• 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.
(800) 535-0270
Select Page
Non warrantable condos

Non warrantable condos

When it comes down to purchasing condos and co-ops, it isn’t just your creditworthiness the lender takes into consideration. Your mortgage lender must also verify the fiscal and physical health of the entire condominium development into which you’re buying.

Fortunately, with the housing market doing well and condo values climbing, mortgage lenders allow looser guidelines — even low-down-payment home loans occasionally.

Common non-warrantable properties include condo-hotels, timeshares, fractional ownership properties, and other projects which require owners to join an organization, such as a golf club.

Mortgage Loans

Manufactured housing such as houseboats and motorhomes and other developments that are not legally considered real estate are also excluded from warrant-ability. When buying a condo, ask your real estate agent or lender about the building’s warrant-ability before you go any further.

In general, a condo or co-op unit is considered non-warrantable if: the project has yet to complete construction. Or its developer has not turned over control of the HOA/Board to the owners. Or that the development allows short-term rentals. Additionally, a condo or co-op is non-warrantable if a single person or entity owns more than 10% of all units or if It’s in a project where the majority of units are rental units occupied by non-owners.

Also, a condo unit in a development project involved in litigation of any kind is usually “non-warrantable.” It doesn’t matter if the development is the plaintiff or the defendant in the suit.

Non-warrantable condo financing is unavailable via Fannie Mae and Freddie Mac, the FHA or the VA. To get a non-warrantable condo mortgage, you’ll need to talk with a specialist mortgage broker such as MortgageDepot. Each mortgage loan provider has different rules and stipulations regarding financing for a condo.

Fannie Mae and Freddie Mac each have a set of requirements that every condo association has to meet – such as the minimum amount of funds the association has in reserves, the number of tenants past due on their homeowner’s association fees, the number of units that are rentals or investment properties, review these variables very carefully.

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

Mortgage Loans

Meet Gary Kaziev

Meet Gary Kaziev

How would I describe my role at the company? My role kind of defies a particular title because daily I problem solve any operations issues that arise, in addition to my regular work as a loan officer. Although I’ve worked in the mortgage industry most of my career before joining the staff here at MortgageDepot, no two days were ever alike.

I’d describe each of my days as crazy busy but in a good way. The thing that interests me the most about this industry is that it involves the entire economy. And the single best thing about the mortgage industry is the happy clients after a closing, that’s my favorite part. The change I’d like to see in the industry is people with more access to information allowing them to better prepared when they begin the process of securing a mortgage. And I’d like to add that I couldn’t have better co-workers and I think we’ve got a very cool corporate culture as a working group of individuals. As far as work goes, this is a good thing. It makes it so much easier to come to work every day.

View Gary’s personal page here.

Rental Property Program for Investors

Rental Property Program for Investors

We offer a 1-4 Unit Rental Property program specifically designed for the real estate investor. We bridge the gap between agency and private money, helping investors manage their single-family property investment portfolio with the purchase of additional properties or with refinancing existing loans.

  • Loan amounts from $75K to $2M
  • Rates starting at 6.125%
  • No tax return or bank statement programs available
  • LTV’s up to 80%
  • Credit Score 550 (500 case-by-case)
  • Fully amortizing terms up to 30 years

To contact us by phone call 800-535-0270 or email us by clicking here.

no income verification

 

Two-month bank statement program

Two-month bank statement program

As a mortgage broker, MortgageDepot.com has developed a knack for finding solutions to the challenges borrowers face when in need of mortgage financing. We offer our borrowers an assortment of loan programs because we work with many lenders rather than only one or two. For example, our two-month bank statement program is ideal for borrowers with inconsistent incomes or without the income documentation required to satisfy the lender underwriting conditions of most lenders.

Borrowers benefitting from our two-month bank statement loans

Coming up with the documentation to prove a borrower’s income and its source is not a problem for someone who receives a W-2 at the end of the year from an employer. Unfortunately, some occupations do not offer a consistent source of income documented by a W-2, including the following:

  • Self-employed individuals
  • Freelancers
  • Individuals working in seasonal jobs
  • Investors and others with inconsistent income streams
  • Business owners not receiving a regular paycheck

no income verification

Borrowers in any of these categories usually do not have W-2s, paystubs and tax returns to document the amount or source of their income. A MortgageDepot.com two-month bank statement mortgage offers these and other borrowers a solution to the challenge of obtaining the financing they need to complete the purchase of a home.

Two-month bank statement program guidelines

Individuals with two months of bank statements for their businesses are eligible to apply for our two-month bank statement loan. The following are some of the highlights of the program:

  • 90% maximum loan-to-value ratio
  • Credit score of at least 680
  • Loan amounts up to $5 million
  • Interest rates as low as 5.15% on a 5/1 adjustable mortgage
  • Cash-out options up to 85%
  • Up to 85% financing on second homes
  • 50% maximum debt-to-income ratio
  • 5/1 ARM and 30-year fixed mortgages available
  • Interest-only options available with a 40-year amortization
  • Six-months reserves up to $2 million

Depending upon the underwriting requirements, borrowers in our two-month bank statement program might be asked to produce a profit-and-loss statement from a certified public accountant or licensed tax preparer. Borrowers in need of an exception to any of the terms or conditions of our bank-statement program will find our loan officers responsive to their needs and ready to work with them and our lenders to find a solution.

Learn more about two-month bank statement loans

Our loan officers have the experience and expertise to find a mortgage program to suit the needs and challenges of any borrower. Contact us at our website at MortgageDepot.com or by calling us at (800) 535-0720 to learn more about our two-month bank statement program.

To contact us by phone call 800-535-0270 or email us by clicking here.

no income verification

 

Meet Phoebe Bartholomew

Meet Phoebe Bartholomew

I’d describe my role as a loan processor at the company as someone that submits loan applications and some structuring of loans occasionally. Before joining MortgageDepot, I was a loan processor at Concept 2K Mortgages, Inc. I’ve been with the firm for three years now. To me, every day is unique. No matter what I plan for the day, the plans go out the window! But that is the beauty of what I do. What interests me most about this industry from a broker’s perspective is the ability to be creative while meeting clients needs regardless of their circumstances.

For me, excellent client service comes from transparency from the beginning while keeping them apprised during the process to the end, without surprises. And of course when clients are happy and express their gratitude for the role that I’ve played in the process of securing them a home loan. The change I’ve noticed in my industry is that loan officers must be very knowledgeable because today’s customer is savvier than ever. If I could see one change in the mortgage industry, I’d like to see the abolishment of Appraisal Management Companies (AMC)! I can dream, but that’s highly unlikely.

© 2019 www.mortgagedepot.com. All Rights Reserved.
Licensed By The Following State Regulatory Agencies:
New York State Department Of Financial Services
Florida Office Of Financial Regulation.
Website Authorization By The New York State Department Of Financial Services Is Approved.
*Registered Mortgage Broker — New York State Department Of Financial Services – All Mortgage Loans Are Arranged Through Third (3rd) Party Providers’ NMLS # 1133788