• 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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Is Hard Money Dead?

Is Hard Money Dead?

Gone are the days of waiting for private investors to potentially lend you money. Here are the days of truly institutionalized and easy to use hard money product. We highly encourage all to reach out to one of our friendly mortgage consultants here at MortgageDepot. Let or team of professionals educate you on how we can bring a cheaper long term or short term financing alternatives to you that either can’t qualify or don’t want to wait around to qualify for bank financing for your investment properties. CALL TODAY 800-535-0270. Some bullet points on our new product are below.

  • RATES AS LOW AS 6.75%!!!!
  • All loans are “NIS/NIV” NO INCOME STATED/ NO INCOME VERIFIED!
  • UP TO 80% LTV!!!
  • NOW LENDING IN THE FOLLOWING STATES:  AL, AZ, CA, CO, CT, FL, GA, HI, ID, IL, KS, KY, LA, MA, MD ,ME, MO, MS, MT, NC, NH, NE, NJ, NM, NY, OK, OR, SC, TN, TX, UT, VA, WA, WI, WV, WY
  • Purchase and cash out transactions available.
  • NO SOURCING OR SEASONING OF THE DOWN PAYMENT WHATSO EVER!!
  • FAST CLOSING are an everyday occurrence. Typical closing times less than 2 weeks with ability to close in 4-5 days!
  • SFR, Condos, Townhomes and 2-4 units.
  • 5+units(multifamily), Mixed use, Office and Retail.
  • 3/27, 5/25 and 7/23 long term products available.
  • 6, 12, 24, 36 and 60 month short term bridge products available.
  • Easy to understand and simple underwriting guidelines!

We look forward to speaking with you!

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

*This product is not regulated by the New York State Department of Financial Services

Splitting Escrows

Splitting Escrows

This is really never been heard of before but we now offer borrowers the ability to split paying escrows. Meaning that borrowers have the flexibility to either escrow for taxes or insurance. Before borrowers only had the choice of impounding both taxes and insurance or none at all and now borrowers have the ability to choose one or the other.

For more information contact our office.

Related Information:
  1. 2016 Qualifying Income
  2. Apartment Lending*
  3. Are you tired of non-performing hard money lenders?
  4. Avoiding Unreimbursed Employee Expense
Purchasing a home with a 203(k) loan

Purchasing a home with a 203(k) loan

The challenge for buyers searching for the perfect home is usually the price tag that comes with it. We might have the solution for someone willing to see potential in a home in need of a little love and some rehabilitation. Our FHA 203(k) loans offer the convenience of a loan providing the money a buyer needs to purchase the property and the funds required for the repairs. The entire process from finding a home to completion of its rehabilitation is a simple one.

Find the home and make an offer

FHA 203(k) loans make it easier to find a home because it allows buyers access to homes that might be out of their price range were they not fixer-uppers. Once a home is located, the following steps take place:

  • Buyers make an offer through their real estate broker or agent.
  • Contracts are signed with the seller containing a contingency clause making the purchase subject to the buyers being approved for an FHA 203(k) loan in the amount needed to complete the purchase and any repairs required by the mortgage lender or by the FHA.
  • Buyers meet with a representative from MortgageDepot to complete an application through an FHA 203(k)-approved lender. The application includes a proposal and detailed estimate of the scope and cost of the repairs.
  • The lender arranges for an appraisal to establish the projected value of the property after the repairs.

Our trained loan officers work closely with the lender and the buyers throughout the underwriting process that ends with a loan approval covering the cost of the purchase, the repair work and a contingency reserve to cover additional costs not covered by the original proposal and estimate of costs. For buyers who will not be occupying the home during construction, we can arrange to have up to six mortgage payments included in the cost of repairs.

Closing on the loan and the purchase

The closing is when title passes to the buyers after the seller is paid. The funds remaining from the FHA 203(k) loan are held in escrow to pay for the repairs. Money is released from escrow to a contractor at the completion of predetermined stages of work with 10 percent of each payment held until the lender checks to ensure no liens were filed by contractors or subcontractors.

MortgageDepot has the solution

We  take the challenge out of financing the purchase of a home in need of some work with FHA 203(k) loans.

