• 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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Non-Prime Cash-Out Refinancing

Non-Prime Cash-Out Refinancing

We give our borrowers the boost they need by adding Non-Prime loans to our product mix of offerings, great for those looking to refinance higher loan balances. Cash-out gives our clients a little financial breathing room while possibly lowering their monthly payment and interest rate as well.

NON-PRIME CASH-OUT REFINANCE PROGRAM HIGHLIGHTS

  • Primary and second home refinancing
  • Loan amounts up to $1.5 million
  • Minimum credit score of 500 (75%)
  • Maximum 80% LTV with no MI
  • Recent credit events OK
  • Non-warrantable condos OK
  • Investment properties OK
  • 30-year fixed, 5/1 and 7/1 ARMS
  • Maximum cash-out is $500,000

Contact us for more information about this cash-out refinancing program.

Call us today at (800) 535-0270 or email us by clicking here.

Mortgage refinance program using Airbnb income

Mortgage refinance program using Airbnb income

The sources of income available to people has expanded in dramatic fashion over the years. More people are relying on unconventional sources of income as a primary means of support as opposed to drawing a salary or earning an hourly wage. At Mortgage Depot, providing superior service to our borrowers means finding loan programs with underwriting guidelines that accommodate how our borrowers earn a living. An example of this is a Fannie Mae program that is perfect for people earning income from Airbnb rentals.
 

Fannie Mae Airbnb program

 
Airbnb provides homeowners with a website on which they can list their homes for rent to people desiring an alternative to hotels, motels and resorts when vacationing. The entire transaction, from finding a property by looking at photos and descriptions posted by the property owner to paying the rental cost, is handled through the Airbnb website.

Traditionally, homeowners applying for loans to refinance their homes could run into underwriting problems if all or part of the reported income came from Airbnb rentals, but a new loan program has brought a change. A Fannie Mae pilot program now permits homeowners to use the rental income derived from a primary residence listed and rented on Airbnb to supplement a primary source of income when applying to refinance an existing residence.
 

Highlights of the Airbnb income program

 
The eligibility guidelines for the Fannie Mae program are relatively straightforward, including the following:

  • Refinancing a primary residence
  • A rental history with Airbnb of at least 12 months
  • Rental income must be documented by Airbnb

 
Borrowers with at least a 12-month history with Airbnb may use up to 75 percent of the rental income to qualify for financing. If a borrower has a long-term history with Airbnb, lenders will average 24 months of income as reflected on an income statement from Airbnb.

A benefit of the program is borrowers can save money with lower interest rates. Even though a borrower is using rental income to qualify for the loan, the property does not lose its status as a primary residence. The loan-to-value ratios and interest rates for loans to refinance a primary residence are more favorable than on homes classified as investment properties.

Mortgage Depot offers borrowers financing options

Borrowers concerned about qualifying for the Airbnb loan program through Fannie Mae or other types of financing should speak to one of our mortgage consultants at Mortgage Depot. For example, the Fannie Mae program requires documentation to prove a history of hosting on Airbnb. Renting all or part of a home through other methods might not offer the documentation needed to meet underwriting guidelines, but it could make a borrower eligible under other loan programs backed by Fannie Mae.

Contact us today

The mortgage professionals at Mortgage Depot put our experience in the mortgage industry to work finding the right loan program to meet the needs of each borrower. Contact us today at (800) 535-0720 to find out more about our services.

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

Introducing the Non-QM Investor Program

Introducing the Non-QM Investor Program

If you own an investment property or you are looking to purchase an investment property and you also cannot verify or show your income, we are introducing a mortgage program that fits perfectly. Its NON-QM loan meaning, not a qualified mortgage which is subject to different pricing and different guidelines. This particular program is only intended for investment properties, NO primary residences are allowed under this No income No asset program. Below is a quick snapshot of what this program is capable of.

  • 640 Min FICO
  • NO INCOME / NO ASSET (Credit and Collateral Loan only)
  • N/O/O (Non-Owner Occupied) Properties only
  • $2,000,000 max loan amounts
  • 75% max LTV
  • No Reserves Required
  • No Prepayment Penalty
  • SFR ( single family residence), Condos, and 2 – 4 units Allowed
  • 2 – 4 Units (5% LTV reduction)
  • 2 – 4 Units max 70% Cash Out
  • CLOSE IN LLC, Partnership or Corporation Name
  • No DSCR – No Debt Service Coverage Ratio
  • 1x30 Mtg lates in last 12 months on Primary
  • 1x60 Mtg lates in the last 12 months on other Properties
  • 6 months Seller Seasoning required
  • Interest Only Option Available!
  • Purchase 75% max LTV
  • R/T ( rate and term) REFI 75% max LTV
  • C/O ( cash-out )70% max LTV
    • Cash Back up to $250,000 70% max LTV
    • Cash Back $250k – $500k 65% max LTV
  • 2 Yrs BK Seasoning
  • 2 Yrs FC Seasoning
  • 2 Yrs Shortsale / DIL Seasoning
  • 3 Tradelines for 12 months + or 2 Tradelines for 24 months +
  • 1 Appraisal up to $1,000,000 loan amount
  • 2 Appraisals $1,000,000 – $2,000,0000 loan amount
  • 3/1 Arm and 7/1 Arm only
  • 7/1 Arm Interest Only Option Available

To learn more about his program please contact our office.

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

*This product is not regulated by the New York State Department of Financial Services

How We Do Business

How We Do Business

We have made a huge change in our Conventional Pricing.

We also came out with a new MortgageDepot program MDExpress. This will allow for a better rate enhancement to the price for W2’d Borrower, 1 Family Home. Purchase, Rate & Term Refinance as well as a Refinance Cash Out. We will now allow this for borrowers with multiple homes as well using rental income on schedule E. With this program you will have 24 Hour Approvals if not same day.

Service Levels / Abilities

  • We have minimal overlays on all our programs. We would say 95% if not more we follow the Fannie Mae & Freddie Mac as well as HUD.
  • Ability to speak directly to a processor as well as Team Lead & Office Manager if need be. That goes for Files In Process, Loan Scenario, Etc. I will do a 3-way conference call with any of the above as well as Fannie, Freddie or HUD for any reason we need to speak with them.
  • We have been at 24 Hour Turn for conditions for all files now for over a year and we will keep to this with no exception.
  • Loan Estimate and all disclosures are done by us. We don’t want your disclosures at all. Date on your disclosures does not interfere with us at all since we don’t use them. This speeds the loan set-up process
  • Closing Disclosure Goes Out Early. Once File is Approved, Appraisal Signed Off On and Rate Is Locked Initial CD is sent for E-Sign or Wet Sign.

Our Technology

  • Email Notifications at each touch of the file with notes as well to all involved in the file.
  • Ability to see any document that was uploaded by my inside team.
  • Ability to order Both Verification of Income as well as Verification of Assets (Bank statements), speeds the process.
  • Appraisal as well as 4506 and any other items needed can be ordered in our system.

We look forward to working as a Team with you all. Our Team is here to help you close your loan as easy as possible in this crazy business. We want to Earn Your Business.

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

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