• 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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No Income Verification Loans

No Income Verification Loans

Do any of the following scenarios sound like a borrower you may be??

  • Self-employed but doesn’t show enough income to qualify with a traditional bank.
  • Real estate investor who has too many mortgages to qualify with a traditional bank.
  • Credit is just a bit too low to qualify with a traditional bank.
  • Doesn’t want to pay the hard money rates and fees.
  • Wants a quick close as opposed to the long drawn out process that most banks put them through.

If so, MortgageDepot could be the perfect place for YOU!!

Please see our general guidelines below and contact us with any questions or loan scenarios.

NO INCOME VERIFICATION LOANS!

  • Investment SFR’s & Condos. Refi Only
  • Investment and Owner Occ 2-4 Family Properties.  Refi and Purchases OK
  • Multi-Family, Mixed Use, Office, Retail, Warehouse, Self Storage, Auto Service
  • Cash out, purchase, rate/term
  • Up to 75% LTV depending on property type
  • 650 Minimum Credit Score Required
  • W-2 or self-employed
  • Origination + Rebate OK (except for NJ 1-6 unit residential deals)
  • Standard 30 Year Term (3 and 8-year arm options)
  • $75k-$5M (up to $2M on 2-4 unit residential properties)
  • Between traditional banks and hard money with our rates
  • Serving Brokers since 2004

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

How We Schedule Closings

How We Schedule Closings

To All our Valued Customers;

We wanted to make sure you had this information handy for getting your loans cleared and scheduled to close. You do NOT need to wait until your loans are CTC ( clear to close), we can submit a request to schedule a closing once all outstanding conditions have been submitted to the underwriter for final review and in anticipation of your loan going Clear.

We need to know what date you are planning to close your loan!

1.  Submission/Doc Request Form
2.  Credit Invoice and any additional invoices you may have.
3. Updated Mortgage Payoffs good through funding
4. Insurance as applicable (Hazard, Flood, Master, H06)
5. Title Report reflecting correct loan amount and properly certified
6. 2016 Property Tax Cert

Final fees from settlement agent on HUD or CD form.

1.    NOTE:  Be sure we provide fees to the settlement agent

NOTE:  You will be notified when the CD ( closing disclosure) is disclosed the same way you are notified when previous disclosures went out.  We need to be sure the borrower goes through ALL the steps and E-signs the CD for the waiting period to begin.

For Purchase Loans, also provide:
1.   The effective date of the 12-month HOI policy must be in the month of closing.  (Example: Closing 1/15/16 – Policy effective date must be between 1/1/16-1/15/16.)

2.   If your purchase agreement will be dated >60 days at the time of closing OR the loan will not be closed by the “close by date” on the contract, you must provide a Purchase Agreement Addendum extending the closing date.  NOTE:  You can provide the UNSIGNED addendum as it can be signed at closing.

We will also need the exact names and spelling of borrower’s on new deed!
To find out how we can expedite your closing please contact our office for more information.

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

Need A No Income Doc Loan?

Need A No Income Doc Loan?

Need A No Income Doc Loan?

No Problem with MortgageDepot, there are several types of no income doc loans out there and below is are the parameters for one of them.

Eligible Property Types

  • SFR’s, Condo’s, Town Houses Refi’s only are eligible.  Must Be Investment Property
  • 2-4 Family Owner and Non-Owner occupied
  • Mixed Use and Multifamily
  • Office
  • Retail
  • Warehouse
  • Self-Storage
  • Auto Service (No Gas Stations)

Program Highlights

  • No Income Documentation
  • Minimum Fico score 650
  • W-2 and Self Employed Borrowers Eligible
  • LTV’s as high as 75%
  • 30 Year Amortizations
  • Lending National

Call Today to speak to a loan officer about our no doc loans.

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

Home Renovation Financing

Home Renovation Financing

In all of the 203k presentations and education events over the last 20 years, the question always comes up; how long do these take? Then the next few minutes were always about a deal that took forever because of problems with the work or the value didn’t come in…the secret to each time..every time..on time, is to ask the right questions upfront and to try and get as close to the “target” as much as possible.

Target?
There are a number of moving parts to a 203k purchase and you want to limit the “moving parts” as best as possible. In a purchase transaction, you start with the purchase price (with a concession or not) and you need to ask the right questions on the “moving parts”.

FIRST QUESTION: What type of work are they looking to do.. so remember the last K-Tips about “Required/Desired” and addressing the utilities. But now the question is what are the anticipated costs of these work items.

SECOND QUESTION: What is the anticipated “as-repaired” property value going to be? With these key questions; the trick is to get as close as possible to these actual numbers
up-front, and avoid having to go back to the drawing board in the 3rd or 4th week.

In our experience, many people underestimate the cost of the work and over-estimate the property value once it’s completed. These few questions answered as close as possible in the beginning will help you avoid the “moving parts” and help you hit the “target”. What is the “target”?…..the actual costs of repairs and the actual “as-repaired” appraised value.

Ask the questions: What is the purchase price? What type of repairs are you doing? (required/desired/utilities) What is the anticipated cost of repairs? What is the anticipated property value once all the repairs are completed? If you hit these “target” questions…..you’ll close… each time…every time..on time.

At MortageDepot we are experts at home renovation financing, we have the experience to help you with your 203k financing.

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

Non-Conventional Bank Program

Non-Conventional Bank Program

As mortgage brokers, we are always looking for new programs that we can offer our clients. We have access to almost any mortgage program that exists. We are experts at non-conventional or also know as subprime loans or non-agency loans or non-conforming loans. These type of loans are offered only by certain lenders and are almost never offered by the big banks such as Chase, Citi, Bank Of America, TD Bank or any other large commercial bank. We have been in business for decades and we have emerged as the go to mortgage broker when it comes to getting it done.

Below is just a few notable mortgage programs that we offer.

Loan Amounts – $300,000 to $40,000,000
LTV – up to 75% apartments, mixed-use, office, retail plaza, student housing, mobile home parks
Min credit score 620
Terms / Rates start at 4.15%, 3-5-7-10 year terms, 25-year amortization with no balloon payments

  • Down payment gifts from family members acceptable
  • Credit issues
  • Foreign nationals
  • Prior foreclosures, Short Sales, Bankruptcies
  • Low Global Cash Flow ratios
  • Property condition or stabilization issues
  • Bridge Loans for upgrading and re-purposing properties
  • Step down prepay
  • Rate lock at application
  • Primary and secondary markets

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

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