• 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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Now You Can Get a Mortgage Without a FICO Score

Now You Can Get a Mortgage Without a FICO Score

If you have tried to get a mortgage recently, you may be aware that one of the first things a lender or mortgage broker will do is to pull your credit report. Your FICO credit score and credit history are critical to qualifying for most loan programs. In fact, if you do not have a minimum credit score required for most loan programs, your loan request will not be considered. There typically are no exceptions made, and lenders do not want to hear stories about why your FICO score may be low or why you may otherwise be a strong borrower. At MortgageDepot.com, we have loan programs available that do not rely on FICO scores for pricing or for loan approval, and these may be the loan programs that you are searching for at the present time.

The Problem With Relying on FICO Scores

In some cases, a strong FICO score does indicate that a person is financially strong and fiscally responsible, but a lower FICO score does not necessarily indicate otherwise. The reality is that life situations, such as divorce, the death of a loved one, unexpected job loss and more, can all have a negative impact on a credit rating. These are rough situations that ultimately could stress your finances in a number of ways, and such events can and do happen to most people at some point. These do not mean that the person was not responsible with their finances, but it means that life has thrown a series of curve balls at the person. In some cases, a lower FICO with a very long history of delinquency can indicate fiscal irresponsibility. However, if the delinquencies are focused within a short period of time and no blemishes were present before or after, this may be a sign that the borrower is otherwise strong.

Taking a More Comprehensive Approach

Some lenders will review all aspects of your financial situation before making a decision about how to proceed with your financing request. For example, they may look at your net worth and your available liquid assets. They may also look at how much debt you are currently carrying. If you have a bankruptcy or a foreclosure, they may take a closer look at the story behind these damaging credit events, giving you a chance to explain the situation. A low FICO score in itself may not be a reason for a loan request denial. If your credit and financial situation are otherwise strong, you may still be able to get approved for a loan.

Applying for a loan when you have a lower FICO rating is rarely something that is done without stress and anxiety, but MortgageDepot.com can help you to take the hassle and uncertainty out of the situation. We have a no FICO score loan program available that will look at other factors related to your finances during pre qualification and underwriting. If you are interested in this loan program or in other creative and flexible financing options we offer, contact MortgageDepot.com today.

To contact us by phone call 800-535-0270

Coop Mortgage Rates in New York

Coop Mortgage Rates in New York

We, at MortgageDepot, understand coop financing better than anybody else. We have years of experience in coop financing and with that experience it translates into the most competitive coop mortgage rates and coop loan programs. So let us walk you through the most important aspects of coop financing.

The first thing that you have to understand is that there are few companies offering coop financing. Most lending institutions offer only traditional mortgages. This is so because coop mortgages are more complicated than traditional mortgages.

They are more complicated in several ways:

  • First, Coop mortgages are more like shares of a corporation.
  • Each share entitles you to a unit which you cannot sell without the permission of the coop board.
  • This is why a coop – unlike condo – is not real estate. It is personal property.

Another aspect of coop financing that we walk you through here at MortgageDepot is the tax structure of coop financing. Because coops are considered personal property, taxes on them are very different from those on condominiums.

Through many years of working with coop financing, we understand what it takes to secure its approval. So we want to remind you that it is an extensive process which requires:

  • Interviews
  • Credit checks
  • Employment history checks
  • And many other procedures. 

Contact us today to talk with one of our highly educated specialists and you will be surprised at how low our coop mortgage rates NYC are!

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

How To Calculate Social Security Income

How To Calculate Social Security Income

Are you a retired individual who receives social security income? If so, you may have found it difficult to acquire a mortgage loan. Retirees often find that their debt to income ratio is not up to conventional lending standards, or that their social security income is difficult to track.

At MortgageDepot, we are the New York area’s leading experts in helping borrowers acquire nonconforming mortgage loans. Retirees are often the perfect candidates for a type of mortgage called a stated income loan. Stated income loans offer less stringent underwriting guidelines and can be perfect for borrowers with low income but high cash reserves, investment portfolios and retirement funds, or people who have non-traditional or hard-to-document sources of income.

If you’d like to acquire a stated income mortgage loan, and you’re currently on social security, get out in front of the challenges by learning how to track and calculate your social security revenue.

