• We now offer a 40-year loan with the first 10 years as interest only, enjoy a low monthly mortgage payment!!!
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Reduced Doc for Jumbo Loans

Reduced Doc for Jumbo Loans

We NOW have a REDUCED Doc Jumbo Arm for Self Employed individuals!!!

Some of the requirements that jumped at me –

  • Self Employed Stated Income ONLY – to be validated by documentation in the file to be determined as reasonable – i.e.: average monthly deposits should support income levels or other documentation provided
  • Need 3 months bank statements for both personal and business accounts
  • Self Employed ONLY
  • Minimum of two open and active trade lines with a min 24-month history
  • See the liquidity section – based on loan size
  • Qualify as you would expect at the greater of the note rate or the fully indexed rate **Max 33/43 ratios

Thank you for your business and if you want more information about our reduced documentation program, contact us TODAY.

To contact us by phone call 800-535-0270

No Minimum Borrower Contribution

No Minimum Borrower Contribution

In the past, most banks and lenders would require you to pay a certain percentage of money from a specific source of personal funds on any low down payment mortgage transaction if you used gift funds from a person or entity to help you complete the transaction. Today, the government-backed mortgage agencies Fannie Mae and Freddie Mac are loosening those requirements in an effort to make home ownership easy and affordable for low-income borrowers. Instead of requiring borrowers to pay five percent or more from a source of personal funds as a minimum contribution, the two agencies now do not require a minimum on many mortgage transactions.

Although mortgages through Fannie Mae and Freddie Mac help you achieve the dream of homeownership, you need someone to help you navigate through all the paperwork and the guidelines that come with no minimum borrower contribution requirements. At Mortgage Depot, one of our mortgage experts will help you qualify for a mortgage with generous credit terms and low down payments with no minimum contribution. Here are some benefits and features we can provide you during the mortgage approval process:

  • If the property is in a low-to-moderate income location, then there is no income limit under Freddie Mac’s Home Possible Mortgage Program.
  • Expect down payments as low as three to five percent with a flexible source of funds requirements.
  • We can qualify you for eligible income of up to 100 percent of the area’s median annual income, and the eligible income can increase in high-cost locations.
  • You will receive a free online tutorial from Freddie Mac on the requirements for first-time homebuyers.

Here is what you can expect from the no minimum borrower contribution programs we offer:

Transaction Types

  • Mortgage Depot offers a 95 percent loan-to-value and combined loan-to-value on loans through Freddie Mac’s Home Possible Program. Eligible properties include 1-4 unit properties, planned unit developments, condos and manufactured homes.
  • Mortgage Depot offers a 97 percent loan-to-value and a 105 percent combined loan-to-value on loans for one unit owner-occupied primary residences through Freddie Mac’s Home Possible Advantage Program.

Borrower Eligibility

  • First-time homebuyers, low to very low-income borrowers and move up borrowers qualify for the no minimum borrower contribution programs.
  • Income limits are set based on the property’s location, and borrowers must meet those income requirements.
  • Restrictions apply to borrowers who hold an interest in other residential properties.

Source of Funds

  • The programs do not require minimum contributions from a borrower’s personal funds on one-unit properties.
  • The programs offer no reserve requirements on one-unit primary residences. There is a two-month reserve requirement on 2-4 unit properties.
  • There is no repayment requirement on gift funds.
  • The programs allow rental income as a source of funds on a one-unit primary residence transaction.

Eligible Terms

  • Freddie Mac’s Home Possible: 30-year, 20- year and 15-year fixed rate mortgages
  • Freddie Mac’s Home Possible Advantage: 30-year fixed rate mortgages
  • Enrollment in Homeowner Education Program required

As the housing market in the United States continues to rise, banks and mortgage companies are now creating lending models that offer better concessions to borrowers with less-than-stellar credit. However, many potential borrowers with poor credit or first-time home buyers are unaware of the banks’ loosening of loan approval standards.

At Mortgage Depot, we are well aware of the current housing market and why it is a great time to purchase your first home or refinance an existing mortgage even if you think you cannot qualify. Let us help you take advantage of today’s historically low-interest rates by contacting one of our experts today.

To contact us by phone call 800-535-0270 

Combo Mortgages

Combo Mortgages

If you have started learning more about the different financing options available to you, you may be taking a closer look at high loan-to-value options. There are two main ways to achieve a higher loan-to-value.

These include using a combination mortgage with a first and a second lien in place to provide all of the loan funds needed or using a jumbo or PMI loan to reach the loan amount requested. For many people, the best option is to use combo mortgages, and MortgageDepot can provide you with the financing solutions you need for your upcoming purchase.

At MortgageDepot we are a reputable New York mortgage broker that will work closely with you to set up a financing solution that meets your needs. Initially, we will learn more about your sales price and requested loan amount, and we will review your options closely with you. In most high loan-to-value situations, combo mortgages make sense. With a high loan-to-value on a first lien only situation, you will be required to pay PMI or mortgage insurance. This can add several hundred dollars or more to your mortgage payment, and it can decrease the total loan amount that you may qualify for. The other option may be a jumbo loan. A jumbo loan has a higher loan amount than a traditional loan, and it also has different underwriting guidelines, loan terms, and higher interest rates.

When you compare the options available, you may learn that combo mortgages are more affordable and may be easier to qualify for in some situations. Furthermore, when you apply for a combination loan with a first and a second lien, you may also benefit from some of our attractive terms. These include:

  • Combined loan amounts to $1 million
  • Fixed rate seconds available to combine with first
  • Exceptions to .50 DTI ALSO allowed
  • Avoid PMI (Mortgage Insurance)
  • Avoid Jumbo Higher Interest Rates

Applying for a home mortgage loan can often be stressful, and many of our clients worry about getting the best deal on their loan request as well as getting approved for their loan. When you contact MortgageDepot for assistance, you can easily learn more about the different scenarios available, and our loan consultants may prepare multiple options for you to review. Because we are committed to helping you make a great decision about your financing, we will take the time to answer all of your questions and to facilitate the loan process.

Contact us today at 800-535-0270

Which Renovation Loan works best for your situation?

Which Renovation Loan works best for your situation?

There are a few renovation loans out there, at MortgageDepot we have years of experience with providing renovation loans, whether it’s an FHA 203K loan or a Fannie Mae Homestyle loan. see image below to see which fits you best, and don’t forget to call us for more information.

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

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