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

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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*
HOT THIS WEEK

HOT THIS WEEK

Our Exclusive! Appraisal Waivers Now Available

We have partnered with a wholesale lender to give us a big advantage over our competition: appraisal waivers. This means we run the loan through Fannie Mae or Freddie Mac and receive a waiver for the appraisal, which means that no physical appraisal is needed saving borrowers money in appraisal fees.

Fannie Mae Enhancements

Fannie Mae is changing a number of guidelines to make lending easier. Below are the changes for loans submitted to underwriting effective immediately:

  • Student Loans
    • Monthly payments will now be based off of the amount showing on the credit report or 1% of the remaining balance.
    • Student loan debts may be paid off to qualify and classified as a rate/term refinance.
  • Condominium Reviews
    • Fannie to Fannie rate/term refinances up to 80% LTV, will no longer require a condo review.
    • Eligible in all 50 states
  • Debts Paid by Others
    • Non-mortgage debts paid by non-borrowers can now be excluded from the debt ratio calculation with 12-months canceled checks.
  • Properties Listed for Sale in the Previous Six Months
    • Cash-out refinances will no longer be capped at 70% LTV when the subject property has been listed for sale in the previous six months. With this update, properties that were listed for sale must be taken off the market on or before the disbursement date of the new loan.
  • Truncated Asset Account Numbers
    • Truncated or masked account numbers for bank and portfolio or investment accounts where at least the last four digits are displayed are now allowed on asset documentation.

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

We Simplify The Mortgage Process

We Simplify The Mortgage Process

Our team of professionals are accustomed to making sure that the mortgage loan process is as smooth as can be. Take a look at the some of the process that goes into each loan.

Loan Submission Form (this is what holds up most of loan submissions) – we insure it is fully completed and signed and dated, if not it delays things for days.
The better we understand the loan request up front the more streamlined your initial commitment approval will be.

Conditions Cover Sheet – we make sure to use this cover sheet when submitting your conditions so we are aware which conditions you are fulfilling. Once again after approval we must collect conditions that need to be satisfied prior to scheduling a closing, our team makes sure that we have no hick-ups.

We make sure that any documents you are providing in substitution for conditions so that this can be relayed to the underwriter in an explanatory fashion, no guessing.

Closing Loan Document Request – this is a 3 page form. We always make sure the closing agent completes the 2 page, which is always overlooked and also that the Fees associated with the closing is properly prepared and configured. We are always looking out for the borrower and making sure that no duplicate invoices are generated.

That’s a little something about us.

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

Home Possible Advantage Plus

Home Possible Advantage Plus

Brand NEW Program Update

“Home Possible Advantage Plus”

We are pleased to announce the addition of “Home Possible Advantage Plus” to our program offering. This is an extension of the Home Possible Advantage program, offering either a 1% or 2% grant towards the borrower’s overall down payment. We Help our clients by using this program to ease the down payment burden, one of the largest hurdles to home-ownership.Highlights:

Home Possible Advantage Plus (Freddie Mac Program)

o 30 year fixed Home Possible Advantage Plus 1% Grant

o 30 year fixed Home Possible Advantage Plus 2% Grant

  • Flexible source of funds:

o Up to 2% grant can be provided by Lender

o 1% borrower down payment can be a gift

  • 30 year fixed rate only
  • No Reserves Required
  • 1-unit Primary Residence, SFR’s, Condo’s and PUD’s allowed
  • Purchase Transactions Only
  • Minimum credit score of 700
  • All borrowers must occupy the property
  • 100% Medium Income limits apply o Higher AMI limits in High Cost Areas

o Lifted in underserved Areas

  • Reduced Mortgage Insurance
  • Home buyer Education required when 1st time homebuyer.

We are here to help you with many possibilities of Home-ownership.

Please feel free to contact us to discuss any new loan scenarios.

Call us today for a FREE consultation at (800) 535-0270

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New York State Department Of Financial Services
Florida Office Of Financial Regulation.
Website Authorization By The New York State Department Of Financial Services Is Approved.
*Registered Mortgage Broker — New York State Department Of Financial Services – All Mortgage Loans Are Arranged Through Third (3rd) Party Providers’ NMLS # 1133788