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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.

Non-Owner Occupied Renovation Loans in New York

Non-Owner Occupied Renovation Loans in New York

What to know about non-owner occupied renovation loans
Non-owner occupied loans are used to renovate income properties. They are designed for people that own multiple properties. The process for obtaining these loans is similar to that for obtaining traditional mortgages. You do not have to be a landlord to obtain one. If you apply for a non-owner occupied loan, you will find that they are nearly difficult to obtain. We at MortgageDepot specialize in non-owner occupied renovation loans.

The criteria for obtaining non-owner occupied renovation loans are stricter than that for traditional mortgages. The reason is that income property come with risks: renters, lots of repairs, and the loss of rental income. Non-owner occupied loans require down payments of at least 20%. They also require you to have a credit score of at least 720. Your loan to value ratio must not exceed 80%. The money you borrow must be used to renovate one unit at a time. Improvements must be permanently affixed and add value to the property. If you are new to being a landlord, then your primary and potential rental income will be taken into consideration. There are benefits to using these loans.

The biggest benefit to using non-owner occupied renovation loans is that you receive credits that are up to 75% of your rental income. Another benefit to using these loans is that you pay lower interest rates than if you refinance with traditional mortgages. The third benefit is that there is no minimum amount of money you can borrow for repairs. And, you are allowed to own up to four properties. When you are ready to apply for a loan, we at MortgageDepot will make the application process as simple as possible so you will have the right loan for your renovation needs.

Contact us for a FREE consultation at 800-535-0270

Getting Pre-approved for a coop mortgage

Finding the perfect place to call home can be difficult, but it can often be even more challenging to find financing to purchase the property once you have found it. If you have decided to purchase a coop property, you may struggle to find a lender that will provide you with a mortgage loan.

The good news is that we offer competitive rates for coop mortgages, and you can easily work with us to get pre-approved for your coop mortgage. We understand the challenges you face with finding competitive terms on your coop mortgage, and we also know that you need to get coop board approval.

Our team has considerable experience with financing coops, and we will actively work with you to help you get board approval during the mortgage process. We want to help you make your purchase streamlined and successful, and you can count on us to be by your side throughout all stages of the process.

While our team specializes in assisting buyers with coop mortgages, we also can help homeowners to refinance their existing mortgage. During the refinance process, we can work with you to facilitate coop board approval so that the rest of the process is a breeze.

For our co-op mortgages as well as all of our other mortgage programs, we strive to provide clients with competitive rates and terms. More than that, we will work with you to set up loan terms that are affordable for your budget and that meet your needs.

We understand that each of our clients has unique goals and a unique financial situation, and we take time to learn about these factors up-front during the pre-qualification stage.

If you are shopping around for a coop mortgage for a purchase or a refinance, reach out to our team at MortgageDepot for assistance.

Contact us today at (800) 535-0270 or email us here.

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