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PIGGYBACK LOANS

MortgageDepot is pleased to announce the roll-out of a Simultaneous Home Equity Line of Credit when combined with a First Mortgage loan for either conventional or high-balance loans. There are many reasons why a piggy back loan is the right choice for you....

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Non-owner occupied renovation loans

One of the most innovative loans on the market for real estate investors is the non-owner occupied renovation loan. This mortgage allows an investor to borrow the money to purchase a property that’s in need of renovations and also to borrow money to do the...

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Cooperatives offer an alternative to condominiums

Cooperatives are a form of real estate ownership in which a building is owned by a corporation. The individual units, whether they are residential apartments or commercial space, are occupied by people who purchase shares in the corporation. Co-ops are popular in some...

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We could help you buy a home without an appraisal

Obtaining a mortgage to finance the purchase of a new home or to refinance a mortgage on an existing one is a pretty straightforward process. First, you get in touch with a mortgage broker from MortgageDepot to have all of your questions answered by one of our...

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Purpose for Refinancing

How Can a Mortgage Refinance Help Me? A mortgage refinance can be a very beneficial decision for certain borrowers. Before making that important decision, you must have a clear view about how a mortgage refinance can really help you. If you fall within the following...

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Is Hard Money Dead?

Gone are the days of waiting for private investors to potentially lend you money. Here are the days of truly institutionalized and easy to use hard money product. We highly encourage all to reach out to one of our friendly mortgage consultants here at MortgageDepot....

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Splitting Escrows

This is really never been heard of before but we now offer borrowers the ability to split paying escrows. Meaning that borrowers have the flexibility to either escrow for taxes or insurance. Before borrowers only had the choice of impounding both taxes and insurance...

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Stated Income Owner-Occupied for Commercial Properties

As we continue to build our business relationship with our clients, we are excited to announce our new Stated Program for owner-occupied commercial properties ONLY. Below please find our minimum eligibility for you to send in your deals for review. If the deal is a...

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Purchasing a home with a 203(k) loan

The challenge for buyers searching for the perfect home is usually the price tag that comes with it. We might have the solution for someone willing to see potential in a home in need of a little love and some rehabilitation. Our FHA 203(k) loans offer the convenience...

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Working Capital Financing

MortgageDepot has creative financing programs for business owners to obtain the capital they need to expand their business. Working capital financing is an unbelievably simple, affordable, and fast way to finance your business. Thousands of businesses are approved for...

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Fix and Flip Financing

MortgageDepot is leading the way in finding smarter ways for you and your clients to finance fix and flip properties or rental properties. We offer cost-effective and innovative lending solutions specifically for these borrowers. We provide direct equity-based funding...

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Residential Properties-Fix and Lease

We’re experts in assisting real estate investors who specialize in Fix & Lease rehab projects. Have you identified a property that’s in need of a rehab in order to make it a cash-flowing rental property? Have you had difficulty obtaining the finances necessary to...

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Rehabilitation Loan Program

If you’re a real estate investor looking for rehab financing, we have innovative finance programs that can make a significant difference in your business. Through our Rehabilitation loan program, we’re able to work directly with real estate investors,...

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Commercial Mortgage

Are you a commercial real estate developer or rehabber? Are you looking for finances for the purchase and rehab of your next commercial real estate project? At MorgageDepot we offer short-term, real estate backed commercial loans designed with investors like you in...

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HOT THIS WEEK

Our Exclusive! Appraisal Waivers Now Available We have partnered with a wholesale lender to give us a big advantage over our competition: appraisal waivers. This means we run the loan through Fannie Mae or Freddie Mac and receive a waiver for the appraisal, which...

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We Simplify The Mortgage Process

Our team of professionals are accustomed to making sure that the mortgage loan process is as smooth as can be. Take a look at the some of the process that goes into each loan. Loan Submission Form (this is what holds up most of loan submissions) – we insure it is...

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Home Possible Advantage Plus

Brand NEW Program Update “Home Possible Advantage Plus” We are pleased to announce the addition of “Home Possible Advantage Plus” to our program offering. This is an extension of the Home Possible Advantage program, offering either a 1% or 2% grant towards the...

