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A Guide to Purchase CEMAs

A Guide to Purchase CEMAs

Unfortunately, New York State is one of the most expensive regions in the country to buy and sell a property. New York is the only state that requires buyers and sellers to pay a mortgage and transfer tax. In many cases, individuals who buy a home in New York pay up to 6 percent of the purchase price in closing costs just to obtain the keys to the front door. Therefore, it is important for you to find ways to save money if you are purchasing a home.

Saving Money Through Purchase CEMAs

In New York, residential home buyers can use a program called the Consolidation Extension Modification Agreement. The program allows the seller of a residential property to assign the existing mortgage to the buyer. By using a CEMA, both the seller and the buyer save money on the mortgage and transfer taxes that individuals must pay during purchase transactions.

Securing a CEMA

We at MortgageDepot specialize in Purchase CEMAs that can save you money on high-balance mortgage loans. If you are looking to buy a property with a sales price higher than $500,000, then you need to take a closer look at saving money through a CEMA. Allow us to guide you through the programs qualification process and help you save thousands of dollars on your home purchase.

Remember, any purchase transaction (except for Co-op’s, where a mortgage tax does not apply) qualifies for a CEMA. Since New York is a high-cost state, you need to find ways to save money on your closing costs. A CEMA is one proven way to save money, so let us help you unlock those savings today.

Contact us to learn more how you save money on mortgage tax when you are buying a property.

To contact us by phone call 800-535-0270

NON QM Purchase Products

NON QM Purchase Products

Purchasing a new home is an exciting experience, but finding the right mortgage can be stressful. Avoid having to go through complicated qualification metrics by pursuing a non-QM loan with us at MortgageDepot a mortgage broker that provides instant home buyer power.

We offer non-QM loans up to 1.5 million dollars with interest-only options available. An interest-only option allows buyers to only pay interest for a designated time, freeing up buyers to have greater freedom in their budgets before having to make mortgage payments. This can be a great option for buyers who need flexibility in their mortgage plans.We welcome first-time home buyers as well as buyers of non-warrantable condos. We at MortgageDepot help home buyers to expand their options by offering non-QM loans which provide buyers with more home than they could afford a qualified mortgage. Qualified mortgages often limit home buyer options by placing rigid restrictions on buyer qualifications. Non-QM mortgages empower home buyers to choose the home they really want, not the home a QM broker thinks they should want.

Non QM mortgages are also a great choice for buyers with debt. We accept an expanded debt-to-income (DTI) ratio of 55% for its non-QM products. Qualified mortgages have greater restrictions on DTI ratios, further limiting options for buyers. The non QM products also allow for greater expanded projected income timelines. Buyers have greater options and more flexibility with non QM products.

If interested in learning more about a non qualified mortgage, please contact MortgageDepot.


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

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.

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.

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.


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

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