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Non-Owner Occupied Renovation Loans in New York

Non-Owner Occupied Renovation Loans in New York

What to know about non-owner occupied renovation loans
Non-owner occupied loans are used to renovate income properties. They are designed for people that own multiple properties. The process for obtaining these loans is similar to that for obtaining traditional mortgages. You do not have to be a landlord to obtain one. If you apply for a non-owner occupied loan, you will find that they are nearly difficult to obtain. We at MortgageDepot specialize in non-owner occupied renovation loans.

Requirements
The criteria for obtaining non-owner occupied renovation loans are stricter than that for traditional mortgages. The reason is that income property come with risks: renters, lots of repairs, and the loss of rental income. Non-owner occupied loans require down payments of at least 20%. They also require you to have a credit score of at least 720. Your loan to value ratio must not exceed 80%. The money you borrow must be used to renovate one unit at a time. Improvements must be permanently affixed and add value to the property. If you are new to being a landlord, then your primary and potential rental income will be taken into consideration. There are benefits to using these loans.

Benefits
The biggest benefit to using non-owner occupied renovation loans is that you receive credits that are up to 75% of your rental income. Another benefit to using these loans is that you pay lower interest rates than if you refinance with traditional mortgages. The third benefit is that there is no minimum amount of money you can borrow for repairs. And, you are allowed to own up to four properties. When you are ready to apply for a loan, we at MortgageDepot will make the application process as simple as possible so you will have the right loan for your renovation needs.

Contact us for a FREE consultation at 800-535-0270

Getting Pre-approved for a coop mortgage

Finding the perfect place to call home can be difficult, but it can often be even more challenging to find financing to purchase the property once you have found it. If you have decided to purchase a coop property, you may struggle to find a lender that will provide you with a mortgage loan.

The good news is that we offer competitive rates for coop mortgages, and you can easily work with us to get pre-approved for your coop mortgage. We understand the challenges you face with finding competitive terms on your coop mortgage, and we also know that you need to get coop board approval.

Our team has considerable experience with financing coops, and we will actively work with you to help you get board approval during the mortgage process. We want to help you make your purchase streamlined and successful, and you can count on us to be by your side throughout all stages of the process.

While our team specializes in assisting buyers with coop mortgages, we also can help homeowners to refinance their existing mortgage. During the refinance process, we can work with you to facilitate coop board approval so that the rest of the process is a breeze.

For our co-op mortgages as well as all of our other mortgage programs, we strive to provide clients with competitive rates and terms. More than that, we will work with you to set up loan terms that are affordable for your budget and that meet your needs.

We understand that each of our clients has unique goals and a unique financial situation, and we take time to learn about these factors up-front during the pre-qualification stage.

If you are shopping around for a coop mortgage for a purchase or a refinance, reach out to our team at MortgageDepot for assistance.

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

Construction Loan Parameters

Construction Loan Parameters

We are experts in construction loans, we know what needs to be done and how to do it when it comes to financing properties that need construction money. Feel free to contact us for a free consultation and see if we can help you obtain construction financing on your next project.

QUICK REFERENCE GUIDE

Loan Amounts:         $100,000 to $2,500,000

Property Types:        Residential & Commercial (Owner and Non-Owner-Occupied)

Loan Programs:        Self Build, Custom Build, Builder Spec, Builder Sold, Renovation, Construction Completion, Multi-Family, Commercial Construction

Lien Position:             1st Lien

Rate Floors:               6.95% to 7.95%+ for owner-occupied construction loans

8.45% to 10.95%+ for non-owner-occupied construction loans (Final terms vary depending on the specific Loan Program and Borrowers’ overall qualifications)

Application Fees:      $295 application fee on single family owner-occupied construction

$450 application fee on commercial construction/spec or non-owner-occupied properties

Underwriting Fees:   $425 on owner-occupied single family properties

$450 on non-owner-occupied and multi-family properties

Origination Fees:       2.25% to 3.00%+ for construction only loans (Amount varies based on program, loan type & Borrowers’ overall qualifications)

Term:                         1 Year (longer terms on an exception basis for larger non-owner-occupied projects)

Income:                      Typically full doc for owner-occupied properties & limited doc available for

                                    non-owner-occupied business or commercial loans (All files require two (2) years tax returns & asset verification)

Assets:                        Minimum investment of 25% down/equity on the land purchase price plus closing costs to qualify (larger initial investments may be required on larger lot sizes, limited income, non-owner-occupied properties, speculative properties or marginal credit Borrowers)

                                    Additional reserves* equal to 10% to 15% of the hard cost to build are required on Self Build/Builder Spec/Builder Sold/Commercial loans.

