• Ask about our bank statement program which eliminates the use of tax returns and we just use the deposits in your bank account to calculate income.
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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

We Simplify The Mortgage Process

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 fully completed and signed and dated, if not it delays things for days.
The better we understand the loan request up front the more streamlined your initial commitment approval will be.

Conditions Cover Sheet – we make sure to use this cover sheet when submitting your conditions so we are aware which conditions you are fulfilling. Once again after approval we must collect conditions that need to be satisfied prior to scheduling a closing, our team makes sure that we have no hick-ups.

We make sure that any documents you are providing in substitution for conditions so that this can be relayed to the underwriter in an explanatory fashion, no guessing.

Closing Loan Document Request – this is a 3 page form. We always make sure the closing agent completes the 2 page, which is always overlooked and also that the Fees associated with the closing is properly prepared and configured. We are always looking out for the borrower and making sure that no duplicate invoices are generated.

That’s a little something about us.

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

Home Possible Advantage Plus

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 borrower’s overall down payment. We Help our clients by using this program to ease the down payment burden, one of the largest hurdles to home-ownership.Highlights:

Home Possible Advantage Plus (Freddie Mac Program)

o 30 year fixed Home Possible Advantage Plus 1% Grant

o 30 year fixed Home Possible Advantage Plus 2% Grant

  • Flexible source of funds:

o Up to 2% grant can be provided by Lender

o 1% borrower down payment can be a gift

  • 30 year fixed rate only
  • No Reserves Required
  • 1-unit Primary Residence, SFR’s, Condo’s and PUD’s allowed
  • Purchase Transactions Only
  • Minimum credit score of 700
  • All borrowers must occupy the property
  • 100% Medium Income limits apply o Higher AMI limits in High Cost Areas

o Lifted in underserved Areas

  • Reduced Mortgage Insurance
  • Home buyer Education required when 1st time homebuyer.

We are here to help you with many possibilities of Home-ownership.

Please feel free to contact us to discuss any new loan scenarios.

Call 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

Foreign Nationals Program

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 property ownership, and we are happy to help finance this dream.

Previously, home ownership by foreign nationals in the U.S. was mostly restricted to wealthy investors who arrived with suitcases full of cash to purchase a vacation home that they could only enjoy for a few months in a year. These days, however, foreign nationals can apply for mortgage loans to acquire investment properties, and they may be able to occupy their homes for as long as their visas allow them to.

The basic guidelines and assumptions of our foreign national home lending program are:

  • Minimum loan amount: $100,000
  • Maximum loan amount: $650,000
  • Maximum loan-to-value (LTV) ratio: 65 percent
  • Credit score: 680 FICO
  • Purpose of the loan can be purchase or refinance
  • Applicants must prove strong reserves and adequate credit profile
  • Condominium units are acceptable
  • No penalties for pre-payments
  • All liens seasoned at least 12 months can be settled with refinancing

With regard to the type of mortgage loan that foreign nationals can obtain, we approach each case individually. A fixed rate mortgage may make sense for some borrowers while others may like the flexibility of an adjustable rate.

The mortgage loan application process for foreign nationals is not as complex as some people believe it to be. A current passport with a visa in good standing is essential; obtaining an Individual Tax Identification Number (ITIN) may be required in some cases. Other documents may include: letters of good standing from foreign banks as well as international credit reports.

Contact us at 800-535-0270 for more about our Foreign Nationals Program

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