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Two-month bank statement program

Two-month bank statement program

As a mortgage broker, MortgageDepot.com has developed a knack for finding solutions to the challenges borrowers face when in need of mortgage financing. We offer our borrowers an assortment of loan programs because we work with many lenders rather than only one or two. For example, our two-month bank statement program is ideal for borrowers with inconsistent incomes or without the income documentation required to satisfy the lender underwriting conditions of most lenders.

Borrowers benefitting from our two-month bank statement loans

Coming up with the documentation to prove a borrower’s income and its source is not a problem for someone who receives a W-2 at the end of the year from an employer. Unfortunately, some occupations do not offer a consistent source of income documented by a W-2, including the following:

  • Self-employed individuals
  • Freelancers
  • Individuals working in seasonal jobs
  • Investors and others with inconsistent income streams
  • Business owners not receiving a regular paycheck

no income verification

Borrowers in any of these categories usually do not have W-2s, paystubs and tax returns to document the amount or source of their income. A MortgageDepot.com two-month bank statement mortgage offers these and other borrowers a solution to the challenge of obtaining the financing they need to complete the purchase of a home.

Two-month bank statement program guidelines

Individuals with two months of bank statements for their businesses are eligible to apply for our two-month bank statement loan. The following are some of the highlights of the program:

  • 90% maximum loan-to-value ratio
  • Credit score of at least 680
  • Loan amounts up to $5 million
  • Interest rates as low as 5.15% on a 5/1 adjustable mortgage
  • Cash-out options up to 85%
  • Up to 85% financing on second homes
  • 50% maximum debt-to-income ratio
  • 5/1 ARM and 30-year fixed mortgages available
  • Interest-only options available with a 40-year amortization
  • Six-months reserves up to $2 million

Depending upon the underwriting requirements, borrowers in our two-month bank statement program might be asked to produce a profit-and-loss statement from a certified public accountant or licensed tax preparer. Borrowers in need of an exception to any of the terms or conditions of our bank-statement program will find our loan officers responsive to their needs and ready to work with them and our lenders to find a solution.

Learn more about two-month bank statement loans

Our loan officers have the experience and expertise to find a mortgage program to suit the needs and challenges of any borrower. Contact us at our website at MortgageDepot.com or by calling us at (800) 535-0720 to learn more about our two-month bank statement program.

To contact us by phone call 800-535-0270 or email us by clicking here.

no income verification

 

Meet Phoebe Bartholomew

Meet Phoebe Bartholomew

I’d describe my role as a loan processor at the company as someone that submits loan applications and some structuring of loans occasionally. Before joining MortgageDepot, I was a loan processor at Concept 2K Mortgages, Inc. I’ve been with the firm for three years now. To me, every day is unique. No matter what I plan for the day, the plans go out the window! But that is the beauty of what I do. What interests me most about this industry from a broker’s perspective is the ability to be creative while meeting clients needs regardless of their circumstances.

For me, excellent client service comes from transparency from the beginning while keeping them apprised during the process to the end, without surprises. And of course when clients are happy and express their gratitude for the role that I’ve played in the process of securing them a home loan. The change I’ve noticed in my industry is that loan officers must be very knowledgeable because today’s customer is savvier than ever. If I could see one change in the mortgage industry, I’d like to see the abolishment of Appraisal Management Companies (AMC)! I can dream, but that’s highly unlikely.

A self-employed dentist finally gets financing after trying 4 times

A self-employed dentist finally gets financing after trying 4 times

Mortgage Depot devotes specialized care and attention to each of our clients seeking a mortgage. Recently, Mortgage Loan officer Roman Kaziev worked diligently to secure a mortgage for the following client facing specific challenges when applying for a mortgage. The borrower is self-employed obtained a No Income Check loan after being declined by four other banks. The process went very smoothly, and they can now save $900/Month on their mortgage.

purchase

Roman Kaziev went above and beyond to make sure my mortgage goes through. His entire team worked for months to ensure that the banks and attorneys complete all the paperwork expeditiously and thoroughly. I was always kept informed of every step of the process. I highly recommend Mortgage Depot for all your mortgage and refinance needs.”

Securing the right mortgage for each of our clients is our ultimate goal. No two people will have the same financial aspirations or needs, and we are focused on providing them with the very best options when seeking a mortgage. If you want to be a homeowner, let us assist you in making those dreams a reality. Contact Roman for any or all of your mortgage needs.

Mortgage Depot Partner Ryan Walsh

Mortgage Depot Partner Ryan Walsh

Ryan J. Walsh Esq. of the law firm Ryan J. Walsh & Associates PPLC is a valued partner of MortgageDepot. His practice specializes in serving first time home buyers, real estate owners, lenders and nonprofit organizations in residential and commercial real estate transactions throughout New York State. As a banking attorney, periodically his firm caters a casual lunch for the staff at MortgageDepot to further deepen our understanding of his role with regards to our clients and the real estate banking industry.

Mr. Walsh’s practice focuses on representing lenders and individuals in the purchase and sale of residential and commercial real estate at closing. His firm represents clients in residential and commercial mortgage transactions, sales, purchases, refinances, leasing of commercial and residential real estate properties. The firm also provides counseling for individuals in the preparation of wills, estates and the sale and purchase of business interests.

Additionally, Ryan is also a dynamic, engaged member of his community at large. He is an active board member of Neighborhood Housing Services of Northern Queens, a Statewide Board member of Best Buddies, a board member of the Central Queens Y. Ryan was also formerly a board member of Community Board 11 and the YMCA 189 Beacon Program.

Mortgage Insurance

Mortgage Insurance

At Mortgage Depot, we understand that some buyers struggle to come up with the money for a down payment, so we work with lenders offering reduced down payment requirements for loans with private mortgage insurance. PMI allows buyers to qualify for a mortgage with a lower down payment, but no one wants to pay a monthly fee for PMI if it can be avoided. Mortgage Depot is a mortgage broker, so we work with different lenders offering alternatives to PMI.

What is mortgage insurance?

Most lenders require borrowers to put down at least 20% of the purchase price of a home. Mortgage insurance was developed to give borrowers who could not save enough money for a 20% down payment the chance to purchase a home.

PMI is a policy of insurance that pays a lender in the event a borrower defaults in making payments on the mortgage. The monthly cost of PMI depends upon the following factors:

  • Amount of the down payment
  • Borrower’s credit score
  • Loan-to-value ratio

How long it will take a borrower to payback a loan is also a factor in determining the cost of PMI. The PMI for a 15-year mortgage will be less than a mortgage that will take 30 years to payback.

Avoiding PMI

The easiest way for a borrower to avoid the cost of mortgage insurance is by putting down at least 20%, but we know that is not an option for many people. Mortgage Depot has lenders offering an alternative to PMI through a piggyback mortgage.

Piggyback financing involves a first mortgage for 80% of the purchase price and a second mortgage equivalent to 10% of the price of the home. The buyer’s down payment using this method of financing is reduced to 10% of the purchase price, and both loans close at the same time to complete the transaction.

Contact Mortgage Depot

Speak to one of our loan officers about alternatives to mortgage insurance.

To contact us by phone call 800-535-0270 or email us by clicking here.

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