*These reserves are for potential cost overruns and carrying costs (Reserves could be cash, additional collateral, or lines of credit)

Credit:                        Not only FICO driven, however for best pricing, all credit scores should be 720+ (Decisions are based on the Borrowers’ overall qualifications)

LTV/LTC:                 Up to 90% of cost or loan to value on conforming, full doc, owner-occupied, single-family suburban/urban homes with all FICO scores being 720+

Up to 50%+ on speculative homes for sale

Up to 75% on pre-sold homes

Up to 75% for owner-occupied 2 to 4 unit multi-family properties

Payments:                  Interest-only payments based on monies advanced

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

MortgageDepot has gone condo crazy

MortgageDepot has gone condo crazy

Your friends at MortgageDepot are pleased to announce new conforming conventional condo financing guidelines. Now we can qualify more clients for condo financing with fewer hassles.

Lower pre-sale requirements for new builds

Our pre-sale requirement for condos under construction has been lowered to 50%, bringing them in line with our other investor guidelines. Previous guidelines required some new builds – or within a certain legal phase – to reach 70% presale before a lender could close a loan in the project.

Minor litigation acceptance

Minor litigation matters involving condo management and owners are all too common, but it may be acceptable when the claimed amount is unknown. This is provided that it does NOT involve the following matters:

  • Safety
  • Structural soundness
  • Functional use
  • Habitability

Higher single-entity ownership percentages

If you’re selling units in a project with 21 or more units, here’s some good news. Up to 30% of the units can be owned by a single entity.

Higher non-residential space percentages

We’ve bumped up the numbers for commercial space allowances, too. Now, the total square footage of non-residential space within a condo project or building – including all commercially-dedicated parking – may be up to 30% of the total. This is a 5% improvement over our previous 25% allowance. Additional requirements apply.

To learn more about our condo enhancements contact our office for more details.

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

Co-op Mortgages, Co-op Loans

Co-op Mortgages, Co-op Loans

If you have decided to purchase a co-op or you have plans to refinance a co-op, you may be actively searching for a great interest rate and competitive loan terms on coop mortgages. Co-ops generally are not acceptable property types for many types of traditional home loans, so it can seem frustrating to shop for a new mortgage with great loan terms for a co-op. However, you do not need to look beyond MortgageDepot to find the right financing solution for your buying or refinancing needs.

We have great rates on co-op loans, and our experienced loan consultants can answer your questions about the program and can help you to get pre-qualified.

We are your best source for all types of co-op financing needs, and this is because we are a New York mortgage broker that offers coop mortgages for properties that will be owner-occupied as well as investor-owned. Our loan programs are suitable for properties throughout the entire state of New York, as well as in select areas beyond this. We understand that each of our valued clients has unique needs with regards to financing a co-op, and we offer highly competitive terms that can help you to achieve your financing goals. With our competitive interest rates as well as with a loan term that may be as long as 30 years, you can structure affordable payments. This means that you can enjoy affordable co-op ownership for a primary residence or a better overall return on investment for an investor property.

At MortgageDepot we understand that you may feel anxious about finding competitive coop loans as well as about getting pre-qualified for the coop mortgage that you need. If you are thinking about purchasing a new property or refinancing your existing loan, simply complete our quick loan request form online. Within a matter of minutes, your information will be submitted to our loan consultants for review. We will carefully yet quickly analyze the information you provide to us and will be in touch with you shortly to explain your financing options in detail.

As a leading mortgage broker company in New York, MortgageDepot is the company you want to turn to for all of your financing needs. While we have competitive loan programs for coop mortgages, we also have great terms on traditional residential loans, commercial property loans and more. Regardless of what your current financing needs are, reach out to MortgageDepot for affordable solutions.

Click here for our Approved Coop Buildings list.

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

Why Choose a Non QM Program with MortgageDepot?

Why Choose a Non QM Program with MortgageDepot?

There are many reasons why choosing us, MortgageDepot, for your NON-QM loans makes a whole lot of sense. Well, we have been around for decades and nonqualified mortgage ( Non-QM) programs is what we are best at.

We are not here to compete in the “whats today’s interest rate” market, there are plenty of big banks out there that can offer you a great rate but we are here to close the gap between conventional and non-conventional borrowers.

We are the leading mortgage broker that handles non-conforming loans such as stated income, bank statement program, asset based loans and etc. Below are just a few other Non-QM loans that make us the popular choice.

  • Non-Permanent Resident Alien
  • Foreign Nationals
  • Inter-Vivos Revocable Trus
  • Non-Occupant Co-Borrowers
  • Limited Partnerships, general partnerships, corporations, LLC (Personal Guarantor Required)

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

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