Casper Smart bought a sweet new pad in the San Fernando Valley and he WON'T be banging Jennifer Lopez inside ... these are the 2 things we know. 

We found out Smart just closed on a $760,000 ranch-style home in Woodland Hills.  He put down 20% -- $152,000.  And get this ... it's all Casper's money.  JLo didn't give him a penny.  He's been renting out a condo he already owned and making money doing choreography for artists like Nicki Minaj.

The 2,039 sq ft house has 3 bedrooms, 2 baths, a pool, fruit trees, and a batting cage.

Now the banging part.  We posted pics of Smart and JLo driving together Monday in L.A. and it looked like something was up -- she was trying to hide from the photog -- but we're now told they continue to be friends but the romance is over and out.

Plus ... JLO wouldn't be caught dead in THAT part of the valley.