Purchasing – Page 2 – Success Mortgage Partners

Reverse Mortgage

With the utilization of Reverse Mortgage Home Equity programs, our team of skilled and dedicated consultants excels at delivering customized retirement solutions for seniors and their families. Whether you’re aiming to purchase your dream home, eliminate your existing mortgage, or explore financial options as part of your retirement plan, we are committed to equipping you with the knowledge needed to make informed, inspired, and assured decisions about your financial future through the power of Reverse Mortgage.

High Balance Mortgage Loans

Options that are affordable, in high-cost areas

If you’re eyeing a purchase in a high-cost area or a location where properties often surpass the annual loan limits established by the Federal Housing Finance Agency, our high balance mortgage loans could be the ideal solution for you. At Success Mortgage Partners, we provide high balance loans through both conventional and government home loan programs.

High Balance Financing for High-Cost Areas

Competitive interest rates
Loan amounts exceeding $484,350 and up to $726,525 for 1-unit properties in designated high-cost areas.
Primary residence, second/vacation home, and investment property options Condo financing available
Primary residence, second/vacation home, and investment property options
Condo financing available

CONDO Loans

If you’re looking to buy a condominium, there are different types of loans available to help you with your purchase. Success Mortgage Partners provides condo loan programs, including Jumbo Loans, designed specifically for buying high-value condos up to $3.0 million.

When you choose Success Mortgage Partners, you can access a wide range of condo loan options. We understand the unique aspects of buying a condo, and our team is dedicated to assisting you throughout the loan process, from application to closing. We have in-house experts who specialize in condo loans, ensuring you receive the support you need to make your condo purchase a reality.

Whether you’re looking for a smaller condo or a luxury property, our condo loan programs can cater to your specific needs. With Success Mortgage Partners, you can enjoy a hassle-free condo buying experience, knowing that you can access comprehensive loan offerings and a dedicated team of professionals to guide you through every step.

Condo Financing:

Finding financing for a condominium has become more accessible than ever before. With our diverse selection of loan products, condo buyers of various financial backgrounds and preferences can explore their options. We offer condo financing that accommodates different locations, down payment requirements, and unique qualifying factors. Whether you’re a first-time buyer or an experienced investor, our flexible condo financing solutions can help you achieve your homeownership goals. Please take advantage of our range of loan products and discover the possibilities available to you in the condo market.

What is a condo?

A condo refers to an individual unit within a larger condominium project. Each condo owner holds legal ownership of their specific unit and a shared interest in the common areas of the project. In some instances, owners may also have exclusive rights to limited common areas. When applying for a loan, it is essential for the condo to fulfill not only the general loan requirements but also meet specific criteria. These criteria include meeting real estate specifications, adhering to conditions set by the homeowners’ association (HOA), and complying with development and ownership rules. The condo becomes eligible for various types of loans by satisfying these requirements.

Condo Financing with Success Mortgage Partners is included in these programs:

Fannie Mae & Freddie Mac Conventional
VA for eligible military
FHA Government
USDA rural home loan program

Renovation Loans

Renovation Loans – Does SMP offer this option?
A renovation loan from Success Mortgage Partners offers you the opportunity to transform a property with potential into your dream home while ensuring your loan approval. How does it work? If you’re facing challenges in getting approved for a loan on a property that requires improvements, a renovation loan can be a valuable solution. Success Mortgage Partners provides a range of renovation loans specifically designed to cover both the property purchase and any necessary minor or major repairs. With our renovation loans, you can bring your vision to life while overcoming the obstacles that may have hindered your loan approval in the past.

Renovation Loan Options that Fit Your Needs

FHA 203(k) Standard & Limited

Success Mortgage Partners requires a minimum 620 credit score on all FHA loans
Minimum reno amount of $5,000 required, no maximum amount
203k self-help and contractors related to the borrower are not allowed
Manufactured and on-frame modular homes are not allowed.

203k Standard covers many “major” repairs, such as structural repairs, moving or altering a load-bearing wall, or even knocking the house down to rebuild it if you leave part of the existing foundation intact.

203k Limited covers a max of $35,000 toward repairs. This loan type is intended for less intensive changes or updates such as roof repair, replacement of HVAC, flooring, or minor remodeling work.

HomeStyle® Renovation Mortgage

Include renovation costs in one loan to purchase or refinance.
No minimum renovation cost required
Maximum renovation cost is 50% of the “as completed” appraised value of the property.

HomeStyle® for Investors

An investment-specific loan covering single unit properties with all renovation work allowed, including luxury additions, and a minimum downpayment of 15%. Investment property purchases go up to 85% LTV with optimal FICO at 620 or above.

A renovation loan by Success Mortgage Partners can restore your homeownership dream & let you make the home your own.

Contact one of our licensed loan officers today to apply!