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No Minimum Borrower Contribution

In the past, most banks and lenders would require you to pay a certain percentage of money from a specific source of personal funds on any low down payment mortgage transaction if you used gift funds from a person or entity to help you complete the transaction. Today,...

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Combo Mortgages

If you have started learning more about the different financing options available to you, you may be taking a closer look at high loan-to-value options. There are two main ways to achieve a higher loan-to-value. These include using a combination mortgage with a first...

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Which Renovation Loan works best for your situation?

There are a few renovation loans out there, at MortgageDepot we have years of experience with providing renovation loans, whether it's an FHA 203K loan or a Fannie Mae Homestyle loan. see image below to see which fits you best, and don’t forget to call us for more...

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Can You Really Get a Mortgage With Only 1% Down?

At MortgageDepot, our goal is to make homeownership accessible to as many people as possible. Homeownership strengthens communities and helps the economy at large. One of the biggest hurdles many potential homebuyers face is coming up with a sizable down payment. And...

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A Guide to Purchase CEMAs

Unfortunately, New York State is one of the most expensive regions in the country to buy and sell a property. New York is the only state that requires buyers and sellers to pay a mortgage and transfer tax. In many cases, individuals who buy a home in New York pay up...

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NON QM Purchase Products

Purchasing a new home is an exciting experience, but finding the right mortgage can be stressful. Avoid having to go through complicated qualification metrics by pursuing a non-QM loan with us at MortgageDepot a mortgage broker that provides instant home buyer power....

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Non-Owner Occupied Renovation Loans in New York

What to know about non-owner occupied renovation loans Non-owner occupied loans are used to renovate income properties. They are designed for people that own multiple properties. The process for obtaining these loans is similar to that for obtaining traditional...

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Getting Pre-approved for a coop mortgage

Finding the perfect place to call home can be difficult, but it can often be even more challenging to find financing to purchase the property once you have found it. If you have decided to purchase a coop property, you may struggle to find a lender that will provide...

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Construction Loan Parameters

We are experts in construction loans, we know what needs to be done and how to do it when it comes to financing properties that need construction money. Feel free to contact us for a free consultation and see if we can help you obtain construction...

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MortgageDepot has gone condo crazy

Your friends at MortgageDepot are pleased to announce new conforming conventional condo financing guidelines. Now we can qualify more clients for condo financing with fewer hassles. Lower pre-sale requirements for new builds Our pre-sale requirement for condos under...

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Co-op Mortgages, Co-op Loans

If you have decided to purchase a co-op or you have plans to refinance a co-op, you may be actively searching for a great interest rate and competitive loan terms on coop mortgages. Co-ops generally are not acceptable property types for many types of...

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Why Choose a Non QM Program with MortgageDepot?

There are many reasons why choosing us, MortgageDepot, for your NON-QM loans makes a whole lot of sense. Well, we have been around for decades and nonqualified mortgage ( Non-QM) programs is what we are best at. We are not here to compete in the “whats today’s...

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Mortgage Interest Rates

In today’s economy, financial markets fluctuate constantly, and mortgage rates change often, sometimes 2 or 3 times a day! To get the most current rates, take a few moments to complete our questionnaire. Tell us about the type of loan you are looking for, and your...

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Jumbo Mortgage

When a home buyer is looking for a large, luxury or expensive home in a high-income area, they often need to borrow a Jumbo Loan. These mortgages are much larger than the typical loan issued by government agencies Fannie Mae and Freddie Mac which currently limit the...

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3.5% Down Payment for First Time Home Buyers

As the home market continues to go higher and higher, more buyers are getting into the action. While first time home buyers may feel a bit of apprehension at taking the plunge, there are some firms out there that are especially helpful.  We at MortgageDepot walk our...

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Stated Income Mortgages

Overview After the economic crisis of 2008, the mortgage rules and regulations across the industry changed quickly. At one time, there were stated income mortgage products where a potential buyer would simply have to state how much money they made without proving it...

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Co-op Refinance in New York

Thousands of New Yorkers live inside coop buildings. Coops tend to be cheaper than condos, and they allow residents to become a shareholder. There are tax benefits to coops as well, making them even more appealing financially. If you live in a coop, your shareholder...