When we help our retired clients acquire a stated income loan, we ask for the following documentation of their social security benefits:

We ask for, A:
One of these forms of documentation in order to prove social security revenue is likely to continue:

  • An SSA Awards Letter, or;
  • An SSA Benefits Letter, or;
  • An SSA Benefit Letter

And we ask for B:
One of these forms of documentation in order to prove the amount of social security income:

  • A copy of your social security benefits statement (The SSA 1099/1045 form)
  • A copy of your federal tax returns
  • Your most recent bank statement showing all recent direct deposits from the Social Security Administration
  • A proof-of-income letter (called a Budget or benefit letter) demonstrating the amount of income you receive from the Social Security Administration

If a borrower can provide one of the required documents from Group-A, no additional documentation will be needed from Group-B. Also note that Social Security Disability and Supplemental income can also be taken into account as long as a borrower can provide at least one document from Group-B, along with an SSA Awards or Budget letter from Group-A, in order to confirm the likelihood of the continuation of this income.

If you’re a retiree currently enjoying social security benefits, and you’re in need of a mortgage loan, contact us at MortgageDepot. today. We’re experts in stated income loans for retirees. We look forward to helping you find the right mortgage loan to help you achieve your goal.

To contact us by phone call 800-535-0270

The Expanded Plus Program

The Expanded Plus Program

It is with great excitement that we announce the release of our newly created niche program, The Expanded Plus Program.

In essence, to ensure all borrowers are receiving their fair share of mortgage financing while expanding our pipeline potentials, we are offering this program to allow you to be able to purchase that property you always wanted or be able to refinance your property.

Highlights of this program include:

  • Loan Amounts up to $2,500,000
  • Bank Statements showing considerable assets vs. the use of Tax Returns and 4506 results
  • Asset Depletion Option to lower the existing DTI
  • First Time Home Buyer’s welcome
  • Non-Occupied Borrowers accepted (truly blended ratios)
  • Fico Scores as low as 660
  • DTI (debt to income ratio) can exceed 65%,
  • Most Derogatory Credit (Bankruptcy, Foreclosure, etc) requires only 12 Months Seasoning
  • Up to 10 Financed Properties
  • Gift Funds Accepted
  • Salaried, Commissioned & Self Employed Borrowers accepted
  • Interest Only Option

Please see contact us for more information about this new and exciting loan program.

To reach us by phone call 800-535-0270

Mortgage Product Update

Mortgage Product Update

From time to time, there are positive changes in underwriting and lending requirements that can be very beneficial to borrowers like you. If you have previously looked at a Freddie Mac loan and have been told that the loan program is not quite suitable for you, you are not alone. While these loans are well-known to have a very low rate and other competitive terms, there are some rules and regulations that make these mortgages not suitable for all borrowers. The good news is that there have been some wonderful changes to the program in recent years, and Freddie Mac has recently announced changes to the program known as the Wave.

With a closer look at the Wave program by Freddie Mac, you may determine that this is the right program for your needs. Some of the changes to these loans include:

  • Two years landlord history no longer required
  • Borrower contribution no longer required on 80 percent LTV or higher with a gift or gift of equity from an acceptable source (on primary residence)
  • Short sales now eligible per LP findings
  • Removed 120-day seasoning requirement

Finding the right programs for home mortgages can be a challenge to do, and this is because not every situation is the same. We understand that each of our clients has a unique situation, and we strive to take a personalized approach to helping you find loans that are suitable for your needs and objectives. The Freddie Mac program is just one of several program updates that have taken plan in recent months. Even if you have a challenging time with your loan request in the past, you may now be surprised that there are mortgages that are well-suited for you today.

The best idea is to contact us directly to learn more about our loan programs. We can answer your questions about the Freddie Mac Wave program, and we can also help you to determine if another program may be a better match for you. Through personalized assistance from our helpful team, we can help you to set up a great loan program for you. Keep in mind that this is just one of many programs that we offer, and we have an excellent range of programs to fit most needs. When you consult with us about your unique situation, we can answer your questions about the options that may be right for you.

To reach us by phone call 800-535-0270

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