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MortgageDepot Helping Borrowers Avoid Consequences Of Tax Lien Gap

MortgageDepot Helping Borrowers Avoid Consequences Of Tax Lien Gap

An agreement by the three major credit reporting agencies about the information included in credit reports could result in an increase in credit scores. At MortgageDepot, we want borrowers to understand how this could affect them.

Removing some judgments and liens

Under an agreement reached with state attorneys throughout the country, the bureaus agreed not to include credit information that could be inaccurate. As a result, some people will see fines for traffic tickets, tax liens and some judgments removed from their credit reports.

Effect of credit bureau action

The immediate effect of removal of tax liens and other credit items from credit reports will be an increase in credit scores. This could make some borrowers eligible for loans they might not have previously been able to obtain, which could lead some lenders to increase the cost of financing to cover the higher risk of default they might face.

How can MortgageDepot help?

We work with many reputable lenders to help our borrowers find a loan with terms that are right for them. MortgageDepot is committed to making certain any gap in tax lien information available to lenders does not adversely affect our borrowers. Find out how we can help you obtain financing for a purchase or for refinancing by call us at (800) 535-0720.

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

Mortgage refinance program using Airbnb income

Mortgage refinance program using Airbnb income

The sources of income available to people has expanded in dramatic fashion over the years. More people are relying on unconventional sources of income as a primary means of support as opposed to drawing a salary or earning an hourly wage. At Mortgage Depot, providing superior service to our borrowers means finding loan programs with underwriting guidelines that accommodate how our borrowers earn a living. An example of this is a Fannie Mae program that is perfect for people earning income from Airbnb rentals.
 

Fannie Mae Airbnb program

 
Airbnb provides homeowners with a website on which they can list their homes for rent to people desiring an alternative to hotels, motels and resorts when vacationing. The entire transaction, from finding a property by looking at photos and descriptions posted by the property owner to paying the rental cost, is handled through the Airbnb website.

Traditionally, homeowners applying for loans to refinance their homes could run into underwriting problems if all or part of the reported income came from Airbnb rentals, but a new loan program has brought a change. A Fannie Mae pilot program now permits homeowners to use the rental income derived from a primary residence listed and rented on Airbnb to supplement a primary source of income when applying to refinance an existing residence.
 

Highlights of the Airbnb income program

 
The eligibility guidelines for the Fannie Mae program are relatively straightforward, including the following:

  • Refinancing a primary residence
  • A rental history with Airbnb of at least 12 months
  • Rental income must be documented by Airbnb

 
Borrowers with at least a 12-month history with Airbnb may use up to 75 percent of the rental income to qualify for financing. If a borrower has a long-term history with Airbnb, lenders will average 24 months of income as reflected on an income statement from Airbnb.

A benefit of the program is borrowers can save money with lower interest rates. Even though a borrower is using rental income to qualify for the loan, the property does not lose its status as a primary residence. The loan-to-value ratios and interest rates for loans to refinance a primary residence are more favorable than on homes classified as investment properties.

Mortgage Depot offers borrowers financing options

Borrowers concerned about qualifying for the Airbnb loan program through Fannie Mae or other types of financing should speak to one of our mortgage consultants at Mortgage Depot. For example, the Fannie Mae program requires documentation to prove a history of hosting on Airbnb. Renting all or part of a home through other methods might not offer the documentation needed to meet underwriting guidelines, but it could make a borrower eligible under other loan programs backed by Fannie Mae.

Contact us today

The mortgage professionals at Mortgage Depot put our experience in the mortgage industry to work finding the right loan program to meet the needs of each borrower. Contact us today at (800) 535-0720 to find out more about our services.

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

How We Do Business

How We Do Business

We have made a huge change in our Conventional Pricing.

We also came out with a new MortgageDepot program MDExpress. This will allow for a better rate enhancement to the price for W2’d Borrower, 1 Family Home. Purchase, Rate & Term Refinance as well as a Refinance Cash Out. We will now allow this for borrowers with multiple homes as well using rental income on schedule E. With this program you will have 24 Hour Approvals if not same day.

Service Levels / Abilities

  • We have minimal overlays on all our programs. We would say 95% if not more we follow the Fannie Mae & Freddie Mac as well as HUD.
  • Ability to speak directly to a processor as well as Team Lead & Office Manager if need be. That goes for Files In Process, Loan Scenario, Etc. I will do a 3-way conference call with any of the above as well as Fannie, Freddie or HUD for any reason we need to speak with them.
  • We have been at 24 Hour Turn for conditions for all files now for over a year and we will keep to this with no exception.
  • Loan Estimate and all disclosures are done by us. We don’t want your disclosures at all. Date on your disclosures does not interfere with us at all since we don’t use them. This speeds the loan set-up process
  • Closing Disclosure Goes Out Early. Once File is Approved, Appraisal Signed Off On and Rate Is Locked Initial CD is sent for E-Sign or Wet Sign.

Our Technology

  • Email Notifications at each touch of the file with notes as well to all involved in the file.
  • Ability to see any document that was uploaded by my inside team.
  • Ability to order Both Verification of Income as well as Verification of Assets (Bank statements), speeds the process.
  • Appraisal as well as 4506 and any other items needed can be ordered in our system.

We look forward to working as a Team with you all. Our Team is here to help you close your loan as easy as possible in this crazy business. We want to Earn Your Business.

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

Fannie vs Freddie Max LTV

Fannie vs Freddie Max LTV

Mortgage Depot has years of experience obtaining mortgage loans for borrowers in need of financing to complete the purchase or refinance of residential and commercial properties throughout the country. We pride ourselves on our commitment of providing our borrowers with knowledgeable and trustworthy advice and guidance, including educating them about the workings of the mortgage industry.

How the mortgage markets work

Gone are the days when lenders kept mortgages for the entire life of the loan with borrowers making their monthly payments to the original lender. Today, mortgage loans are sold by lenders in a secondary market dominated by Fannie Mae and Freddie Mac.

The ability to sell loans in a secondary market and recover the money they lent allows banks and other lenders to make more loans. Fannie Mae and Freddie Mac are government-sponsored enterprises that buy mortgage loans, bundle them, and resell them to investors.

Differences between Fannie Mae and Freddie Mac

Both Fannie Mae and Freddie Mac have guidelines that mortgage lenders must follow to ensure the loan loans they make can be sold. One area in which the two enterprises differ is in the acceptable loan-to-value ratios for the loans being sold in the secondary marketplace.

The LTVs for different properties are as follows:

  • Primary residence: Properties with up to two units can have an LTV up to 85 percent for Fannie Mae and 80 percent for Freddie Mac. Properties with three to four units can have LTVs up to 75 percent for Fannie Mae and up to 80 percent for Freddie Mac.
  • Second homes: Fannie Mae LTVs can be up to 90 percent. Freddie Mac is up to 85 percent.
  • Manufactured homes: Fannie Mae has a maximum LTV of 90 percent while the maximum for Freddie Mac is 85 percent.
  • Investment properties: Only single-unit properties are permitted, and the maximum LTVS are 75 percent for Fannie Mae and 85 percent for Freddie Mac.

Contact Mortgage Depot today

The loan officers at Mortgage Depot have information about all types of financing.

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

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