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PIGGYBACK LOANS

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. either its good to avoid paying PMI or avoid Jumbo interest rates the piggyback loan is a loan that is a solution for many.

We have partnered with a Bank to offer this product.

Please see below for the product overview.

Some highlights include –

  • HELOC Rate is current prime rate plus margin below:
  • CLTV > 80%: 1.99%
  • CLTV 70.01% – 80%: 1.49%
  • CLTV 70% and less: 0.99%
  • Draw Period: Years 1-10; interest-only payments required during draw period.
  • Repayment Period: Years 11-30; principal and interest payments amortized over remaining term of the loan.
  • SFR, 2 Unit & Condos Accepted.
  • Second Home Accepted.
  • 1st Loan can be a Purchase or Refinance.
  • Minimum HELOC line amounts begin at $25,000. Maximum HELOC line amounts up to $500,000.
  • No additional document overlays.
  • Fico Scores as low as 700.
  • DTI as high as 45%
  • Gifts / Gift of Equity / Seller Concessions accepted.
  • No Prepayment Penalties.
  • No additional reserves required.

To find out more why this piggyback loans is right for contact our office for more clarification on the program and what it offers.

To contact us by phone call 800-535-0270 or email us by clicking here.

Purpose for Refinancing

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 groups, you should find out more about refinancing your mortgage.

You currently have and adjustable rate mortgage (ARM)

The interest rate and mortgage payment of this type of mortgage can change any time. It can either increase or decrease. If you want peace of mind of having a steady monthly payment, you might consider refinancing your mortgage for a fixed rate mortgage. This will give you the certainty that your mortgage payment will not increase due to the market condition.

You can afford to make bigger payments

If you got a raise or simply you have more money than before, you can change your type of mortgage. If you have a 30-year mortgage, you could change it to a 15 or 20-year mortgage. How this can help you? You will be able to pay off your mortgage sooner, saving you a lot of money on interest. It is amazing how much money you can save by decreasing your mortgage term.

Your credit score got better

Sometimes after paying on time your mortgage during a few years, your credit score gets better. With a better credit score, you can get a better interest rate in mortgage loans. If this is the case, your mortgage payment can get lower.

Saving money is the biggest reason why you should consider a mortgage refinance. You can save money by lowering your monthly payments, or by paying off your mortgage
sooner. Just think about every thing that you will be able to do with extra cash in your pocket every month. How nice it would be if you pay your mortgage 10 or 15 years earlier.

If you think, you can benefit from a mortgage refinance, or want to find out whether or not you qualify, give us a call. We are a reputable mortgage company located in the New York area and can help you with any of your mortgages needs.

Contact us today for a FREE consultation at (800) 535-0270 or email us here.

Is Hard Money Dead?

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. Let or team of professionals educate you on how we can bring a cheaper long term or short term financing alternatives to you that either can’t qualify or don’t want to wait around to qualify for bank financing for your investment properties. CALL TODAY 800-535-0270. Some bullet points on our new product are below.

  • RATES AS LOW AS 6.75%!!!!
  • All loans are “NIS/NIV” NO INCOME STATED/ NO INCOME VERIFIED!
  • UP TO 80% LTV!!!
  • NOW LENDING IN THE FOLLOWING STATES:  AL, AZ, CA, CO, CT, FL, GA, HI, ID, IL, KS, KY, LA, MA, MD ,ME, MO, MS, MT, NC, NH, NE, NJ, NM, NY, OK, OR, SC, TN, TX, UT, VA, WA, WI, WV, WY
  • Purchase and cash out transactions available.
  • NO SOURCING OR SEASONING OF THE DOWN PAYMENT WHATSO EVER!!
  • FAST CLOSING are an everyday occurrence. Typical closing times less than 2 weeks with ability to close in 4-5 days!
  • SFR, Condos, Townhomes and 2-4 units.
  • 5+units(multifamily), Mixed use, Office and Retail.
  • 3/27, 5/25 and 7/23 long term products available.
  • 6, 12, 24, 36 and 60 month short term bridge products available.
  • Easy to understand and simple underwriting guidelines!

We look forward to speaking with you!

Contact us today for a FREE consultation at (800) 535-0270 or email us by clicking here.

Splitting Escrows

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 or none at all and now borrowers have the ability to choose one or the other.

For more information contact our office.

Related Information:
  1. 2016 Qualifying Income
  2. Apartment Lending*
  3. Are you tired of non-performing hard money lenders?
  4. Avoiding Unreimbursed Employee Expense
HOT THIS WEEK

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 means that no physical appraisal is needed saving borrowers money in appraisal fees.

Fannie Mae Enhancements

Fannie Mae is changing a number of guidelines to make lending easier. Below are the changes for loans submitted to underwriting effective immediately:

  • Student Loans
    • Monthly payments will now be based off of the amount showing on the credit report or 1% of the remaining balance.
    • Student loan debts may be paid off to qualify and classified as a rate/term refinance.
  • Condominium Reviews
    • Fannie to Fannie rate/term refinances up to 80% LTV, will no longer require a condo review.
    • Eligible in all 50 states
  • Debts Paid by Others
    • Non-mortgage debts paid by non-borrowers can now be excluded from the debt ratio calculation with 12-months canceled checks.
  • Properties Listed for Sale in the Previous Six Months
    • Cash-out refinances will no longer be capped at 70% LTV when the subject property has been listed for sale in the previous six months. With this update, properties that were listed for sale must be taken off the market on or before the disbursement date of the new loan.
  • Truncated Asset Account Numbers
    • Truncated or masked account numbers for bank and portfolio or investment accounts where at least the last four digits are displayed are now allowed on asset documentation.

Contact us today for a FREE consultation at (800) 535-0270

2016 Qualifying Income

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 the borrower is getting a REFUND:
  • Provide copies of the filed 1040s for 2016, and
  • Verify acceptance of filed return with the IRS via the refund verification site: irs.gov/Refunds

○ See Appendix H for guidance on how to use the “Where’s My Refund” site.
○ Enter the borrower’s SSN, filing status, and refund amount from the 1040s
○ If the results are successful, then it is okay to proceed without the 1040 transcripts for 2016.
○ If the results do not show a match, then the 2016 income cannot be used and the borrower must qualify using the 2014 and 2015 income.

2. When the 1040s show that the borrower OWES money:

  • Provide copies of the filed 1040s for 2016, and
  • Cancelled check (or wire, etc.) showing payment to the IRS in the exact amount shown as the liability from the 2016 return.

○ If the borrower does not pay the balance in full and instead enters into a payment plan with the IRS, the following will also be required:

◘ Cancelled check showing the amount that was sent to the IRS
◘ Evidence of an accepted payment plan by the IRS
◘ The Underwriter will need to escalate these to their Sr. Team Lead for review to determine if there is any further action needed (i.e. reserves sufficient to cover the balance owing and/or add the debt as a liability).
◘ If no accepted payment plan can be provided then the 2016 income cannot be used.

NOTE: To use increasing income from 2016, the above steps will need to be taken; however, if the income from the 2016 returns indicate decreasing income, this lower (i.e. more conservative amount from the current year’s tax return) amount should be considered to qualify the borrower, even if transcripts are not available.

Contact us today for more information at (800) 535-0270