I spent hours searching for a working guided bomb but all I could find were (guided bombs) that were just missiles inside a fuselage shell so I decided to create an actual guided bomb that actually glides towards its target without a giant smoke trail or increasing to mach 2 in a couple of seconds.

How to use:
To use the bomb grab the detacher part inbetween the bomb and the pylon and this will drag the whole bomb with it so you can create a sub assembly. When in flight simply select "Paveway IV" lock onto a ground target and fire. Just to clarify it is a bomb not a missile it relies on gravity to reach its target so the faster and higher you go the further the bomb will reach.

How it works:
The bomb is simply a inferno missile edited using XML so that it has no smoke trail this is done by (maxSpeed=INF). The inferno actually decelerates very gradually rather than accelerating like it should, this is done by (maxForwardThrustForce=-75). I then put a bomb shell over the missile and it was complete. (you can find many YT tutorials on custom missiles and editing missile properties using XML if you would like to build your own custom weapons).

Edit: Feel free to use the bomb in your own build as long as you give credit. I hope you enjoy :)