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Non-Conforming Jumbo Mortgages

We have a non-agency jumbo product that allows someone with a FICO as low as 700 to get up to 80% financing! At Mortgage Depot we are constantly looking for mortgage programs that will meet our borrowers' expectations. For those luxury home-buyers, we have assembled a...

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2016 Qualifying Income

Income from 2016 Used to Qualify 1. When 2016 income is being to qualify, and the underwriter is unable to validate the income using transcripts (e.g. recently filed and no transcripts are available), one of the following scenarios must be met: When 1040s show that...

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Foreign Nationals Program

In the United States, all homeowners are property investors. Homeownership is one of the tenets of the American Dream, and it is available to foreigners who wish to own a piece of this great nation. New York is one of the most attractive states for foreign national...

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Communication and honesty: The mark of a good loan officer

When home buyers set out to find the home of their dreams, the key players working with them are their real estate agent and loan officer. The fact that most residential home purchases require mortgage financing makes the relationship between the loan officer and the...

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What You Need To Know About Reverse Mortgages

A reverse mortgage is an ideal way to make your retirement years financially easier and more enjoyable. Although the term reverse mortgage can be confusing, it can be seen as a homeowner selling part or their entire home over time. The way it works is quite simple....

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Home Affordable Refinance Program

In early 2015, government officials estimated that up to 700,000 homeowners across the United States could benefit from the federal Home Affordable Refinance Program (HARP). Since 2009, HARP has helped millions of American mortgage borrowers stay in their homes by...

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New Loan Amount Limits 2017

As of January 2017 the national loan amounts for both conventional and FHA loan types have increased. This shows that home prices are rising and the loan limits need to be adjusted to reflect that. At MortgageDepot, we make sure that our loan officers are always kept...

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FHA Annual Mortgage Insurance Premium “Reduction” 2017

As per FHA Mortgagee Letter ML2017-01, the Annual MIP rates have been lowered, for mortgages with a Closing/Disbursement date on or after January 27, 2017.  Closing/Disbursement date refers to the later of the date of the signing of the Mortgage, or the...

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Express Renovation Loans

Anyone who has ever gone house hunting knows that no house is perfect. But many houses could be perfect if a few changes could be made; if some repairs could be done or if a new kitchen or an additional bath could be put in. In fact, today more than ever before the...

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Conventional Refinance Loans in New York

A conventional mortgage is one that is not insured by a government program, such as the VA or FHA. When you refinance into a conventional loan in New York or elsewhere, the process is pretty simple, but there are some things you have to keep in mind. Requirements When...

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Condo Refinance in New York

Refinancing any kind of home can sometimes be a challenging process. However, condos seem to have an additional layer of difficulty subject to approval by the Federal Housing Administration along with Freddie Mac and Fannie Mae before these organizations will back...

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Consolidate Your Debt with a Cash out Refinance

Whether you have credit card debt, student loans, personal installment loans or other types of debt, you may be tired of making many payments to different lenders. You may also be looking for a way to lower your total monthly payments, make it easy to manage your...

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Expanded FHA Loans

At MortgageDepot we strive to provide our valued clients with the best overall selection of loan programs for all needs. We understand that there is not a one-size-fits all financing program that will meet your needs, and we strive to provide the best combination of...

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Home Possible Highlights

WHAT: MortgageDepot is one of the first brokers to have preferred Freddie Mac LP Home Possible pricing. Up to a .25% better than Fannie Mae interest rates AND possible credits towards closing costs depending upon borrower income. ALL loan types are eligible (except...

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Jumbo Loans as low as 600 credit score

Are you self-employed borrowers or wage earner Borrowers who don’t quite have the credit to qualify for a Prime Jumbo mortgage loan? We offer Jumbo Loans for Full doc or Alt Doc as low as 600 credit score 90% LTV with NO MI Jumbo loans with 720+ scores. We also offer...

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Conventional Loans

Deciding on the home to purchase is only the first of many decisions buyers must make. Financing the purchase can make the typical buyer wish for a friend or relative in the mortgage business. At Mortgage Depot, we are your source for everything you need to know about...

