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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 Centex Capital 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. 

Mortgage Depot Bronze Sponsor

Mortgage Depot Bronze Sponsor

MortgageDepot is proud to have been a Bronze sponsor for the Fall 2018 Real Estate Summit recently held at the Westin Hotel Times Square in the heart of New York City. We are committed to the professional growth of real estate professionals everywhere and it is our goal to support opportunities for them to expand their knowledge, grow their networks and learn from leading experts in their industry.

As a leader in home financing, Mortgage Depot offers a number of popular loan products for residential and commercial real estate transactions. By keeping abreast with the demands of the rapidly changing real estate sector, Mortgage Depot’s Bronze sponsorship of Real Estate Summit is a reflection of our support of the real estate community at large. When we support our colleagues via sponsorships; that support is returned not only to businesses, but also to families and communities. Our mission is to make ownership possible for everyone whether it’s a business, an investment or a personal home.

We sincerely hope that if you attended Real Estate Summit Fall 2018, you had a great experience while networking, hearing great speakers and came away inspired to build your brand and to grow your business as a real estate professional. It was our honor to sponsor this invaluable event and we hope to see you again in 2019.

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

MortgageDepot has the solution for borrowers with a short sale history

MortgageDepot has the solution for borrowers with a short sale history

MortageDepot wants real estate professionals to know that home buyers with a short sale on their credit reports can qualify for financing to purchase a home. MortgageDepot is a mortgage broker with loan officers specializing in working with all borrowers, including those with challenges.

Freddie Mac loans are available to borrowers with a short-sale history. Criteria for qualifying for a loan include the following:

  • The financing must be for the purchase of a primary residence;
  • Maximum loan-to-value ratio cannot exceed 90 percent; and
  • At least four years must have elapsed since the completion of the short sale.

Borrowers seeking a loan to refinance an existing mortgage must be at least four years out from their short sale. Freddie Mac underwriting guidelines do not permit borrowers to receive cash back in a refinance.

At MortgageDepot, we use the Freddie Mac Loan Product Advisor to evaluate the credit of a borrower with a history of a short sale. If the Loan Product Advisor returns with an acceptance, the loan can proceed without additional documentation no matter when the short sale took place. This is only one example of how underwriting to the guidelines allows MortgageDepot to help our customers obtain financing.

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

Introducing 100% Financing – Cross-Collateral Program

Introducing 100% Financing – Cross-Collateral Program

MortgageDepot recognizes that financing the purchase of a property based on the sale of another can be a challenge in this competitive sellers’ market. We offer a cross-collateralization financing option to achieve higher LTVs. It allows borrowers to leverage their equity in departing residences, investment properties or second homes as down payment.

PROGRAM HIGHLIGHTS

Lending Details
  • Primary residences, second homes, investment property types
  • Purchase and Refinance transactions
  • Available only for Wholesale Portfolio Products

100% Financing when the following conditions are met:

  • Purchase transactions
  • Combined LTV is at least 5% below the published guidelines
  • 12 months reserves

MORTGAGEDEPOT BENEFITS

The MortgageDepot Difference
  • Common sense UW approach
  • True Non-QM portfolio products
  • Wholesale and Correspondent delivery
  • Commercial and Income Property Lending
  • Loan amounts to $25M
  • High DTI ratios considered
  • Interest-only options
  • Privacy Mortgages
  • Vesting in trust, sub S corporation, LLC and partnerships

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

Jumbo Financing for Non-Warrantable Condos

Jumbo Financing for Non-Warrantable Condos

We are pleased to announce that we now offer financing for non-warrantable condos on jumbo loans. So, if you are in the market to purchase a condo or refinance an existing condo unit that does not meet Fannie Mae or Freddie Mac guidelines than you’ve come to the right place.

Simple qualifications

  • 680 minimum credit score
  • 4-months reserves required
  • No one entity can own more than 15% of the total units
  • 50% owner-occupied

Give us a call we are here to help.

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

Home Equity Refinance

Home Equity Refinance

The mortgage professionals at MortgageDepot don’t want homeowners to be shocked when the time comes to file 2018 federal income tax returns. The interest deduction people routinely take each year could be a thing of the past. The new tax law could end up hurting homeowners who don’t prepare now by refinancing existing home equity loans into existing first mortgages. As the premier mortgage brokers, we can help homeowners preserve the interest deduction, but homeowners need to act quickly.

How does the tax law affect the mortgage interest deduction?

The new tax law made two changes affecting the ability of a homeowner to deduct mortgage interest. The first is a $750,000 limitation on how much mortgage debt is eligible for the interest deduction. The second change is limiting interest deductions to mortgage loans where the money borrowed is used to purchase or improve the home.

Using home equity loans to pay credit card debt, buy a new car or finance a child’s college tuition continues to be possible, but the tax law now prevents a borrower from claiming a tax write off for the interest paid on the loan. The deduction is preserved for money borrowed and used to improve the home or to purchase the home on which the equity loan is a lien.

MortgageDepot offers a solution for people with home equity loans

A possible solution to the loss of the home equity interest deduction is to refinance an existing first mortgage loan in an amount sufficient to incorporate the satisfaction of the home equity loan. We work with lenders throughout the country, so finding the right refinancing terms for a borrower is not a problem.

Contact us today

We help borrowers find solutions to their mortgage financing challenges. Call us today to learn more about how a mortgage broker from MortgageDepot can help.

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