REALTOR Frequently Asked Questions

We require a 580 for all loans except conventional which require a 620.

We offer FHA, VA, USDA, and Conventional home loans including jumbo and bank statement loans.

We have 1 down payment assistance program. It is a conventional loan and requires a 620 credit score and the down payment is financed into the loan. We do not offer SC housing, GA Dream or any other state assisted down payment programs.

The borrower must meet an income limit of 80% of area median income or less for area they are purchasing in.

The down payment assistance is for homes up to $500,000 and the down payment will be added to the loan so there is no up front down payment required. *Buyer is still responsible for closing costs but can also get up to 3% seller credit to help cover closing costs.

For homes over $500,000 the assistance can still be used, but only $15,000 will be applied to the down payment, the buyer is responsible for the additional down payment above $15,000. The down payment requirement on this loan is 3%. For example, if buyer purchase a $600,000 home, the down payment requirement is 3% ($18,000), $15,000 will be provided in down payment assistance, and the remaining $3,000 is buyer responsibility.

The down payment is a second lien that is added to the loan amount and has a 0% interest rate on the loan and no minimum payment requirement, however, the loan is required to be paid off in the event of selling the home, refinancing the loan, or at end of the 30 year term.

 We originate loans in SC, NC, and GA. 

Our preapproval process is simple. It begins with an initial loan application and the borrower must complete the loan application AND upload all requested documentation within 5 days or the application is automatically withdrawn (borrower receives a followup email daily to complete application and with outstanding tasks).

Once the application is complete, it will be reviewed and submitted to underwriting for a full review. Our preapprovals are fully underwritten up front. Underwriting review may take up to 48 business hours.

Once a loan is out of underwriting, I will discuss options with borrower and issue preapproval letter.

Please direct them to www.legacylendingmg.com/credit to have a credit analysis completed and receive an action plan.

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You may complete the form (Realtor Application Link Request) below to receive your own individual application link. This will alert you anytime a borrower starts and completes an application. You will also receive alerts when an application is in review and has been preapproved. This keeps the guesswork out of wondering if a borrower applies and what is the update on their loan application. You may also upload a head shot if you wish for it to be on your application link when borrowers apply.