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VA Loans

Former members of the United States Armed Services may be eligible for loans through the United States Department of Veterans Affairs. VA loans have several significant advantages over loans provided and secured through private sources. First, VA loans typically have...

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Which renovation loan works best for you

Many home buyers fall in love with a house that needs some TLC, but then realize they can’t afford to buy the house and also update it. Or if the house has major damage, they’re told it won’t qualify for a loan because it’s unlivable. That’s where renovation loans...

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Case Study on a recent transaction

Scenario: A New York borrower reached out to us in early October. The client is seeking to purchase a single family residence and time was most definitely of the essence at this point. Problem: This client had a purchase contract that expired while he was seeking to...

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Investor 1-4 Program Enhancements

We are dedicated to helping our borrowers with getting the funding that they need, so we made some great updates to our ‘No Income Verification’ program! Moving forward, any purchase on a residential investment property, where the borrower has a 700+ FICO score, now...

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Downpayment Assistance Programs

If you are interested in buying a new home in the near future, you may be taking a closer look at your finances and trying to figure out how you will get the money you need to purchase the home you want. You may qualify for the loan amount you desire based on your...

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Home Purchase Loans

Most people who buy a home in New York or anywhere else use a home purchase loan, also called a mortgage, to pay for it. Before getting a mortgage, there are some things you should know. Credit score is king The most important factor in getting a mortgage and the...

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Mortgage Refinance in NY

As a New York State mortgage broker we are best at shopping for the best interest rate for our clients. We are a wholesale mortgage broker that searches all retail banks rates and we have the ability to beat that rate by a 1/8 of a percent. If you are looking to...

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No Credit or Experience Fix and Flip Loans

At MortgageDepot, we are always looking for creative mortgage programs. The latest program to Hit the market is the No credit or even No experience needed when it comes to fixing a property and then flipping it. See below some of the highlights of the program: No...

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Working Capital to a Trucking Company

A borrower needed some quick working capital to assist with the purchase of a new truck. Even though the borrower had average credit and his business was cash-flow positive, finding financing had proved difficult. Trucking is considered a high-risk industry by most...

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Stated Income Loans Nationwide

We are a mortgage broker that specializes in 1-4 unit investment and commercial properties.  With just a minimum mid credit score of 650, you can get up to 75% LTV max with absolutely no personal income verified. We are between the institutional bank and hard money...

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No Credit Score Borrowers – Fannie Mae Program

Effective September 24, 2016, MortgageDepot will entertain loan submissions for borrowers with no credit score for conventional conforming loans. Since we are a mortgage broker we are able to shop and offer the best mortgage options for our borrowers. We do our best...

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Standard and Limited 203(k) Loans

Max Financing Down to 620 for both Purchase and Refinance Let MortgageDepot show you the fast and efficient way to manage 203k loans — We are the 203k professionals with over 25 years experience. We make the process simple for you–Let us show you how. Give your...

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MortgageDepot is Hiring PROCESSORS NOW!

Join Us We’re just like you. We’re a team of mortgage professionals who want to make a difference every day. That’s what we do and what we do well. We want your expertise on our team. You will be rewarded and recognized because we value our people and their efforts....

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Stated Income Loans to 620 score

We now offer a solution for your borrowers with less than perfect credit on multifamily, mixed-use, warehouse, office, retail and automotive properties. We will go down to a 620 credit score and a maximum LTV of 50%. Bk discharge 1 day – OK No active FC or NOD on...

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For our Table Funding Clients – TRID Tip

Intent To Proceed Documentation Required for Pre-Closing Review Intent To Proceed documentation is required as part of the Pre-Closing Review. The documentation must be written and can take the form of an e-mail or letter from the Borrower(s), Loan Officer, or Staff...

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Flexible No Doc Guidelines

We at MortgageDepot are always adding new programs and updating old ones so our borrowers have a program for any situation. Commercial & Residential Properties,  Investment Properties, Non-conforming Borrowers, Real Estate Investments, Realtors, SFR...

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