• 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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Stated Income Loans to 620 score

Stated Income Loans to 620 score

We now offer a solution for your borrowers with less than perfect credit on multifamily, mixed-use, warehouse, office, retail and automotive properties.

We will go down to a 620 credit score and a maximum LTV of 50%.

  1. Bk discharge 1 day – OK
  2. No active FC or NOD on subject property
  3. Derogatory mortgage history reported on credit – OK
  4. Source of funds to close required but not seasoning
  5. Other people on title in the past 6 months do we need their credit, No
  6. DCR requirement when loan amount > 500k – Yes
  7. Federal tax liens on credit report must be paid unless confirmed payment plan
  8. Vacant refinance not eligible
  9. 80% CLTV max

We offer a quick closing with limited documentation.

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

For our Table Funding Clients – TRID Tip

For our Table Funding Clients – TRID Tip

Intent To Proceed Documentation Required for Pre-Closing Review

Intent To Proceed documentation is required as part of the Pre-Closing Review. The documentation must be written and can take the form of an e-mail or letter from the Borrower(s), Loan Officer, or Staff notes regarding a conversation with the Borrower(s) that instructed the Loan Originator to proceed with the loan.

What is the Pre-Closing Review?

  • A loan must pass the Pre-Closing Review in order to close and fund.
  • Once a loan has reached an Underwriting Approved status, the Closing Disclosure (CD) can be generated.
  • Once the CD has been created and sent to the consumer, documents must be uploaded to initiate the Pre-Closing Review.

TIMING CONSIDERATION: It is recommended that the Pre-Closing Review is initiated soon after generation of the CD. Once the consumer has received the CD, there is a 3 business day waiting period, during which time the Pre-Closing Review can be completed.

What must information be uploaded for the Pre-Closing Review?

  • Intent to Proceed Documentation
  • MLO Compensation Election Form
  • Hazard Insurance (if not already submitted as part of the underwriting review)
  • Flood Insurance (if applicable)
  • Signed Ohio Notice of Change in Mortgage Terms (if applicable)
  • Proof of current tax payment (if not already submitted as part of the underwriting review)

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

Flexible No Doc Guidelines

Flexible No Doc Guidelines

We at MortgageDepot are always adding new programs and updating old ones so our borrowers have a program for any situation.

Commercial & Residential Properties,  Investment Properties, Non-conforming Borrowers, Real Estate Investments, Realtors, SFR ReFinancing, Stated Income, Stated Mortgage Loans.

We are a Stated Income Financing Broker that has been servicing the mortgage industry for decades. We offer stated income program for 1-4 Unit Investment  Properties, 5+ UNIT Multifamily and Mixed Use Properties and Commercial Properties.

With just a minimum 620-score, we can provide up to 75% LTV max with absolutely no personal income verified.

We provide a more cost effective financing solution versus traditional hard money.

  • Investor SFRs, Condo & 2-4 Units
  • Multi-Family, Mixed Use, Office, Retail
  • Warehouse, Self Storage, Auto Service
  • Flexible Guidelines
  • Up to 75% LTV
  • Quick Closings
  • Simple Doc
  • Standard 30 Year Term
  • Loan Amounts from $75k to $5M

Please contact us with any questions or possible deal scenarios.

We look forward to speaking with you and financing your deals.

To contact us by phone call 800-535-0270 

Reduced Doc for Jumbo Loans

Reduced Doc for Jumbo Loans

We NOW have a REDUCED Doc Jumbo Arm for Self Employed individuals!!!

Some of the requirements that jumped at me –

  • Self Employed Stated Income ONLY – to be validated by documentation in the file to be determined as reasonable – i.e.: average monthly deposits should support income levels or other documentation provided
  • Need 3 months bank statements for both personal and business accounts
  • Self Employed ONLY
  • Minimum of two open and active trade lines with a min 24-month history
  • See the liquidity section – based on loan size
  • Qualify as you would expect at the greater of the note rate or the fully indexed rate **Max 33/43 ratios

Thank you for your business and if you want more information about our reduced documentation program, contact us TODAY.

To contact us by phone call 800-535-0270

No Minimum Borrower Contribution

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, the government-backed mortgage agencies Fannie Mae and Freddie Mac are loosening those requirements in an effort to make home ownership easy and affordable for low-income borrowers. Instead of requiring borrowers to pay five percent or more from a source of personal funds as a minimum contribution, the two agencies now do not require a minimum on many mortgage transactions.

Although mortgages through Fannie Mae and Freddie Mac help you achieve the dream of homeownership, you need someone to help you navigate through all the paperwork and the guidelines that come with no minimum borrower contribution requirements. At Mortgage Depot, one of our mortgage experts will help you qualify for a mortgage with generous credit terms and low down payments with no minimum contribution. Here are some benefits and features we can provide you during the mortgage approval process:

  • If the property is in a low-to-moderate income location, then there is no income limit under Freddie Mac’s Home Possible Mortgage Program.
  • Expect down payments as low as three to five percent with a flexible source of funds requirements.
  • We can qualify you for eligible income of up to 100 percent of the area’s median annual income, and the eligible income can increase in high-cost locations.
  • You will receive a free online tutorial from Freddie Mac on the requirements for first-time homebuyers.

Here is what you can expect from the no minimum borrower contribution programs we offer:

Transaction Types

  • Mortgage Depot offers a 95 percent loan-to-value and combined loan-to-value on loans through Freddie Mac’s Home Possible Program. Eligible properties include 1-4 unit properties, planned unit developments, condos and manufactured homes.
  • Mortgage Depot offers a 97 percent loan-to-value and a 105 percent combined loan-to-value on loans for one unit owner-occupied primary residences through Freddie Mac’s Home Possible Advantage Program.

Borrower Eligibility

  • First-time homebuyers, low to very low-income borrowers and move up borrowers qualify for the no minimum borrower contribution programs.
  • Income limits are set based on the property’s location, and borrowers must meet those income requirements.
  • Restrictions apply to borrowers who hold an interest in other residential properties.

Source of Funds

  • The programs do not require minimum contributions from a borrower’s personal funds on one-unit properties.
  • The programs offer no reserve requirements on one-unit primary residences. There is a two-month reserve requirement on 2-4 unit properties.
  • There is no repayment requirement on gift funds.
  • The programs allow rental income as a source of funds on a one-unit primary residence transaction.

Eligible Terms

  • Freddie Mac’s Home Possible: 30-year, 20- year and 15-year fixed rate mortgages
  • Freddie Mac’s Home Possible Advantage: 30-year fixed rate mortgages
  • Enrollment in Homeowner Education Program required

As the housing market in the United States continues to rise, banks and mortgage companies are now creating lending models that offer better concessions to borrowers with less-than-stellar credit. However, many potential borrowers with poor credit or first-time home buyers are unaware of the banks’ loosening of loan approval standards.

At Mortgage Depot, we are well aware of the current housing market and why it is a great time to purchase your first home or refinance an existing mortgage even if you think you cannot qualify. Let us help you take advantage of today’s historically low-interest rates by contacting one of our experts today.

To contact us by phone call 800-535-0270 

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