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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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Take advantage of the benefits of a reverse mortgage

MortgageDepot has come up with a solution for homeowners of the baby-boomer generation to access the equity in a home without taking on the burden of a monthly mortgage payment. We work with members of the baby-boomer generation to take advantage of the many benefits offered by reverse mortgages. Our loan officers have all of the information a senior homeowner needs, but here is a brief introduction to our reverse mortgage program.

Borrowing without incurring a monthly mortgage payment

A reverse mortgage allows borrowers receive tax-free payments each month from a lender based upon the equity in a home. The lenders we work with at MortgageDepot determine the equity available in a home and calculate how much of it can be made available to the homeowner through one of the following methods:

A tenure option offers equal monthly payments for life as long as the borrower continues to occupy the home as a primary residence.
Borrowers may elect to receive a monthly income for a fixed term instead of for life.
A line of credit option is available for borrowers who prefer having the ability to access the available equity in the home only when they need it.
Borrowers may elect to take the available equity in the form of lump-sum payment.

Borrowers working with our loan officers can combine the available payment options to develop one that meets a specific need.

Eligibility and repayment guidelines

All borrowers must be at least 62 years of age to qualify for a MortgageDepot reverse mortgage. Unlike other types of mortgages, reverse mortgages do not have income or credit requirements for eligibility. The primary criteria for eligibility are the age of the borrower and the amount of equity in the home. Borrowers can elect to pay title insurance, credit reports, appraisal fee and other costs related to the loan from the proceeds of the reverse mortgage.

Repayment of a reverse mortgage usually occurs when the borrowers no long occupy the home as a primary residence. The surviving spouse of a deceased borrower does not have to repay the reverse mortgage until the home is no longer occupied as a primary residence.

Benefits of a reverse mortgage

Reverse mortgages offer many benefits for senior homeowners, including:

The ability to remain in the home while receiving supplemental income each month.
No repayment of the loan as long as the home remains occupied as the primary residence of the borrower or a surviving spouse.
The equity in the home becomes available for use by the borrowers for any purpose they choose.
Title to the home remains in the name of the borrowers.

Borrowers receive a tax-free payment while maintaining full control over their home. Any equity in excess of the amount of the reverse mortgage belongs to the borrowers or their heirs upon sale of the property.

Contact MortgageDepot

MortgageDepot is a mortgage broker company, so our loan officers can help borrowers find the best lender for their reverse mortgage needs.

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

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CEMA can save you thousands in closing costs

Each person seeking a mortgage at MortgageDepot presents us with a unique set of financial circumstances. MortgageDepot’s Loan Processor Irina Olivieri recently explained in depth how closing a mortgage refinance in certain instances can become very complicated. In New York state clients can obtain a Consolidation, Extension and Modification Agreement, or what is called a CEMA loan when they are looking to refinance their mortgage loan.

A CEMA loan is attractive because clients only have to pay taxes on the amount of the new loan that is above and beyond their current unpaid principal balance, such as closing costs or cash out. CEMA loans are only available on conventional, jumbo and FHA refinances. VA loans are not available.

The CEMA loan can help to reduce the amount of money a borrower pays in New York state mortgage taxes. CEMA can save you a lot of money on a refinance in New York State. Most clients looking for cost-effective refinancing should find that a CEMA loan makes perfect sense. However, it’s vital to know what to expect in terms of fees and closing times.

One thing to note is that CEMA loans have some additional fees involved that could make it less advantageous to some borrowers. Fees vary for individual loans but can range anywhere from a few hundred dollars to a few thousand dollars. These fees typically cover CEMA assignment fees, closing fees, and processing fees.

Although CEMA can save you money in most cases, it isn’t the quickest process. The state of New York and any previous lender must sign off to get the mortgage and title transfers processed under CEMA regulations, allowing you to pay taxes only on the new money in the transaction rather than the full principal balance. Understand that any CEMA refinance is going to require more patience than your average refinance. It may take anywhere between 60 and 90 days to close your loan. However, they’ll keep you updated throughout the process. If for some reason you need your loan to close quickly, you can take a look at regular refinances. Just be aware that you could pay additional taxes in exchange for that speed.

New York homeowners can get CEMA refinancing now at MortgageDepot.com today! If you’d prefer to get started over the phone, you can talk to one of our Mortgage Loan Officers by calling (718) 268-9000.

To contact us by phone call (718) 268-9000 or email us by clicking here.

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Non warrantable condos

When it comes down to purchasing condos and co-ops, it isn’t just your creditworthiness the lender takes into consideration. Your mortgage lender must also verify the fiscal and physical health of the entire condominium development into which you’re buying.

Fortunately, with the housing market doing well and condo values climbing, mortgage lenders allow looser guidelines — even low-down-payment home loans occasionally.

Common non-warrantable properties include condo-hotels, timeshares, fractional ownership properties, and other projects which require owners to join an organization, such as a golf club.

Manufactured housing such as houseboats and motorhomes and other developments that are not legally considered real estate are also excluded from warrant-ability. When buying a condo, ask your real estate agent or lender about the building’s warrant-ability before you go any further.

In general, a condo or co-op unit is considered non-warrantable if: the project has yet to complete construction. Or its developer has not turned over control of the HOA/Board to the owners. Or that the development allows short-term rentals. Additionally, a condo or co-op is non-warrantable if a single person or entity owns more than 10% of all units or if It’s in a project where the majority of units are rental units occupied by non-owners.

Also, a condo unit in a development project involved in litigation of any kind is usually “non-warrantable.” It doesn’t matter if the development is the plaintiff or the defendant in the suit.

Non-warrantable condo financing is unavailable via Fannie Mae and Freddie Mac, the FHA or the VA. To get a non-warrantable condo mortgage, you’ll need to talk with a specialist mortgage broker such as MortgageDepot. Each mortgage loan provider has different rules and stipulations regarding financing for a condo.

Fannie Mae and Freddie Mac each have a set of requirements that every condo association has to meet – such as the minimum amount of funds the association has in reserves, the number of tenants past due on their homeowner’s association fees, the number of units that are rentals or investment properties, review these variables very carefully.

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

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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

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.

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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.

“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.