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About the FHA Loan

About the FHA Loan

For those who are looking to purchase a home, an FHA loan in New York may be the answer to your problems. At MortgageDepot, we have been able to help countless people just like you secure the financing they need to get on the path to home ownership in no time. When it comes to an FHA loan in New York, their mission is to help those who are in need get the money they need to qualify for a loan. They also help to assist lenders my minimizing the amount of risk involved with the loan.

If you have struggled from credit problems in the past, the FHA advises borrowers to go through a credit counseling program to prevent being denied your request for an FHA loan. When the paperwork is electronically submitted to the lender, they will go through and evaluate your credit risk to determine what options are available to you. Be prepared to fill out a lot of paperwork to get the loan approved, but it is well worth it in the end to own your own home. Since there are a number of different types of loans from the FHA, we will work to help you determine which one you are going to get approved for.

Purchasing a home can be both an exciting time and a troublesome time as well. Trying to learn all of the ins and outs associated with buying a home can be overwhelming, but we are here to help in any way we can. We want to help simplify the process for you and make sure you understand everything that buying a home can mean for you. Once you have the chance to speak to one of our professionals, you will gain an understanding of what the market holds in store for you.

Contact us today at 800-535-0270 for more information or email us here.

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Popular FHA Loans in New York

Popular FHA Loans in New York

When it comes to getting the home of your dreams, you want to make sure you are getting the absolute best mortgage in the industry. Purchasing a home can be an overwhelming experience with all of the different mortgages in the industry. For those looking for an FHA loan in New York, one of the most popular options is that of the 203b FHA loan. This fixed-rate mortgage is one of the most widely used by the FHA for those who are buying their first home. When getting this type of loan, you will not have to worry about an extensive down payment.

Closing costs for the FHA mortgage in New York are reduced. Using this type of loan, the lender will finance up to 97 percent of your loan. You will need to qualify based on a debt-to-income ratio, but there are no minimum requirements for income. If you are not sure what your debt-to-income ratio is, one of our specialists at MortgageDepot can help go over everything with you. Our goal is to make sure you have a thorough understanding of the mortgage industry and make sure you know what you are getting yourself into.

Maximizing your credit ratio before applying for the FHA loan will help make sure you get the absolute best rates in the industry. Just because there are a number of other loan options in the industry, that doesn’t mean it has to be as difficult as you might think. Our team of professionals understands the importance of getting the mortgage you desire in the shortest amount of time possible. Regardless of whether you are looking for a 203b, ARM, fixed-rate or other type of loan, you can rest assured that we have someone available to help you get what you need.

Contact us today at 800-535-0270 for more information or email us here.

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FHA Mortgage Insurance

FHA Mortgage Insurance

When it comes to FHA mortgage insurance, it is an insurance placed on your FHA loan in the event you were to default on the loan. Lenders are able to make a claim against the insurance. Any losses that are incurred from your defaulting on the loan are repaid to the lender. This particular type of insurance helps minimize the risk associated with lenders providing a loan to those who only have a small down payment.

At MortgageDepot, we work hard to make sure you understand what FHA mortgage insurance means for you. It is important that you know what you are doing when it comes to getting a mortgage, so we work hard to explain all of the ins and outs of the process to you. Our goal is to make sure you understand what is expected of you as the buyer. When you get an FHA loan, the mortgage insurance lets you place a minimal amount of money down on the purchase of the home. In return, you will be able to finance the mortgage insurance to help insure the loan.

Banks and other institutions can lend money to anyone who qualifies for the FHA loan knowing that if the loan defaults the loss will still be repaid. When you have mortgage insurance in place, it makes the loan appear more attractive to potential lenders. The loan can easily be sold to an investor, which will free up capital to the lender and make more loans available to those in need. Understanding the complexities of mortgages is difficult enough, but it doesn’t have to be that way with the help of our professionals at MortgageDepot. We will take the time to listen to what you have to say and explain the loan to you in detail.

Contact us today at 800-535-0270 for more information or email us here.

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FHA Loan Limits in New York

FHA Loan Limits in New York

The FHA will back any mortgage loan known as the FHA loans. These loans are characterized by a small down payment and minimal credit requirements when compared to traditional mortgages. An FHA mortgage has an upper limit for the mortgage, which is specific to where the property is located in New York. Due to the extensive cost of living in New York, as well as a higher cost of living, FHA loan limits are more here than the majority of the country.

An FHA loan has a 30-year term with a fixed rate similar to a traditional mortgage. Three components make up the FHA mortgages: a low requirement for credit scores, only 3.5 percent for the down payment and mortgage and upfront insurance for the loan of more than 78 percent. Monthly mortgage payments are assessed until such time as the loan equals 78 percent of the value of the home. A borrower can qualify for these mortgages when they are only two years out of a Chapter 7 bankruptcy or one year out of a foreclosure, as long as the remainder of the credit file is positive.

If you are looking to get one of these loans, you need to have two credit lines open minimum. For those who don’t have any credit file, utility bills or rental payments can also be used. Prospective mortgage payments and current debt must equal a ratio of less than 31 percent for mortgage payments when compared to income. Based on a case-by-case basis, there are exceptions to this rule. To help you understand all of the ins and outs of this loan, our team of professionals at MortgageDepot will go over everything with you to make sure you understand the FHA loan limits. Our goal is to get you into a mortgage that is going to work the best for your specific wants and needs.

Contact us today at 800-535-0270 for more information or email us here.

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Non-QM Mortgage Closing with Yury

Non-QM Mortgage Closing with Yury

Every client that seeks the services of MortgageDepot presents us with a unique set of circumstances when applying for a home loan. This scenario was precisely the case for two separate clients that recently closed home mortgages with mortgage loan officer Yury Gokhberg. Each of these families was seeking what is formally known as a Non-QM (Qualifying Mortgage) loan for a single family home and a two-family residence as investment properties.

Finding and matching the right bank for these Non-QM loans for these clients was critical. In spite of having been denied by three previous banks, and being offered a much higher rate from one that was declined by the client, we were able to match the best offer for our client’s needs. One proposal was seeking at least 70 percent financing with an interest of 5 percent. This offer was far from favorable terms for our client, and that offer was declined on their behalf.

Although each of these clients was seeking mortgage loans, their circumstances differed in that one secured a personal mortgage, the other obtained their mortgage under a corporate name. Typically, Non-QM loans require numerous requests for paperwork despite not always resulting in receiving a loan. Our goal here at MortgageDepot is to match the appropriate loan product based on each client’s financial needs. In this case, bank statements were used to resolve this issue. When you’re looking for finance a new, existing or investment home, contact us here at MortgageDepot we’ll help you secure the best loan for the home of your dream and your family’s needs.

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

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