Non Prime Home Loans (Alternative Lending)

Smart Mortgage Centers offers alternative lending programs to help borrowers who may not meet general Agency financing guidelines.  

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(s), Bankruptcy(ies), Short Sale(s), late payment(s), collection(s), charge-off(s), 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.
 

Alternative Lending Programs

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

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

ITIN 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