• 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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MortgageDepot has the solution for borrowers with a short sale history

MortgageDepot has the solution for borrowers with a short sale history

MortageDepot wants real estate professionals to know that home buyers with a short sale on their credit reports can qualify for financing to purchase a home. MortgageDepot is a mortgage broker with loan officers specializing in working with all borrowers, including those with challenges.

Freddie Mac loans are available to borrowers with a short-sale history. Criteria for qualifying for a loan include the following:

  • The financing must be for the purchase of a primary residence;
  • Maximum loan-to-value ratio cannot exceed 90 percent; and
  • At least four years must have elapsed since the completion of the short sale.

Borrowers seeking a loan to refinance an existing mortgage must be at least four years out from their short sale. Freddie Mac underwriting guidelines do not permit borrowers to receive cash back in a refinance.

At MortgageDepot, we use the Freddie Mac Loan Product Advisor to evaluate the credit of a borrower with a history of a short sale. If the Loan Product Advisor returns with an acceptance, the loan can proceed without additional documentation no matter when the short sale took place. This is only one example of how underwriting to the guidelines allows MortgageDepot to help our customers obtain financing.

Contact us at 800-535-0270 for more or email us here.

Introducing 100% Financing – Cross-Collateral Program

Introducing 100% Financing – Cross-Collateral Program

MortgageDepot recognizes that financing the purchase of a property based on the sale of another can be a challenge in this competitive sellers’ market. We offer a cross-collateralization financing option to achieve higher LTVs. It allows borrowers to leverage their equity in departing residences, investment properties or second homes as down payment.

PROGRAM HIGHLIGHTS

Lending Details
  • Primary residences, second homes, investment property types
  • Purchase and Refinance transactions
  • Available only for Wholesale Portfolio Products

100% Financing when the following conditions are met:

  • Purchase transactions
  • Combined LTV is at least 5% below the published guidelines
  • 12 months reserves

MORTGAGEDEPOT BENEFITS

The MortgageDepot Difference
  • Common sense UW approach
  • True Non-QM portfolio products
  • Wholesale and Correspondent delivery
  • Commercial and Income Property Lending
  • Loan amounts to $25M
  • High DTI ratios considered
  • Interest-only options
  • Privacy Mortgages
  • Vesting in trust, sub S corporation, LLC and partnerships

Contact us at 800-535-0270 for more or email us here.

Jumbo Financing for Non-Warrantable Condos

Jumbo Financing for Non-Warrantable Condos

We are pleased to announce that we now offer financing for non-warrantable condos on jumbo loans. So, if you are in the market to purchase a condo or refinance an existing condo unit that does not meet Fannie Mae or Freddie Mac guidelines than you’ve come to the right place.

Simple qualifications

  • 680 minimum credit score
  • 4-months reserves required
  • No one entity can own more than 15% of the total units
  • 50% owner-occupied

Give us a call we are here to help.

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

Home Equity Refinance

Home Equity Refinance

The mortgage professionals at MortgageDepot don’t want homeowners to be shocked when the time comes to file 2018 federal income tax returns. The interest deduction people routinely take each year could be a thing of the past. The new tax law could end up hurting homeowners who don’t prepare now by refinancing existing home equity loans into existing first mortgages. As the premier mortgage brokers, we can help homeowners preserve the interest deduction, but homeowners need to act quickly.

How does the tax law affect the mortgage interest deduction?

The new tax law made two changes affecting the ability of a homeowner to deduct mortgage interest. The first is a $750,000 limitation on how much mortgage debt is eligible for the interest deduction. The second change is limiting interest deductions to mortgage loans where the money borrowed is used to purchase or improve the home.

Using home equity loans to pay credit card debt, buy a new car or finance a child’s college tuition continues to be possible, but the tax law now prevents a borrower from claiming a tax write off for the interest paid on the loan. The deduction is preserved for money borrowed and used to improve the home or to purchase the home on which the equity loan is a lien.

MortgageDepot offers a solution for people with home equity loans

A possible solution to the loss of the home equity interest deduction is to refinance an existing first mortgage loan in an amount sufficient to incorporate the satisfaction of the home equity loan. We work with lenders throughout the country, so finding the right refinancing terms for a borrower is not a problem.

Contact us today

We help borrowers find solutions to their mortgage financing challenges. Call us today to learn more about how a mortgage broker from MortgageDepot can help.

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

MortgageDepot lowers the cost of financing a home

MortgageDepot lowers the cost of financing a home

The closing costs associated with purchasing or refinancing a home can really add up, but we don’t believe it has to be that way. At MortgageDepot.com, we’ve reduced our underwriting fee to only $399 instead of the $1,500 charged by some lenders and brokers offering mortgage financing.

Closing costs, those expenses borrowers pay to obtain mortgage financing, include:

  • Points: A point is usually 1 percent of the principal balance paid at closing to reduce the rate of interest on the loan.
  • Appraisal fee: Payment to a professional who does an appraisal to determine a property’s current value, so the lender will know how much it can lend.
  • Document preparation: Lenders charge a fee for the preparation of the promissory note, mortgage and other documents required to close on the loan.

There are other closing costs charged by lenders, so borrowers need to be careful when shopping for a mortgage.

Reducing the underwriting fee to $399 is only one of the ways we are working to make mortgage financing affordable. Find out more about what MortgageDepot is doing for our borrowers by calling us today at (800) 535-0720 to speak with a mortgage broker.

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

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