• We now offer a 40-year loan with the first 10 years as interest only, enjoy a low monthly mortgage payment!!!
(800) 535-0270
Select Page
Co-op Refinance in New York

Co-op Refinance in New York

Thousands of New Yorkers live inside coop buildings. Coops tend to be cheaper than condos, and they allow residents to become a shareholder. There are tax benefits to coops as well, making them even more appealing financially. If you live in a coop, your shareholder status means that you may have a say when it comes to maintenance decisions and other matters.

Residents can buy a coop mortgage at no cost to themselves. However, if they already have a mortgage, refinancing is an excellent option. If you are a resident of a coop building in New York, you may want to consider a refinancing loan.

Many property owners choose to refinance their mortgages. There are several advantages to doing this, including earning an improved interest rate, attaining a fixed rate, or receiving a cashout. It is important to consult an experienced loan officer when considering a refinance.

We can help you determine if the money that you will save will justify the cost of the new loan. We shop the right program and rates with different lenders and find the one with the most appealing terms and rates. Coops are usually run by a board composed of people who reside there. You should get approval from your board before proceeding.

At MortgageDepot you can trust us to help you find the right coop refinance loan for you. Our trusted, knowledgeable New York staff will assist you every step of the way. We are confident that you will agree that we are your best option. Contact us today if you are interested. We are the top coop refinance loan company in New York.

Click here for our Approved Coop Buildings list.

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

MortgageDepot Announcement

MortgageDepot Announcement

One of the most valuable benefits of doing business with MortgageDepot is having access to our Elite rates for your most qualified clients. To help make our relationship even stronger, we have some exciting news to share: we’ve lowered our Elite requirements from 760 to 740 FICO. That means more of our best clients are eligible for our best rates – and gives us a real competitive advantage. Details are below and feel free to reach out to us if you have any questions.

Exclusive rates for your 740+ FICO borrowers (previously 760+)

  • Includes Conventional, High Balance and ARMs
  • Loan amounts from $250,000 up to county loan limits
  • Property Inspection Waivers honored
  • Up to 80% LTV

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

Coop Purchase Loans in New York

Coop Purchase Loans in New York

How Co-op Purchase Loans and Mortgage Loans Differ

In the New York City metropolitan area, certain multi-unit residential properties are owned by housing cooperatives (co-ops) rather than by real estate investors. A co-op is a corporation formed and shared by a building’s resident owners.

The corporation serves the purposes of legally and neatly dividing up the ownership interest of all the individual apartments. When you buy a co-op apartment, you are really buying shares in a corporation that owns, controls and manages the entire building you live in. Single-family home buyers commonly rely upon mortgage loan products to finance the purchase of their new homes. When they close, the property itself acts as collateral guaranteeing repayment of these mortgages.

Co-op loans work a bit differently. When you buy a co-op, you don’t get a deed to a house. Instead, you receive shares in a corporation and proprietary rights (a license) to occupy a given co-op unit. It is these shares and the rights conveyed to you that serve as collateral for purchase-money financing (share loans) used to close on a cooperative apartment unit.

The differences between how mortgage loans work and how co-op loans work helps explain the differences between the market interest rates and availability of mortgage money and co-op loan money.If you’re a prospective first-time home buyer, you are presently weighing the merits of the single most important financial undertaking of your life. One of the advantages of living in the greater New York metropolitan area is the availability of co-op apartments as an option when seeking housing.

Indeed, co-ops represent great value and are a viable route for certain people looking to build home equity. Before you decide to buy, you should invest the time to get to know the co-op due-diligence process and what a well-managed and financially healthy cooperative looks like.

Click here for our Approved Coop Buildings list.

Contact us to see if you qualify at (800) 535-0270 or email us here.

Turn your Fallout Loans into Closed Loans

Turn your Fallout Loans into Closed Loans

Still striking out trying to find funding for your non-prime borrowers? There’s no reason to keep losing thousands of dollars in potential commissions when you can instead bring those investment deals to MortgageDepot.

We want to help you Fund your Fall Out deals using our ‘Simple Underwriting Process’, where we never check tax returns or income statements.  Blow the competition away by offering your borrowers our program that can get them funded!

Here are some program highlights that make us the best choice for the No Income Verification Program.

  • 650 + FICO Qualifies your borrower
  • Max LTV 70%-75% 
  • Loan amounts from $75K – $5MM

Loans are fully amortized over 30 years with 3 years or 8 years fixed option.

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

Stated Income Residential & Commercial Properties

Stated Income Residential & Commercial Properties

Stated Income Low Doc Commercial Loan Program
Loan Amounts – $100,000 -$5,000,000
LTV – up to 75% apartments, mixed use, Office, retail plaza, warehouse, self- storage, industrial
Min credit score 550

Terms – 3 and 5 years fixed, up to 30-year amortization

Stated Income 2-4 Unit Owner Occupied & Non-Owner Occupied Rental Loan Program
“We Will Consider Single Family Investment Properties On A Case By Case Basis”
Loan Amounts – $75,000 -$2,000,000
LTV – up to 70% 2-4 unit owner occupied and non-owner occupied rental properties
Min credit score 550
Terms – 3 and 5 years fixed, up to 30-year amortization

Non-Conventional Bank Program
Loan Amounts – $300,000 to $40,000,000
LTV – up to 75% apartments, mixed-use, office, retail plaza, student housing & more
Min credit score 600
Terms / Rates start at 4.5%, 3-5-7-10 year terms, 25-year amortization with no balloon
Notable Program Features:

  • Down payment gifts from family members acceptable
  • Credit issues
  • Foreign nationals
  • Prior foreclosures, Short Sales, Bankruptcies
  • Low Global Cash Flow ratios
  • Property condition or stabilization issues
  • Bridge Loans for upgrading and re-purposing properties
  • Step down prepay
  • Rate lock at application
  • Primary and secondary markets

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

Non-conforming Mortgages… Can Your Lender Offer These Loans?

Non-conforming Mortgages… Can Your Lender Offer These Loans?

We are constantly enhancing our mortgage loan portfolio, check out non-conforming mortgages we have to offer.

  • 1st and 2nd Mortgages up to 90% LTV (no MI)
  • Self-employed Borrowers with Only One Year`s Tax Returns
  • Use of Retirement Assets to Qualify (vs. Income)
  • Non-Occupying Borrower for both Conventional and FHA loans
  • Lender Paid MI to 95% LTV & 620 Fico Score
  • Unlimited Harp Loans
  • No Seasoning Requirement for Cash Out Refinances
  • Wave 2 Year Rental History to Qualify
  • Unwarrantable Condos and Spot Condos
  • No Minimum Credit Score
  • Started (vs. Full) Income for Investment Properties
  • Choice Of Mortgage Term (e.g., 9 years, 16 years, 24 years – your choice)
  • College Graduate Home Loan Program
  • Cash Out Seasoning Using New Appraised Values
  • 580 Fico Score with Eligible Findings
  • Mortgage Lates Okay with Eligible Findings
  • Investment Properties to $1M

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

© 2019 www.mortgagedepot.com. All Rights Reserved.
Licensed By The Following State Regulatory Agencies:
New York State Department Of Financial Services
Florida Office Of Financial Regulation.
Website Authorization By The New York State Department Of Financial Services Is Approved.
*Registered Mortgage Broker — New York State Department Of Financial Services – All Mortgage Loans Are Arranged Through Third (3rd) Party Providers’ NMLS # 1133788