• 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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Our Mortgage Programs Highlights

Our Mortgage Programs Highlights

As the leading mortgage company in New York, we are always making sure that we stay in tune with all the latest mortgage programs so that every borrower has mortgage program that we can finance. We never stop working for the borrower, actually we don’t work for the bank we work for you. That’s why our motto is and we promote WeWorkForYouNotTheBank.com

  • Fannie Mae Refi Plus Retained & Freddie Mac Relief Refinance up to 125% LTV ( loan to value) and unlimited CLTV (combined loan to value). For owner occupied and second home Transactions. LTV up to 105% for investment properties and high balance. Transferred mortgage insurance eligible with some MI company restrictions.
  • MortgageDepot Jumbo. Allows for asset depletion. Loan amounts up to $2,500,000. Transferred appraisals allowed.
  • FNMA ( Fannie Mae) High Balance. All occupancy type transactions (No cash-out refinance for Second Home and Investment Properties).
  • Freddie Mac Super Conforming. All occupancy type transactions with higher LTVs than FNMA High Balance including Cash Out Non Owner Occupied. Blended Ratios allowed with Freddie Mac findings when using a non-occupant borrower for an owner-occupied purchase. 5/1, 7/1, and 10/1 ARMs available with delayed financing and transferred appraisals.
  • FNMA Retained. Allows up to 10 financed properties and delayed financing options. Transferred appraisals allowed. Manual underwriting allowed for borrowers with erroneous credit.
  • VA IRRRL. No appraisal required for Plaza or Wells Fargo serviced loans. LTV up to 125% with appraisal and LTV up to 105% with AVM ( appraisal).
  • VA Jumbo. Loan amounts up to $1,500,000.
  • FHA Streamline & FHA Streamline High Balance. No appraisal required. No income or ratio verification.
  • HUD REO. $100 down payment allowed and/or REPAIR escrow up to $5,000 allowed on HUD REO approved sales contracts.
  • FHA 203k Streamline. Finance repairs up to $35,000, including fees. NO structural repairs or improvements.
  • USDA Rural Housing. Purchase, Rate & Term Refinance, Streamline Refinance, and Pilot Program Refinance.
  • Agency Fixed & ARM. Community Seconds allowed. Blended ratios using LP findings only with a non-occupying co-buyer. Fixed and ARMs with delayed financing options, transferred appraisals, and more than 10 properties financed for 2nd home and NOO options.
  • Reverse Mortgages – for those that are 62 years old and older have the opportunity to obtain financing without any income verification.

Minimum Credit Scores:
580: FHA Conforming Balance
620: Conventional = 80% LTV, VA Full Qualify, VA IRRRL, USDA, FHA High Balance purchase and rate/term, FHA Streamline
640: FHA 203(k) Streamline, FHA High Balance cash out
660: FHA High Balance cash out
620 – 740: VA Jumbo (depending on loan amount and product)

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

The best Mortgages we offer you today?

The best Mortgages we offer you today?

There are 3 major government agencies that control the mortgage industry and they are Fannie Mae, Freddie Mac and FHA. All 3 agencies give monies to the big banks such as Chase, Citibank, Wells Fargo and etc. Each agency has a set of guidelines that the Big Lenders needs to abide by. Below is just a few reasons why select Fannie Mae for our clients, although we do have a fantastic relationship with FHA for borrowers that fit their guidelines such as low down payment with credit scores as low as 500 and Fannie Mae has its guidelines….take a look.

  • Higher loan limits in most states/counties
  • Lower credit score required (620 for FNMA)
  • No upfront MIP, (Mortgage Insurance Premium, like is required by FHA)
  • More competitive MI ( mortgage insurance) rates are available
  • Monthly MI (mortgage insurance) may be removed at a future date. FHA LTV > 90%, monthly MI is for the life of the loan.
  • Single pay MI is available and may be paid by the seller to remove the payment from the QM calculation
  • Less documentation required
  • Appraisal cost is less
  • Less follow up on property condition
  • No borrower contribution required.  3% down payment may be a gift.
  • No maximum DTI (debt to income).

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

No Income Verification Loans

No Income Verification Loans

Do any of the following scenarios sound like a borrower you may be??

  • Self-employed but doesn’t show enough income to qualify with a traditional bank.
  • Real estate investor who has too many mortgages to qualify with a traditional bank.
  • Credit is just a bit too low to qualify with a traditional bank.
  • Doesn’t want to pay the hard money rates and fees.
  • Wants a quick close as opposed to the long drawn out process that most banks put them through.

If so, MortgageDepot could be the perfect place for YOU!!

Please see our general guidelines below and contact us with any questions or loan scenarios.

NO INCOME VERIFICATION LOANS!