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MortgageDepot Announcement

One of the most valuable benefits of doing business with MortgageDepot is having access to our Elite rates for your most qualified clients. To help make our relationship even stronger, we have some exciting news to share: we’ve lowered our Elite requirements from 760...

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Coop Purchase Loans in New York

How Co-op Purchase Loans and Mortgage Loans Differ In the New York City metropolitan area, certain multi-unit residential properties are owned by housing cooperatives (co-ops) rather than by real estate investors. A co-op is a corporation formed and shared by a...

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Turn your Fallout Loans into Closed Loans

Still striking out trying to find funding for your non-prime borrowers? There’s no reason to keep losing thousands of dollars in potential commissions when you can instead bring those investment deals to MortgageDepot. We want to help you Fund your Fall Out deals...

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Stated Income Residential & Commercial Properties

Stated Income Low Doc Commercial Loan Program Loan Amounts – $100,000 -$5,000,000 LTV – up to 75% apartments, mixed use, Office, retail plaza, warehouse, self- storage, industrial Min credit score 550 Terms – 3 and 5 years fixed, up to 30-year amortization Stated...

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203K Loans

While some people will purchase newer properties or properties that have recently been renovated, others may be interested in purchasing an older property or real estate that requires significant repair and maintenance work. If you fall into the latter...

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MortgageDepot Loan Portfolio

MortgageDepot is committed to providing loan solutions to more borrowers. That’s why we’re pleased to announce the latest guideline enhancements for three of our Portfolio Lending products. Product Enhancements Jumbo Alternative The maximum LTV for a primary cash-out...

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Commercial Program Update

****NO DCR Calculation (Debt Coverage Ratio) on Commercial Properties**** Loan amount must be less than $500,000 LTV must be 70% or less Applies to all Property Types Why is this important? DCR can severely limit loan amounts In metropolitan markets where rents have...

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TOP 10 UNIQUE NICHES

As a leading mortgage company headquartered in Kew Gardens NY, we are always striving to make sure that we can finance every borrower, that means we need to have every mortgage product available for every borrower. NO OVERLAYS, on Conventional loans. – which means...

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How to prepare for Home Finance

Should I pay off my credit cards first before I apply? I had a bankruptcy 10 years ago, does this affect my credit? Do I have to use my realtor's mortgage company? How long does the loan process take? Below are some commonly asked questions. If you don’t find the...

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When does it make sense to refinance?

Usually, people refinance to save money, either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts. The decision to refinance can be difficult since...

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Commercial Debt Consolidation

Here is a scenario of one of our recently closed transactions. Borrowers refinanced their property, owned for 50 years, to take cash out in order to get out from under higher rate merchant financing and build a cash cushion to offset their business’ seasonal cash...

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Our Mortgage Programs Highlights

As the leading mortgage company in New York, we are always making sure that we stay in tune with all the latest mortgage programs so that every borrower has mortgage program that we can finance. We never stop working for the borrower, actually we don't work for the...

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The best Mortgages we offer you today?

There are 3 major government agencies that control the mortgage industry and they are Fannie Mae, Freddie Mac and FHA. All 3 agencies give monies to the big banks such as Chase, Citibank, Wells Fargo and etc. Each agency has a set of guidelines that the Big Lenders...

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No Income Verification Loans

Do any of the following scenarios sound like a borrower you may be?? – Self-employed but doesn’t show enough income to qualify with a traditional bank. – Real estate investor who has too many mortgages to qualify with a traditional bank. – Credit is just a bit too low...

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How We Schedule Closings

To All our Valued Customers; We wanted to make sure you had this information handy for getting your loans cleared and scheduled to close. You do NOT need to wait until your loans are CTC ( clear to close), we can submit a request to schedule a closing once all...

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FHA Mortgages in New York State

 FHA has year over year been the most utilized loan product when it comes to low down payment. FHA allows for borrowers with poor credit history, as low as 580, and low down payment, as low as 3.5%, to obtain mortgage financing. Not too many people know that closing...

