• 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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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

2016 Qualifying Income

2016 Qualifying Income

Income from 2016 Used to Qualify

1. When 2016 income is being to qualify, and the underwriter is unable to validate the income using transcripts (e.g. recently filed and no transcripts are available), one of the following scenarios must be met:

  • When 1040s show that the borrower is getting a REFUND:
  • Provide copies of the filed 1040s for 2016, and
  • Verify acceptance of filed return with the IRS via the refund verification site: irs.gov/Refunds

○ See Appendix H for guidance on how to use the “Where’s My Refund” site.
○ Enter the borrower’s SSN, filing status, and refund amount from the 1040s
○ If the results are successful, then it is okay to proceed without the 1040 transcripts for 2016.
○ If the results do not show a match, then the 2016 income cannot be used and the borrower must qualify using the 2014 and 2015 income.

2. When the 1040s show that the borrower OWES money:

  • Provide copies of the filed 1040s for 2016, and
  • Cancelled check (or wire, etc.) showing payment to the IRS in the exact amount shown as the liability from the 2016 return.

○ If the borrower does not pay the balance in full and instead enters into a payment plan with the IRS, the following will also be required:

◘ Cancelled check showing the amount that was sent to the IRS
◘ Evidence of an accepted payment plan by the IRS
◘ The Underwriter will need to escalate these to their Sr. Team Lead for review to determine if there is any further action needed (i.e. reserves sufficient to cover the balance owing and/or add the debt as a liability).
◘ If no accepted payment plan can be provided then the 2016 income cannot be used.

NOTE: To use increasing income from 2016, the above steps will need to be taken; however, if the income from the 2016 returns indicate decreasing income, this lower (i.e. more conservative amount from the current year’s tax return) amount should be considered to qualify the borrower, even if transcripts are not available.

Contact us today for more information at (800) 535-0270

What You Need To Know About Reverse Mortgages

What You Need To Know About Reverse Mortgages

A reverse mortgage is an ideal way to make your retirement years financially easier and more enjoyable. Although the term reverse mortgage can be confusing, it can be seen as a homeowner selling part or their entire home over time.

The way it works is quite simple. Once your reverse mortgage is approved, the lender will pay you a certain amount of money each month. This is money you can use for any purpose you like. Your life will become more enjoyable as you will have more income to spend in your retirement years. People all over the country are realizing a better retirement by using the equity in their home as a part of their retirement income.

Although a reverse mortgage may not be ideal for everybody, if you plan on staying in your home for several years and would like some extra money every month, this may be perfect for your personal finances in retirement. Without a reverse mortgage, you will need to sell your home to tap into the equity. However, living in the comfort of your own home is an important part of retirement. We can help you get a reverse mortgage to make this possible.

There are certain basic qualifications you must have in order to get a reverse mortgage. You must be 62 years of age or older, you must be living in the house and have the house paid for or a substantial amount of equity built up in your house. With these three criteria met, we can help you get a reverse mortgage.

You can contact us today, and let us know your particular situation. How much we can provide to you with a reverse mortgage will depend upon the equity in your home and any balance you may have on an existing mortgage.

To find out more about Reverse Mortgage please call us at (800)535-0270.

Coop Purchase Loans in New York

Coop Purchase Loans in New York

How Co-op Purchase Loans and Mortgage Loans Differ

In the New York City metropolitan area, certain multi-unit residential properties are owned by housing cooperatives (co-ops) rather than by real estate investors. A co-op is a corporation formed and shared by a building’s resident owners.

The corporation serves the purposes of legally and neatly dividing up the ownership interest of all the individual apartments. When you buy a co-op apartment, you are really buying shares in a corporation that owns, controls and manages the entire building you live in. Single-family home buyers commonly rely upon mortgage loan products to finance the purchase of their new homes. When they close, the property itself acts as collateral guaranteeing repayment of these mortgages.

Co-op loans work a bit differently. When you buy a co-op, you don’t get a deed to a house. Instead, you receive shares in a corporation and proprietary rights (a license) to occupy a given co-op unit. It is these shares and the rights conveyed to you that serve as collateral for purchase-money financing (share loans) used to close on a cooperative apartment unit.

The differences between how mortgage loans work and how co-op loans work helps explain the differences between the market interest rates and availability of mortgage money and co-op loan money.If you’re a prospective first-time home buyer, you are presently weighing the merits of the single most important financial undertaking of your life. One of the advantages of living in the greater New York metropolitan area is the availability of co-op apartments as an option when seeking housing.

Indeed, co-ops represent great value and are a viable route for certain people looking to build home equity. Before you decide to buy, you should invest the time to get to know the co-op due-diligence process and what a well-managed and financially healthy cooperative looks like.

Click here for our Approved Coop Buildings list.

Contact us to see if you qualify at (800) 535-0270 or email us here.

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