we do it

LendSmart Mortgage, Inc. is an Equal Housing Lender