If you are ready to apply for a home loan, please click APPLY NOW. We are licensed in SC & GA. When you finish putting in your application, there will be documents you will need to upload to your dashboard so that your application may be processed and you will receive a link to pay for a credit check. The fee for the credit check is $70 and due at the time of application. If you are not yet ready to apply and have questions, scroll to the bottom and view our frequently asked questions.
Legacy Lending Mortgage Group offers high-quality mortgage brokerage services to residential customers. Our aim is to provide our customers with fair mortgage rates at reasonable prices, while keeping our clients informed and educated throughout the process. We will be transparent and be sure to keep all parties involved in the transaction informed thus creating an environment that all real estate professionals will want to be in. Legacy Lending Mortgage Group will cultivate relationships with it’s customers to eventually be the go-to mortgage broker in every community. We are currently licensed in South Carolina and Georgia.
LaKeshia founded Legacy Lending Mortgage Group in 2021 after being a loan officer herself and finding a desperate need for honest and ethical loan officers. She decided to make a conscious effort to educate people on the lending process. LaKeshia is licensed in SC and GA.
Letia will work with homebuyers to gather necessary documentation to clear outstanding conditions on files to get file clear to close. She will also work closely with the underwriting team and attorney offices to ensure smooth operation of loan files.
Step 1: KNOW YOUR FICO MORTGAGE SCORE (NOT CREDIT KARMA, NOT EXPERIAN, EQUIFAX, TRANSUNION, CREDIT WISE, CREDITCHECKTOTAL, PRIVACY GUARD, IDENTITY IQ, SMARTCREDIT, ETC)
You need to know all 3 of your Mortgage FICO Scores and need the middle score. That is done by two ways: You can either apply for a home loan and this will give your mortgage scores with a hard inquiry. You can visit www.legacylendingmg.com/credit and get your mortgage scores and a credit analysis if needed.
Step 2: If your score is above 580, you may put in an application for a home loan to see if you can get preapproved (SEE FAQ 4). If your score is below 580, you need to work on your credit to bring it above 580 and should request a credit analysis and once you have completed the steps and have above a 580 score, then you may apply for a home loan. *A 580 score is the minimum required score and does not guarantee approval*
Step 3: After you have applied and received a pre-approval letter, contact a Real Estate Agent, if you don’t already have one and start looking for homes.
Step 4: Find a home, make an offer, get offer accepted, go under contract, start the loan process, CLOSE!!!
We require a minimum 580 for all FHA, VA and USDA loans. We accept scores at a minimum of 620 for down payment assistance and conventional loans. For the most favorable approval odds, a score of 640 or better is recommended.
We offer no money down loans and down payment assistance programs that may assist those who are low on closing funds.
THIS WILL BE A HARD INQUIRY!!!
1. ID or Drivers License
2. Most recent 30 Days of paystubs from ALL current jobs
3. Most recent 2 months bank statements that shows your money you will use to close
4. 2022 and 2021 W2s and/or 1099s
5. (OPTIONAL IF APPLICABLE) Most recent 401K statement
6. (OPTIONAL IF APPLICABLE) If you are receiving gift funds, you must provide the gift donor's most recent bank statement.
***IF YOU DO NOT HAVE THESE ITEMS AVAILABLE, PLEASE DO NOT PUT IN AN APPLICATION UNTIL YOU HAVE THEM AVAILABLE TO SUBMIT***
That can vary based on multiple factors but as a general rule of thumb: All loans have closing costs that are on average around 2.5%-3.5% of the purchase price of your home (the price you agree to pay for it on the contract).
For example, if you are buying a home for $200,000 you can expect to pay on average $5,000-$7,000 for the closing costs (in addition to any down payment required).
Conventional loans have a 3% or 5% down payment requirement.
FHA has a 3.5% down payment requirement.
VA and USDA loans require NO DOWN PAYMENT.
Down payments are in addition to closing costs.
Closing costs are on average 3% of your home purchase price and are the costs associated with your loan and consist of the following (AND ARE SUBJECT TO CHANGE BASED ON MANY DIFFERENT FACTORS):
The cost of your interest rate (Interest rates change daily so this number can change until your rate is locked).
Closing attorney fees (You have to pay the attorney for assisting with your closing and doing a title search and you can choose any attorney that you like)
Homeowners insurance is paid at closing for 1 full year
Appraisal fee (You as the buyer pay to see how much the home is worth and this is a part of your closing costs. You typically pay this out of pocket before closing).
Prepaid interest (You pay interest for the remainder of the days in the month after you close. For instance, if you close on the 1st, you may have 29 days of interest, but if you close on the 25th, you may only pay 5 days of interest so closing towards the end of the month can save you money at closing).
