Company starting to process FHA loans

LoanSmart Inc. is now processing FHA loans, which 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.

FHA loans are government insured and offer buyers competitive rates. They feature more flexible credit guidelines than that of conventional loans and allow up to 100 percent financing with down payment assistance. Additionally, down payments as low as only 3 percent are accepted.

For those considering applying for FHA loans, LoanSmart offers buyer readiness reviews and reverse mortgage readiness reviews for all prospective clients.

LoanSmart processes VA loans as well, which are federally guaranteed. 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 as well as processing residential and commercial loans.

The company recently relocated to 3623 Old Conejo Rd., No. 204, Newbury Park.

For more information, call LoanSmart at (805) 915-2600 or visit www.loansmartinc.com.