Joe's Blog

LoanSmart, Inc.

FOR IMMEDIATE RELEASE Contact: Joe Engle

805-915-2600, ext. 108

joe@loansmartinc.com

LoanSmart, Inc. Now

Processing FHA Loans

Loan limits increased to $729,750

(Thousand Oaks, CA) June 24, 2008 – LoanSmart, Inc. is now processing FHA loans. FHA loans have not been available to homebuyers in California for the last 10 years because of their low dollar limits. However, with the recent passing of the Economic Stimulus Act of 2008 by Congress, limits were raised from $362,790 to $729,750. “In a declining market this is especially good news,” said Joe Engle, president of LoanSmart, Inc. “This opens up lots of opportunities for homebuyers, as well as current homeowners looking to refinance.”

FHA loans are government insured and offer buyers competitive rates. They feature more flexible credit guidelines than that of conventional loans and allows up to 100 percent financing with down payment assistance. Additionally, down payments as low as only three percent are accepted. “In many cases, FHA loans are the best available loan options. This should help to boost the California real estate market,” said Engle.

For those considering applying for FHA loans, LoanSmart offers buyer readiness reviews and reverse mortgage readiness reviews for all prospective clients. “With every client, our first priority is ensuring they fully understand the loan process and readiness is a big piece of the puzzle,” said Engle.

LoanSmart processes VA loans as well, which are similar to FHA loans. VA loans are federally guaranteed. Just as with FHA loans, a VA loan allows home purchases with no down payment up to $417,000; with a down payment veterans can be approved for higher loan amounts.

Other services provided by LoanSmart include, reverse mortgages, credit education, loan modification and property tax relief. LoanSmart has been a vital part of the Ventura County business community for the last six years, processing residential and commercial loans. The company recently relocated to 3623 Old Conejo Rd., #204, Thousand Oaks, CA 91320. For more information about FHA Loans contact LoanSmart, Inc. at 905-915-2600 or visit www.loansmartinc.com.

LoanSmart, Inc. is the smart way to shop for your residential and commercial loans.

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FHA is absolutely the best deal going for first time home buyers or home buyers who want to put a small percentage down for down payment.  The FHA loan alllows you to put as little as 3 percent down when buying or refinacing.  Also, FHA insures loans up to $729,750.  Rates are competitve and the approval process is not that difficult.  The key is getting approved and selecting a purchase price that fits within your budget.  In addition, unlike conventional loans where you need A plus credit to get approved, the FHA loan allows for less than a perfect credit history in the past.  For people who currently have a subprime loan, FHA can also be a viable solution.  I recently refinanced a couple with a credit score below 600.  This couple got out of their high interest subprime loan and got the FHA loan that was fixed and with a great interest rate.

Joe