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Need A No Income Doc Loan?

Need A No Income Doc Loan? No Problem with MortgageDepot, there are several types of no income doc loans out there and below is are the parameters for one of them. Eligible Property Types SFR’s, Condo’s, Town Houses Refi’s only are eligible.  Must Be Investment...

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Home Renovation Financing

In all of the 203k presentations and education events over the last 20 years, the question always comes up; how long do these take? Then the next few minutes were always about a deal that took forever because of problems with the work or the value didn’t come in…the...

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Non-Conventional Bank Program

As mortgage brokers, we are always looking for new programs that we can offer our clients. We have access to almost any mortgage program that exists. We are experts at non-conventional or also know as subprime loans or non-agency loans or non-conforming loans. These...

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Hard Money Bridge Loans

Nationwide Bridge/Senior Loans | $2M-$50M We are a unique real estate investment firm that originates, structures, underwrites and provides debt and equity funding for both income and non-income producing properties.  – We Have No Upfront Fees – Our team has the...

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SBA Program Turned Down By Other Lenders

Sure, we love those prime SBA deals, but who doesn’t? Our SBA program is perfect for SBA loans turned down by other lenders. Does your client’s business make money but was rejected by an SBA lender because of low credit, a past BK, back taxes or a similar reason? SBA...

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Mixed Use FHA

Not everyone is aware that FHA is biggest insurer when it comes to Mixed used properties. We are one of the largest mortgage brokers that handles FHA mixed use mortgages. Mixed Use Properties allowed on FHA, a minimum of 51% of the entire building square footage must...

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New Construction Financing to 80% LTV

Even in today’s evolving market, we can deliver highly favorable rates and structures, and successfully close even your most challenging commercial real estate transactions. Our team has over 40 years of industry experience. Eligible Properties Include: • Multi-family...

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Why Is It The Perfect Time To Refinance?

 Don’t miss your chance to refinance Rates are low, but they may not be for long. Here’s how to tell if refinancing now is the right move for you: If your interest rate is over 4% If you have credit card or other high -interest debt If you could use some cash for home...

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Are you tired of non-performing hard money lenders?

If so, Contact Us Today and let us prove ourselves to you. Call us at 800-535-0270 with your scenario for quick and simple answers. Residential STATED n/o/o and investment (SFR, condo, PUD, 1-4 units) up to 80% on purchase, 65% on refinances (no seasoning on new...

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Lower Your Monthly Payment with HARP

HARP has been extended until December 31, 2016. What is HARP? HARP is a federal government program that enables qualified homeowners with government-backed Fannie Mae or Freddie Mac mortgages to refinance at today’s low rates. The government has eliminated many of the...

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SIVA program

Our SIVA (stated income verified assets) program is designed for High Net Worth Highly Qualified borrowers, with 700 minimum credit score, Owner Occupied, and Second Home only. The program is designed for self-employed borrowers only and it is a Jumbo loan program....

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Mortgages for Foreign Nationals in New York

Jumbo Fixed Rate and ARM Program Matrix Non-Agency Foreign National 5/1 LIBOR ARM (2/2/6 1 year Libor, Margin/Floor Rate 5.50%) Non-Agency Foreign National 30 Year Fixed All loans must meet HPML and ATR requirements to be eligible. Full Income and Asset documentation...

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Bridge and Hard Money Loans

Having access to the right type of financing for your unique situation or loan request is critical, and MortgageDepot strives to carry a full line of financing options for traditional needs as well as for unusual or unique needs. While many will qualify for...

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FIRPTA Withholdings Increase

ATTENTION: Changes to the Foreign Investment in Real Property Tax Act (FIRPTA) 10% withholding becomes 15% withholding on February 16th! Under FIRPTA, the current US federal statute in the stipulates that when a foreign person sells US real property, at the time of...

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Your First Stop for Home Finance

In today's economy, financial markets fluctuate constantly, and mortgage rates change often, sometimes 2 or 3 times a day! To get the most current rates, take a few moments to complete our questionnaire. Tell us about the type of loan you are looking for, and your...

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