  • Investment SFR’s & Condos. Refi Only
  • Investment and Owner Occ 2-4 Family Properties.  Refi and Purchases OK
  • Multi-Family, Mixed Use, Office, Retail, Warehouse, Self Storage, Auto Service
  • Cash out, purchase, rate/term
  • Up to 75% LTV depending on property type
  • 650 Minimum Credit Score Required
  • W-2 or self-employed
  • Origination + Rebate OK (except for NJ 1-6 unit residential deals)
  • Standard 30 Year Term (3 and 8-year arm options)
  • $75k-$5M (up to $2M on 2-4 unit residential properties)
  • Between traditional banks and hard money with our rates
  • Serving Brokers since 2004

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

How We Schedule Closings

How We Schedule Closings

To All our Valued Customers;

We wanted to make sure you had this information handy for getting your loans cleared and scheduled to close. You do NOT need to wait until your loans are CTC ( clear to close), we can submit a request to schedule a closing once all outstanding conditions have been submitted to the underwriter for final review and in anticipation of your loan going Clear.

We need to know what date you are planning to close your loan!

1.  Submission/Doc Request Form
2.  Credit Invoice and any additional invoices you may have.
3. Updated Mortgage Payoffs good through funding
4. Insurance as applicable (Hazard, Flood, Master, H06)
5. Title Report reflecting correct loan amount and properly certified
6. 2016 Property Tax Cert

Final fees from settlement agent on HUD or CD form.

1.    NOTE:  Be sure we provide fees to the settlement agent

NOTE:  You will be notified when the CD ( closing disclosure) is disclosed the same way you are notified when previous disclosures went out.  We need to be sure the borrower goes through ALL the steps and E-signs the CD for the waiting period to begin.

For Purchase Loans, also provide:
1.   The effective date of the 12-month HOI policy must be in the month of closing.  (Example: Closing 1/15/16 – Policy effective date must be between 1/1/16-1/15/16.)

2.   If your purchase agreement will be dated >60 days at the time of closing OR the loan will not be closed by the “close by date” on the contract, you must provide a Purchase Agreement Addendum extending the closing date.  NOTE:  You can provide the UNSIGNED addendum as it can be signed at closing.

We will also need the exact names and spelling of borrower’s on new deed!
To find out how we can expedite your closing please contact our office for more information.

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

Need A No Income Doc Loan?

Need A No Income Doc Loan?

Need A No Income Doc Loan?

No Problem with MortgageDepot, there are several types of no income doc loans out there and below is are the parameters for one of them.

Eligible Property Types

  • SFR’s, Condo’s, Town Houses Refi’s only are eligible.  Must Be Investment Property
  • 2-4 Family Owner and Non-Owner occupied
  • Mixed Use and Multifamily
  • Office
  • Retail
  • Warehouse
  • Self-Storage
  • Auto Service (No Gas Stations)

Program Highlights

  • No Income Documentation
  • Minimum Fico score 650
  • W-2 and Self Employed Borrowers Eligible
  • LTV’s as high as 75%
  • 30 Year Amortizations
  • Lending National

Call Today to speak to a loan officer about our no doc loans.

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

Home Renovation Financing

Home Renovation Financing

In all of the 203k presentations and education events over the last 20 years, the question always comes up; how long do these take? Then the next few minutes were always about a deal that took forever because of problems with the work or the value didn’t come in…the secret to each time..every time..on time, is to ask the right questions upfront and to try and get as close to the “target” as much as possible.

Target?
There are a number of moving parts to a 203k purchase and you want to limit the “moving parts” as best as possible. In a purchase transaction, you start with the purchase price (with a concession or not) and you need to ask the right questions on the “moving parts”.

FIRST QUESTION: What type of work are they looking to do.. so remember the last K-Tips about “Required/Desired” and addressing the utilities. But now the question is what are the anticipated costs of these work items.

SECOND QUESTION: What is the anticipated “as-repaired” property value going to be? With these key questions; the trick is to get as close as possible to these actual numbers
up-front, and avoid having to go back to the drawing board in the 3rd or 4th week.

In our experience, many people underestimate the cost of the work and over-estimate the property value once it’s completed. These few questions answered as close as possible in the beginning will help you avoid the “moving parts” and help you hit the “target”. What is the “target”?…..the actual costs of repairs and the actual “as-repaired” appraised value.

Ask the questions: What is the purchase price? What type of repairs are you doing? (required/desired/utilities) What is the anticipated cost of repairs? What is the anticipated property value once all the repairs are completed? If you hit these “target” questions…..you’ll close… each time…every time..on time.

At MortageDepot we are experts at home renovation financing, we have the experience to help you with your 203k financing.

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

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