• 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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Commercial Program Update

Commercial Program Update

****NO DCR Calculation (Debt Coverage Ratio) on Commercial Properties****

Loan amount must be less than $500,000

LTV must be 70% or less

Applies to all Property Types

Why is this important?

  • DCR can severely limit loan amounts
  • In metropolitan markets where rents have not caught up with values, you don’t have to worry about DCR qualification
  • You can make additional Yield Spread and it won’t affect DCR
  • No leases, rent roll, and profit and loss required
  • 1-4 Family program never requires a DCR calculation

Do you have a deal being limited by the DCR?

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

*This product is not regulated by the New York State Department of Financial Services

TOP 10 UNIQUE NICHES

TOP 10 UNIQUE NICHES

As a leading mortgage company headquartered in Kew Gardens NY, we are always striving to make sure that we can finance every borrower, that means we need to have every mortgage product available for every borrower.

  • NO OVERLAYS, on Conventional loans. – which means that we have no overlays on product guidelines if we get approved eligible than that’s what it is.
    • If we get a Fannie Mae approval with a 600 score and a 50 DTI we will do it!!
    • No min trade line requirement, for people with limited credit we don’t have a minimum credit score trade line requirement
    • One score would be ok –
    • Co borrower with no scores is ok as long as the borrower with scores has 51% of the income
  • WE WILL FINANCE A BORROWER WHO HAS UP TO 10 FINANCED PROPS.
    • When other banks will cap at 4 props total we will allow up to 10. Must have FANNIE MAE approval and min for 720 score
    • Can go up to 6 financed Properties with no min fico score – Purchase, rate/term, or cash out.
  • 1YR SELF EMPLOYED TAX RETURNS.
    • This is for Self Employed borrowers who made more in the current year than last year. Need 2yrs proof of self-employed.
  • WE ACCEPT RETIREMENT ASSETS AS INCOME (Asset Depletion).
    • If the client has money in a retirement account we can use it for the DTI and they don’t need to schedule any withdrawals (70%LTV)
    • This is a primary residence, or 2nd home, rate and term or Purchase.
  • SPOT APPROVALS ON CONDOS UP TO 97% LTV.
    • A Conventional loan condo that is not approved we can do a spot approval up to 95%ltv. Limited reviews available at lower LTV’s
  • MANUFACTURED HOMES TO 95% LTV.
    • Purchase or R&T to 95% LTV, 2nd home to 85%, cash out to 65%. Need MI approval.
  • BLENDED SCORES – Take the AVERAGE of your Fico Scores to qualify for a better Rate.
    • Ex: 615, 617, 650 = 627 score. If 2 borrowers then AVG the 6 scores. This is for rate only. Still need to qualify off the mid score.
  • SHORT SALE LESS THAN 4YRS OLD – WITH EXTENUATING CIRCUMSTANCES.
    • If the short sale is over 2yrs old and they meet extenuating circumstances Conventional has a code to put on the AUS ( automated underwriting system)  that will ignore it so we can receive an Accept. If 4yrs old then no extenuating circumstances are needed.
  • UN-REIMBURSED (2106) EXPENSES CAN BE EXCLUDED.
    • Tax returns only required if applicable to certain types of qualifying income.
  • UNLIMITED HARP LTV’S. – Home Affordable Refinance Program
    • Any LTV (300% LTV no problem) from any bank (MI transfers and Appraisal waivers are ok) and Any DTI that gets an Accept.

As you can see we have an array of loan programs that fit any type of borrower, we even have a no income check program as well.

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

How to prepare for Home Finance

How to prepare for Home Finance

Should I pay off my credit cards first before I apply? I had a bankruptcy 10 years ago, does this affect my credit? Do I have to use my realtor’s mortgage company? How long does the loan process take? Below are some commonly asked questions. If you don’t find the answer you’re looking for, then ask us by emailing us by clicking here.

Or better yet, call us today at 800-535-0270 for a complimentary in-depth quote and overview of current market conditions affecting the mortgage market from one of our friendly professional mortgage consultants.

We look forward to helping you with all your mortgage concerns.

When does it make sense to refinance?

When does it make sense to refinance?

Usually, people refinance to save money, either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts. The decision to refinance can be difficult since there are several reasons to refinance.

However, if you are looking to save money, try this calculation:

Calculate the total cost of the refinance
Calculate the monthly savings
Divide the total cost of the refinance

(#1) by the monthly savings (#2). This is the “break even” time. If you own the house longer than this, you will save money by refinancing.

Since refinancing is a complex topic, contact us for more information.

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

What is the difference between pre-approval and pre-qualification?

What is the difference between pre-approval and pre-qualification?

The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qualification letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer.

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

Commercial Debt Consolidation

Commercial Debt Consolidation

Here is a scenario of one of our recently closed transactions. Borrowers refinanced their property, owned for 50 years, to take cash out in order to get out from under higher rate merchant financing and build a cash cushion to offset their business’ seasonal cash flow. MortgageDepot provided the perfect and less expensive financing necessary to provide peace of mind.

At MortgageDepot, we specialize in financing real estate that the banks cannot finance due to their strict guidelines, and we do it without charging the high rates a hard money lender would charge.

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

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