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Combo Mortgages

Combo Mortgages

If you have started learning more about the different financing options available to you, you may be taking a closer look at high loan-to-value options. There are two main ways to achieve a higher loan-to-value.

These include using a combination mortgage with a first and a second lien in place to provide all of the loan funds needed or using a jumbo or PMI loan to reach the loan amount requested. For many people, the best option is to use combo mortgages, and MortgageDepot can provide you with the financing solutions you need for your upcoming purchase.

At MortgageDepot we are a reputable New York mortgage broker that will work closely with you to set up a financing solution that meets your needs. Initially, we will learn more about your sales price and requested loan amount, and we will review your options closely with you. In most high loan-to-value situations, combo mortgages make sense. With a high loan-to-value on a first lien only situation, you will be required to pay PMI or mortgage insurance. This can add several hundred dollars or more to your mortgage payment, and it can decrease the total loan amount that you may qualify for. The other option may be a jumbo loan. A jumbo loan has a higher loan amount than a traditional loan, and it also has different underwriting guidelines, loan terms, and higher interest rates.

When you compare the options available, you may learn that combo mortgages are more affordable and may be easier to qualify for in some situations. Furthermore, when you apply for a combination loan with a first and a second lien, you may also benefit from some of our attractive terms. These include:

  • Combined loan amounts to $1 million
  • Fixed rate seconds available to combine with first
  • Exceptions to .50 DTI ALSO allowed
  • Avoid PMI (Mortgage Insurance)
  • Avoid Jumbo Higher Interest Rates

Applying for a home mortgage loan can often be stressful, and many of our clients worry about getting the best deal on their loan request as well as getting approved for their loan. When you contact MortgageDepot for assistance, you can easily learn more about the different scenarios available, and our loan consultants may prepare multiple options for you to review. Because we are committed to helping you make a great decision about your financing, we will take the time to answer all of your questions and to facilitate the loan process.

Contact us today at 800-535-0270

Which Renovation Loan works best for your situation?

Which Renovation Loan works best for your situation?

There are a few renovation loans out there, at MortgageDepot we have years of experience with providing renovation loans, whether it’s an FHA 203K loan or a Fannie Mae Homestyle loan. see image below to see which fits you best, and don’t forget to call us for more information.

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

Related Information:
  1. 2016 Qualifying Income
  2. 203K Loans
  3. 3.5% Down Payment for First Time Home Buyers
  4. 5% Down All Gifts Funds Allowed
  5. Apartment Lending*
Can You Really Get a Mortgage With Only 1% Down?

Can You Really Get a Mortgage With Only 1% Down?

At MortgageDepot, our goal is to make homeownership accessible to as many people as possible. Homeownership strengthens communities and helps the economy at large. One of the biggest hurdles many potential homebuyers face is coming up with a sizable down payment. And in recent years, the down payment requirement for many lenders has risen substantially.

As experienced mortgage lenders, we at MortgageDepot understand that there are plenty of good reasons why lending requirements have been tightened. But some of those same protections can potentially burden a community. It’s difficult for home values to rise when prospective home buyers can’t get approved for a mortgage. And it’s difficult for cities to prosper when people have a difficult time putting down roots.

That’s why we love hearing about communities that are taking action to stop stricter mortgage lending from hindering the growth of their communities. Many Cities have partnered with local lenders to offer grants for homebuyers within the city limits, and for homeowners in the city who’d like to refinance their existing loans.

In order to qualify for this loan the borrower only needs to provide the lesser between a 1% down payment or $1,000. The rest of the down payment, up to 7% of the total loan amount, will be covered by a grant from the partnership. This particular program allows borrowers to have an income of up to $133,000. The grant can be used to purchase any owner-occupied property, including multi-unit properties up to 4-units. All the borrower has to do is stay in the home for at least five consecutive years and make on-time mortgage payments in order to have the entire grant forgiven.

You might wonder what happens if you have to move or sell before the five years is up. Well, in that case, you would have to pay the grant back plus a penalty on a prorated basis. The goal, of course, is to incentivize home buyers to stay put in a community rather than moving on a whim or flipping their home for a profit.

At MortgageDepot, we’re the experts on grants and subsidies that help homebuyers and homeowners get the best possible deal on their mortgage loans. We’re also experts on FHA lending and programs such as “Fannie 97,” which offers mortgages with only a 3% down payment. Wherever you live, contact us at MortgageDepot today if you’d like to find out more information on this or any other program that will help your dreams of home ownership a reality.

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

A Guide to Purchase CEMAs

A Guide to Purchase CEMAs

Unfortunately, New York State is one of the most expensive regions in the country to buy and sell a property. New York is the only state that requires buyers and sellers to pay a mortgage and transfer tax. In many cases, individuals who buy a home in New York pay up to 6 percent of the purchase price in closing costs just to obtain the keys to the front door. Therefore, it is important for you to find ways to save money if you are purchasing a home.

Saving Money Through Purchase CEMAs

In New York, residential home buyers can use a program called the Consolidation Extension Modification Agreement. The program allows the seller of a residential property to assign the existing mortgage to the buyer. By using a CEMA, both the seller and the buyer save money on the mortgage and transfer taxes that individuals must pay during purchase transactions.

Securing a CEMA

We at MortgageDepot specialize in Purchase CEMAs that can save you money on high-balance mortgage loans. If you are looking to buy a property with a sales price higher than $500,000, then you need to take a closer look at saving money through a CEMA. Allow us to guide you through the programs qualification process and help you save thousands of dollars on your home purchase.

Remember, any purchase transaction (except for Co-op’s, where a mortgage tax does not apply) qualifies for a CEMA. Since New York is a high-cost state, you need to find ways to save money on your closing costs. A CEMA is one proven way to save money, so let us help you unlock those savings today.

Contact us to learn more how you save money on mortgage tax when you are buying a property.

To contact us by phone call 800-535-0270

NON QM Purchase Products

NON QM Purchase Products

Purchasing a new home is an exciting experience, but finding the right mortgage can be stressful. Avoid having to go through complicated qualification metrics by pursuing a non-QM loan with us at MortgageDepot a mortgage broker that provides instant home buyer power.

We offer non-QM loans up to 1.5 million dollars with interest-only options available. An interest-only option allows buyers to only pay interest for a designated time, freeing up buyers to have greater freedom in their budgets before having to make mortgage payments. This can be a great option for buyers who need flexibility in their mortgage plans.We welcome first-time home buyers as well as buyers of non-warrantable condos. We at MortgageDepot help home buyers to expand their options by offering non-QM loans which provide buyers with more home than they could afford a qualified mortgage. Qualified mortgages often limit home buyer options by placing rigid restrictions on buyer qualifications. Non-QM mortgages empower home buyers to choose the home they really want, not the home a QM broker thinks they should want.

Non QM mortgages are also a great choice for buyers with debt. We accept an expanded debt-to-income (DTI) ratio of 55% for its non-QM products. Qualified mortgages have greater restrictions on DTI ratios, further limiting options for buyers. The non QM products also allow for greater expanded projected income timelines. Buyers have greater options and more flexibility with non QM products.

If interested in learning more about a non qualified mortgage, please contact MortgageDepot.

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

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