• 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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Home Purchase Loans

Home Purchase Loans

Most people who buy a home in New York or anywhere else use a home purchase loan, also called a mortgage, to pay for it. Before getting a mortgage, there are some things you should know.

Credit score is king

The most important factor in getting a mortgage and the interest rate you get is a credit score. People with high credit scores, around 760 and above on the FICO scale, get the best interest rates. That’s important because even an extra quarter percentage point can mean thousands of dollars in finance charges over the life of the loan.

Pay attention to the payment

When deciding how many homes they can afford for a home, most people focus on their monthly payment. But when calculating that payment, it’s important to keep in mind all that goes into it. Your monthly mortgage payment will include more than just you loan principal and the finance charges you owe. Your property taxes, homeowners insurance and any mortgage insurance you may have to pay are all added onto your monthly mortgage payment. That means a $1,000 monthly payment for principal and interest could easily grow to $1,400 or more by the time you account for those other items.

Don’t forget about closing costs

To get your mortgage, you have to pay closing costs, which include things such as title insurance fees and transfer taxes. In New York, those fees are among the highest in the country, costing more than $5,000 on a $200,000 mortgage. We are able to roll those costs into your mortgage, you usually have to pay them up front.

Contact us for a FREE consultation at 800-535-0270 or email us by clicking 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*
Mortgage Refinance in New York

Mortgage Refinance in New York

As a New York State mortgage broker we are best at shopping for the best interest rate for our clients. We are a wholesale mortgage broker that searches all retail banks rates and we have the ability to beat that rate by a 1/8 of a percent. If you are looking to refinance your New York property, please check with us before you make your final decision. We have the ability to beat any interest rate.

Most national banks or mortgage companies do not know the New York mortgage market. New York real estate is one of a kind. We are not an escrow state, we have mortgage tax and most importantly NY is infested with coops and condos. We are experts in financing coops and condos.

Refinance mortgage in New York should only be handled by a mortgage company that is located in NY and has the experience with the NY mortgage market. Mortgages in NY either for refinance or for a purchase, it takes experience and knowledge to finance properties in NY. That is why we at MortgageDepot, located in Queens NY, have the knowledge and experience in the NY mortgage market.

For more information about applying for a mortgage refinance in NY, do NOT hesitate and contact us, we are a reputable company and for a limited time offer if you refinance your property with MortgageDepot we will offer you the homeowner a gift certificate through Home Depot, valued at $495. So it’s a win win for you, get the best service and rate possible and get a $495 gift certificate from Home Depot.

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

No Credit or Experience Fix and Flip Loans

No Credit or Experience Fix and Flip Loans

At MortgageDepot, we are always looking for creative mortgage programs. The latest program to Hit the market is the No credit or even No experience needed when it comes to fixing a property and then flipping it. See below some of the highlights of the program:

No Credit Score Required, Non Owner Occupied

Residential Bridge / Rehab Program

Our non-owner occupied 1 to 4 unit residential bridge/rehab program is ideal for experienced investors and first-time fix and flippers alike.

We offer interest only bridge and rehab loans for the short term flipper and require no credit score or report (as long as the loan closes in an entity).

We also require no personal or property income, no primary residence ownership, and no investment experience. Purchase, refinance, cash-out refinance, purchase fix and flip and refinance fix and flip loans are ok.

This program is currently available in CA, CO, CT, FL, GA, IL, MD, MI, MO, NC, OH, PA, SC, TN, TX, VA, WA and WV.

Permanent (3/30) NOO 1- 4 unit loans are also available nationwide Term Sheet Requirements

  • No Credit | No Tax Returns | No Rent Roll
  • Rehab/Bridge Loans $100,000 to $1,000,000 (+/- considered case-by-case)  12 Month Interest Only Term
  • No Tax Returns and No Financials
  • No Credit Score/Report Required
  • (cannot exceed 80% of AIV)  To 100% of Rehab
  • (cannot exceed 75% of ARV)  No Prepay Penalty
  • (no exit fee, no interest guarantee, nothing!)  2 to 3 Week Closing (with timely receipt of documents)

The terms above are estimates and are subject to change or withdrawal.

Contact us for more about this flip and fix program. Call 800–535-0270 

Working Capital to a Trucking Company

Working Capital to a Trucking Company

A borrower needed some quick working capital to assist with the purchase of a new truck. Even though the borrower had average credit and his business was cash-flow positive, finding financing had proved difficult.

Trucking is considered a high-risk industry by most lenders. Additionally, this borrower only owns one truck which greatly increases the chances of default should that truck breakdown. The fact that this business is a sole proprietorship and not a corporation, was a non-starter for most lenders.

We funded this borrower $6,500 of unrestricted working capital in 2 days and approved this transaction based off of 3 months of bank statements and a 1-page credit application.

Private Business Term Program

Our Private Business Term Program offers daily, weekly and monthly payments, unrestricted working capital, business credit lines, no prepayment penalty options and rates starting at 7.99%, but we also offer: No collateral requirement, no restricted industries, no caps on NSFs, no minimum deposit requirements, no time-frame for bankruptcies or foreclosures, no judgment restrictions, credit down to 500, minimum time in business down to 2 months and much, much, more

Contact us for more information about a working capital loan.

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

Stated Income Loans Nationwide

Stated Income Loans Nationwide

We are a mortgage broker that specializes in 1-4 unit investment and commercial properties.  With just a minimum mid credit score of 650, you can get up to 75% LTV max with absolutely no personal income verified. We are between the institutional bank and hard money financing.  We offer a more cost effective financing solution versus traditional hard money.

  • Quick closings
  • 3 or 8-year ARMs available with rates starting around 7.50%.
  • 30 year fully amortized loans
  • W-2 or self-employed
  • Rebate pricing
  • Seller seconds and gift funds allowed on purchases
  • Non-seasoned funds for purchases are ok.
  • No debt service requirements on 1-4 family investment properties
  • No debt service requirements on traditional commercial loans under $500,0000.

Please let us know how we can help you.

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

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Licensed By The Following State Regulatory Agencies:
New York State Department Of Financial Services
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*Registered Mortgage Broker — New York State Department Of Financial Services – All Mortgage Loans Are Arranged Through Third (3rd) Party Providers’ NMLS # 1133788