Escrow payment (Your homeowner's insurance and property taxes may be escrowed and if so, you will pay at closing a few months into your escrow account. You typically pay 2-4 months into your escrow account, but this number can change).
Other miscellaneous loan fees such as origination fees to your lender for originating your loan, application fees, underwriting, and processing fees, homeowner association fees, realtor admin fees, ETC
No two sets of closing costs are the same. A good estimate for how much you may pay in closing costs is 3% of the home purchase price. If you purchase a home at $300,000, expect around $9,000 in closing costs.
3% is only an estimate and a gauge to know what you may expect. Actual closing costs may be higher or lower.
VA loans- These loans are for Veterans. These loans require no down payment. You are only responsible for closing costs. You must be eligible for this loan.
You can visit
https://www.benefits.va.gov/homeloans/documents/docs/veteran_registration_coe.pdfto to get your Certificate of Eligibility. You may also need a form DD-214. If you are not a Veteran or have never served in the military, you are NOT eligible for this type of loan. This loan is best used by those who are serving or have served in the military at some point previously and would like the option to not have a down payment. Standard DTI allowed up to 41%, but you may go higher in some cases with compensating factors.
USDA loans- These loans can be used by anyone. These loans require no down payment. You are only responsible for closing costs. There are income restrictions meaning your household must be below a certain income to qualify. You can find income guidelines by county and state using this link and looking next to the row for your household size and MOD-INC-GUAR. LOAN: https://www.rd.usda.gov/files/RD-GRHLimitMap.pdf This loan also is only available in specific areas which are deemed “rural” areas.
You can find the eligible areas using this link https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do (You must click SINGLE FAMILY HOUSING GUARANTEED. If the home you wish to purchase or area you wish to purchase in is NOT eligible on the site, YOU DO NOT QUALIFY FOR THIS LOAN! This loan is best used by someone who would like the option to not have a down payment and OK with living in certain restricted areas. Standard DTI allowed up to 41%, but you may go up to 44% in some cases with compensating factors.
FHA loans- These loans are for anyone and can be used anywhere. These loans require a 3.5% down payment plus you are also responsible for closing costs. This type of loan also has MIP (Mortgage Insurance Premium) which is included in your mortgage payment. This insurance is to protect against default of the loan and is in addition to homeowners insurance which you must have as well. These loans are regulated by the FHA and may have stricter guidelines regarding the condition of the home you purchase. This loan is best used if you do not qualify for a no money down loan, but want a low down payment. Standard DTI allowed up to 43% but you may go up to 57% in some cases with compensating factors.
Conventional loans- These loans are for anyone and can be used anywhere. These loans require a 3%-5% down payment plus you are also responsible for closing costs. This type of loan also has PMI (Private Mortgage Insurance) if you put down less than 20% which is included in your mortgage payment. This insurance is to protect against default of the loan and is in addition to homeowners insurance which you must have as well. (You can avoid PMI by putting down 20% or once your Mortgage balance is below 80%. This loan is best used if you do not qualify for a no money down loan, but have some money saved and do not want strict guidelines on the type of home you purchase. Standard DTI allowed up to 45% but you may go up to 50% in some cases with compensating factors.
We offer traditional loans for self-employed borrowers and will rely on using your two most recent tax returns. We will use the income that you receive AFTER deductions to qualify you for a home loan. In addition to tax returns for two years, we will also request your drivers license or state issued ID, a profit and loss statement, and your most recent two months bank statements.
Each different loan has different requirements for waiting periods and it is important to note, the waiting period starts from the DISMISSAL/DISCHARGE OR COMPLETION DATE and NOT the date filed and you want to have no late payments after the dismissal date for best chance of approval.
USDA: Chapter 7 or 13 Bankruptcy: 3 years from discharge or dismissal date
Foreclosure: 3 years from completion date
VA: Chapter 7: 2 years from discharge or dismissal date
Chapter 13: 12 months of satisfactory payments and Trustee or Bankruptcy Judge approves the new credit
Foreclosure: 2 years from completion date
FHA: Chapter 7 or 13: 2 years from discharge or dismissal date ***Chapter 13 may be allowed after 1 year of pay-out period, satisfactory payment history and permission from bankruptcy curt for transaction.
Foreclosure: 3 years from completion date
CONVENTIONAL: Chapter 7 or 11 Bankruptcy: 4 years from discharge or dismissal date
Chapter 13 Bankruptcy: 2 years from the discharge date, 4 years from the dismissal date
Foreclosure: 7 years from completion date******If foreclosure and bankruptcy on the same mortgage, the bankruptcy waiting period may be applied instead of foreclosure period as long as there have been no late payments since discharge.
Click play below to see some of our past clients on their special day aka CLOSING DAY!