• 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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Standard and Limited 203(k) Loans

Standard and Limited 203(k) Loans

Max Financing Down to 620 for both Purchase and Refinance

Let MortgageDepot show you the fast and efficient way to manage 203k loans — We are the 203k professionals with over 25 years experience. We make the process simple for you–Let us show you how.
Give your mortgage search process the edge it needs by putting the power of MortgageDepot to work for you!

The Limited (k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required. The Limited (k) program includes the improvements and/or repairs shown below:

  • Repair/Replacement of roofs, gutters, and downspouts
  • Repair/Replacement/upgrade of existing HVAC systems
  • Repair/Replacement/upgrade of plumbing and electrical systems
  • Repair/Replacement of flooring
  • Minor remodeling, such as kitchens, which does not involve structural repairs
  • Painting, both exterior and interior
  • Weatherization, including storm windows and doors, insulation, weather stripping, etc.
  • Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
  • Accessibility improvements  for persons with disabilities
  • Lead-based paint stabilization or abatement of lead-based paint hazards
  • Repair/replace/add exterior  decks, patios, porches
  • Basement finishing and remodeling, which does not involve structural repairs
  • Basement waterproofing
  • Window and door replacements and exterior wall re-siding
  • Septic system and/or well repair or replacement

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

MortgageDepot is Hiring PROCESSORS NOW!

MortgageDepot is Hiring PROCESSORS NOW!

Join Us
We’re just like you. We’re a team of mortgage professionals who want to make a difference every day. That’s what we do and what we do well. We want your expertise on our team. You will be rewarded and recognized because we value our people and their efforts. It will be 2019 before you know it. Find out how you can become part of a company that makes a difference. Join a solid, established retail and wholesale mortgage broker who has been originating loans since 1993 and continues to grow and thrive today.

What You Need for this Position
*** REQUIRED SKILLS ***

  • Minimum 3 years mortgage processing experience in a retail environment
  • FNMA/FHLMC and FHA/VA programs required
  • Sound judgment skills
  • Detail oriented and well organized
  • Ability to handle multiple priorities and produce results
  • Ability to work independently as well as part of a team
  • Ability to handle frequent changes
  • Ability to maintain confidentiality and adhere to company privacy policies
  • Creative/innovative problem solver
  • High level of integrity /strong work ethic
  • Self-motivated/takes initiative
  • Great communication skills both verbal and written

What’s In It for You

For your hard work and experience, you will be rewarded with an offer that will include a strong base salary, lots of growth, and a great working environment!

Work in our beautiful Queens, NY corporate office location has a cafe and plenty of parking. Team perks and more!

Interviews are occurring NOW, so apply now if you are interested! These spots will not last long! So, if you are an experienced Mortgage Processor with a minimum of 3 years of strong mortgage processing knowledge & experience in the retail industry, please apply today!

Didn’t get a chance to update your resume? No problem. Give us a call. 718-268-9000.

Related Information:
  1. Avoiding Unreimbursed Employee Expense
  2. Closing Cost Aid To First-Time Buyers
  3. Exciting Program Updates!
  4. For our Table Funding Clients – TRID Tip
Stated Income Loans to 620 score

Stated Income Loans to 620 score

We now offer a solution for your borrowers with less than perfect credit on multifamily, mixed-use, warehouse, office, retail and automotive properties.

We will go down to a 620 credit score and a maximum LTV of 50%.

  1. Bk discharge 1 day – OK
  2. No active FC or NOD on subject property
  3. Derogatory mortgage history reported on credit – OK
  4. Source of funds to close required but not seasoning
  5. Other people on title in the past 6 months do we need their credit, No
  6. DCR requirement when loan amount > 500k – Yes
  7. Federal tax liens on credit report must be paid unless confirmed payment plan
  8. Vacant refinance not eligible
  9. 80% CLTV max

We offer a quick closing with limited documentation.

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

For our Table Funding Clients – TRID Tip

For our Table Funding Clients – TRID Tip

Intent To Proceed Documentation Required for Pre-Closing Review

Intent To Proceed documentation is required as part of the Pre-Closing Review. The documentation must be written and can take the form of an e-mail or letter from the Borrower(s), Loan Officer, or Staff notes regarding a conversation with the Borrower(s) that instructed the Loan Originator to proceed with the loan.

What is the Pre-Closing Review?

  • A loan must pass the Pre-Closing Review in order to close and fund.
  • Once a loan has reached an Underwriting Approved status, the Closing Disclosure (CD) can be generated.
  • Once the CD has been created and sent to the consumer, documents must be uploaded to initiate the Pre-Closing Review.

TIMING CONSIDERATION: It is recommended that the Pre-Closing Review is initiated soon after generation of the CD. Once the consumer has received the CD, there is a 3 business day waiting period, during which time the Pre-Closing Review can be completed.

What must information be uploaded for the Pre-Closing Review?

  • Intent to Proceed Documentation
  • MLO Compensation Election Form
  • Hazard Insurance (if not already submitted as part of the underwriting review)
  • Flood Insurance (if applicable)
  • Signed Ohio Notice of Change in Mortgage Terms (if applicable)
  • Proof of current tax payment (if not already submitted as part of the underwriting review)

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

Flexible No Doc Guidelines

Flexible No Doc Guidelines

We at MortgageDepot are always adding new programs and updating old ones so our borrowers have a program for any situation.

Commercial & Residential Properties,  Investment Properties, Non-conforming Borrowers, Real Estate Investments, Realtors, SFR ReFinancing, Stated Income, Stated Mortgage Loans.

We are a Stated Income Financing Broker that has been servicing the mortgage industry for decades. We offer stated income program for 1-4 Unit Investment  Properties, 5+ UNIT Multifamily and Mixed Use Properties and Commercial Properties.

With just a minimum 620-score, we can provide up to 75% LTV max with absolutely no personal income verified.

We provide a more cost effective financing solution versus traditional hard money.

  • Investor SFRs, Condo & 2-4 Units
  • Multi-Family, Mixed Use, Office, Retail
  • Warehouse, Self Storage, Auto Service
  • Flexible Guidelines
  • Up to 75% LTV
  • Quick Closings
  • Simple Doc
  • Standard 30 Year Term
  • Loan Amounts from $75k to $5M

Please contact us with any questions or possible deal scenarios.

We look forward to speaking with you and financing your deals.

To contact us by phone call 800-535-0270 

Reduced Doc for Jumbo Loans

Reduced Doc for Jumbo Loans

We NOW have a REDUCED Doc Jumbo Arm for Self Employed individuals!!!

Some of the requirements that jumped at me –

  • Self Employed Stated Income ONLY – to be validated by documentation in the file to be determined as reasonable – i.e.: average monthly deposits should support income levels or other documentation provided
  • Need 3 months bank statements for both personal and business accounts
  • Self Employed ONLY
  • Minimum of two open and active trade lines with a min 24-month history
  • See the liquidity section – based on loan size
  • Qualify as you would expect at the greater of the note rate or the fully indexed rate **Max 33/43 ratios

Thank you for your business and if you want more information about our reduced documentation program, contact us TODAY.

To contact us by phone call 800-535-0270

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