Alternative Lending - Smart Mortgage Centers

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Non Prime or 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, 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.

Alternative Lending Options

Click the Program to learn more.

Non Prime Program

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 (Individual Taxpayer Identification Number)

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

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

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

Thousands of consumers across the United States are ready for home ownership. Securing the right home loan doesn’t have to be hard, we have solutions for clients who need to prove their income by way of bank statements. To help home buyers overcome challenges we offer more programs and the extra benefit of wholesale rates. We simplify the home buying and refinancing challenges presented by 2024 mortgage guidelines. Our mission is to get you approved for a non prime mortgage and into your home with payments you can afford. Even if you think you won’t qualify, our highly trained specialists will work with you closely on an individual basis to:

Review your finances to find a payment you can afford.
Improve your credit score if needed to qualify.
Obtain pre-approval to shop for an eligible Home.
Secure a loan and purchase your new home!

Working around Credit Issues with Top Rated Specialists

Our Alternative Lending team is celebrating its 27th year in business. Our experience allows for consumer mortgage confidence especially with home buyers needing non traditional lending. We navigate consumers through the mortgage process, explain options and find what choice works best for you. We specialize in more than just alternative mortgage loans. Check out consumer FHA Mortgage options, VA Mortgage Options and our Construction Home loan options.

Get on the Path to Buying or Refinancing. We got your Back!

My wife and I had the pleasure of being assigned to Ryan Sr. Loan Officer. He was polite, patient, professional and most importantly prepared throughout whole process. Ryan crunched numbers with impressive accuracy, explained documents line by line when we had questions and let us know what to expect so there wouldn’t be any surprises. Ryan is very knowledgeable and had no problem answering questions and sharing very important details which made us feel good about picking Smart Mortgage. Thank you Ryan for all your help and advice.

Frank & Anna

We applied with other lenders but had been turned down, but Smart mortgage worked with us so we can have our dream home! Our lender Jon, walked us through the process and was very helpful in answering questions promptly. He made the process easy for us. Jon always kept in daily communication with us, so there were no surprises! He made himself available anytime…..even when he was on vacation! The online submission of documents was very easy. Overall we think Smart Mortgage is an excellent company willing to work with people with blemished credit and give them the opportunity to live their dream of home ownership.

Wesley C

We worked with Brian who picked up our loan after our original broker quit working with us. I’ve never seen a more determined, hard working, and dedicated broker in action! Brian was amazing! We could write a book about our experience, bottom line… I wouldn’t work with anyone else or refer to anyone else. He gets it done!

Desi M

I highly recommend working with Jon for a home loan product. He handled our jumbo loan with the highest integrity and detail. In particular, he helped navigate the legal details associated with our land trust. Our experience was exceptional and will work with Jon in the future.

Erik H

I highly recommend choosing Brian as your Mortgage guy to make sure you get the house you want. He will make sure everything is done and not only in a timely manner but it gets done correctly. Your closing will go so smooth and there are no surprises with Him! He will be with you from beginning till the End! You will not be disappointed with his service!

Annie P

Anthony exceeded our expectations in all aspects,going above and beyond he kept us in the loop throughout the whole process and in finding us ways to keep our final expenses as low as possible I feel we got the best deal we could have. We are very happy with our choice.

Debbie S

Anthony was great to work with and was very thorough with explaining the whole process. He was a huge help with any questions we had. Will definitely recommend to friends and family.

Sergio V

Worked with Jon on a refi and it was terrific. My situation was a little bit complicated based on a few moving parts, however, the process went very smooth and all my options were clearly explained as we went along. I’m very pleased with the outcome.

John C

Very impressed. Jon walked me thru a difficult refi of 2 properties simultaneously. Always a quick response to any of my concerns. Would definitely recommend working with them.

Sue S

The very first time I spoke with Patty on the phone, I knew I would work with her to find my mortgage. Patty has a calm and confident approach to her work that illustrates her knowledge of the industry, The counsel she provided helped position me in a favorable position to buy my dream home. I would definitely recommend Patty to family and friends, and look to work with her again in the future.

Chris C

Get into a New Home

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Non Prime Benefits

Bank Statements (12 – 24 Months)
1 Month Bank Statement Program
Lower Credit Scores can Quality
Lower Rates
30 Year Terms

Find your FHA Mortgage Now (888)842-7272.