• 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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Bank Statement Program Explained

Bank Statement Program Explained

This program is designed to provide mortgage credit to well qualified self-employed borrowers earning monthly income that is more clearly documented through alternative income documentation. As a result, the Ability-to-Repay income and employment factors are met through the review of bank statement cash flows over 24 months (to verify borrower income) and the review of at least 2 years of employment history and business existence (to verify employment).

This program is based on evaluating the income available to the borrower as generated by the borrower’s business cash flows. As such, the program contemplates a business owner who has established a separate bank account for his or her business operations (“Business Bank Statement”) and also maintains a separate bank account for distributions and personal expenses (“Personal Bank Statement”). Note, comingled accounts (i.e. Borrower runs a business out of personal account) will be handled on an exception basis.

Qualifying Income for the program may be based on either Personal Bank Statements or Business Bank Statements. The program has been developed based on the rationale that owners of simple businesses may be qualified through Business Bank Statements, however, as businesses grow to be larger, more complex operations, business owners often distribute excess income to personal bank accounts on a regular basis.

As a result, the program incorporates a waterfall approach to determine the appropriate qualifying income methodology.

For more information about this NON-QM mortgage program, contact our office and one of our loan specialists can discuss it with you.

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

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Meet Johnny Quinn

Meet Johnny Quinn

There is so much to say about this individual. It was a bright and sunny day when Johnny called us in 2007 and said, “I was referred to you by a bank executive to consider me as a Loan Officer with your company”, and the rest is history.

“ My role here at MortgageDepot is that of a Loan officer and Mortgage Loan professional. Previously, I worked as a financial service representative for MetLife & New York Life. During my twelve years here at MortgageDepot my daily ritual consists of arriving at the office to review all documents and to meet with clients and Realtors. I make a series of calls to all my new clients and set appointments with them at their convenience. I avidly read all the latest Real Estate news to learn about any mortgage program changes or new rules that can potentially impact my clients or the industry overall.

What has always inspired my career is the ability to help my clients achieve the American dream of becoming homeowners. Personally, outstanding service is whenever I can accommodate my clients by meeting with them in my office or a place that is acceptable to them. Or whenever I’m able to answer all their questions to keep them informed about the mortgage process and all the documents they’ll need. In my opinion, there’s no specific change I’d like to see in the mortgage industry. It’s a thriving industry.

You can also visit Johnny’s personal page by clicking here. If you are looking for a mortgage professional, look no further than Johnny Quinn.

What You Should Know About Falling Interest Rates

What You Should Know About Falling Interest Rates

Real estate does have the one added advantage over other financial assets: it generally holds its value well during inflationary times. So real estate is always an excellent asset. Generally, real estate tends to retain its value during inflationary times, even as interest rates are rising. The caveat is that banks must remain willing and eager to continue lending to customers. The recession in 2008 was brought on by excessive lending and ended with the sub-prime mortgage crisis which precipitated the collapse of the property market and a mass sell-off in global assets.

As a result, tightening took place across the credit markets. The Obama administration facilitated an era of lowered interest rates, making the cost of borrowing money quite affordable. Ultimately this meant that banks, credit card companies, mortgage brokers and other lenders were able to pump credit money into the economy to fast-track investment spending, property purchases, and to shore up a collapsing real estate market.

As of 2013, the US economy was humming along. The Fed, then under the leadership of Janet Yellen decided to allow interest rates to rise. Federal Reserve Chair Janet Yellen’s policy served to discourage borrowers as the cost of borrowed money was more expensive for consumers.

The synergistic relationship between inflation-linked effects and interest-rate effects on real estate is worth explaining to the average consumer. When inflation is rising, this generally bodes well for hard assets such as real estate. When property values increase significantly, the inflation-linked higher valuation may outweigh the rising interest rate pressure on the property. In this instance, that effect on real estate can be positive. With interest rates falling, now is your perfect opportunity to refinance or to buy a new home. Talk to us we’re happy to answer any questions you may have about your dream of home ownership.

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

Jumbo mortgages with flexible underwriting

Jumbo mortgages with flexible underwriting

Conforming loans meeting the lending limitations set by Fannie Mae, Freddie Mac and other government-backed organizations may not be right for every borrower. At MortgageDepot, we understand how borrowers, particularly those shopping for single-family homes, condominiums and cooperative apartments in high-cost regions of the country, could need larger loans. Our jumbo advantage program is perfect for borrowers in need of a non-conforming financing option.

Flexible underwriting considerations

Our mortgage loan originators work with lenders specializing in jumbo mortgage financing to offer our borrowers underwriting requirements with even more flexibility and better terms for 2019, including:

  • Loan amounts that start at $1 over conforming loan limits with a maximum allowable loan amount of $3 million.
  • New for 2019 is a 95 percent loan-to-value ratio to $1.5 million.
  • Borrowers enjoy the certainty of fixed-rate financing.
  • Borrowers this year can take advantage of a cash-out option up to $500,000.
  • Loans available for investment properties containing from one to four units.
  • Vacant land up to 20 acres is now eligible for jumbo financing.

Borrowers in New Jersey who had to look on in envy as their New York counterparts took advantage of jumbo loans to purchase cooperative apartments need wait no longer. Our jumbo advantage program for co-op loans is now available to Garden State borrowers.

Contact MortgageDepot

Call us today to learn more about our jumbo advantage loans. One of our loan originators is always available to show borrowers how MortgageDepot has loan programs for everyone.

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

Meet Irina Olivieri, Loan Processor

Meet Irina Olivieri, Loan Processor

Irina joined our team in early 2017 and has since grown into a top non-conforming loan processor. Irina is a quick learner and is eager to take on new challenges in her position. We are grateful to have Irina as a part of our MortgageDepot family. 

Here’s a bit from Irina;

“As a processor, I build from the base to the roof. This metaphor is appropriate for my role in the company. Fundamentally it’s an essential function that is required daily for this business to serve its clients. Before joining the staff here at MortgageDepot two years ago, I traveled the world as a flight attendant, and I was also a business owner.

What’s unique to this business is that you never know what the day will bring. And to me, that represents “another day in paradise!” I’m never bored and greet each day with new expectations. I welcome the challenge of something always being different and having to learn something new. I’m sincere when I say that outstanding client service looks like professionalism and a smile to me! And that isn’t a cliché. In my brief tenure as a processor, I haven’t experienced much change as yet. But I’d love to see what changes that are on the horizon in the mortgage industry in the days to come.”

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