Today is Dec 16, 2017
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Loan Programs

Loan Programs

There are many loan programs to fit almost any need. Please call and ask which loan program best fits your situation.


 

Recommended Programs

Use the information below to choose the best program for your need.

Years you plan to
stay in the house:
Recommended Program(s):
1 - 3 3/1 ARM, 1 year ARM or 6 month ARM
3 - 5 5/1 ARM, 30 year, 15 year
5 - 7 7/1 ARM, 30 year, 15 year
7 - 10 10/1 ARM, 30 year fixed or 15 year fixed
10+ 30 year fixed or 15 year fixed, FHA, VA and USDA
15-Year and 30-Year Fixed Rate
Payment and rate stay the same from start to finish plus tax.
3. 5, 7 and 10 Year Adjustable Rate Mortgages

Lower starting rate than 30 year fixed. Great for refinancing from a higher rate use when you plan a move in 5-7 years. Some are convertible to 30-yr fixed or a treasury ARM, low fees, good rates.

FHA 203k Renovation Loan

FHA 203k renovation loan is available for 30 year and 15 year fixed rates.  This program can be used to renovate your kitchen, baths, add an addition, replace siding, roof, windows, doors, etc. 

Instead of having a 1st mortgage and 2nd mortgage, you only have one mortgage.  Loan is also available for Purchasing a home that may need a little TLC.  There are two types of 203k loans, one for small projects of $5,000 and one for bigger projects above $35,000.  Ask for more details

Reverse Mortgage

Reverse Mortgages are available for Purchase or refinance.  This program also for a person that is 62 and older to purchase or refinance their home and NEVER pay another MORTGAGE PAYMENT. 

FHA, USDA and Veteran Programs

These Government programs are available with little to no money down.  FHA only requires 3.5% down paymentand score as low as 580; USDA and VA loans require no money down to purchase a home (some additional qualifications may apply).  Great program for refinancing too.   Ask for more details

Which Program is best for me?

Here are a few things to keep in mind when selecting a loan program.


15-Year and 30-Year Fixed Rate
Advantages:   Disadvantages:
Maximum interest deduction for taxes, sometimes easier to qualify, stable predictable payments, high loan to value, lower down payment, possible secondary financing if needed.
 
Pay more interest over the life of the loan, higher starting interest rate, Lower debt ratio (Larger Income to qualify) Higher monthly payment.

 
3. 5, 7 and 10 Year Adjustable Rate Mortgages
Advantages:   Disadvantages:
Lowest starting interest rates help qualify for higher loan amounts. If you plan to sell within 5-7 years or if you expect your income to increase.
 
Periodic payment and rate increases, builds equity Slower payment increases may affect budget.

 
FHA 203k Renovation Loan
Advantages:   Disadvantages:

Good for homes with little or no equity.  Home is valued at the "after improved value" and can borrower up to 96.5% on new value!  Combines home improvement loan and 1st more in one loan. Purchase or Refinance owner occupied properties only.

 

FHA mortgages have mortgage insurance


 
Reverse Mortgage
Advantages:   Disadvantages:
Never make another mortgage payment.  Can get cash out and use the equity in your home now for  monthly expenses, cash out or for home improvement
 
Loan program available for customers 62  years and older. 

 
FHA, USDA and Veteran Programs
Advantages:   Disadvantages:
No Money down required on VA and USDA.  3.5% down on FHA.  Lower credit scores for qualifying.  580 score available on FHA program, additional conditions may apply.
 
FHA has monthly mortgage insurance.

 
Contact Info
Contact
by Email
Patty Harrison
patty@smartmtgs.net
Smart Mortgage
Ph: 630-854-3459
Mobile: 630-854-3459
Fax: 630-904-9805