• We now offer a 40-year loan with the first 10 years as interest only, enjoy a low monthly mortgage payment!!!
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203K Loans

203K Loans

While some people will purchase newer properties or properties that have recently been renovated, others may be interested in purchasing an older property or real estate that requires significant repair and maintenance work. If you fall into the latter group, you may be wondering how you can finance both your purchase and the repair costs. Most traditional real estate purchase loans will provide you with funds to purchase the property, but you generally would need to find additional sources of financing for the repair costs.

This can be challenging to do, but the good news is that streamlined loans available to you through MortgageDepot are available for this purpose. With a closer look at what 203K loans have to offer, you may discover that this is the perfect financing solution for your needs.

What is a 203K Loan Program?

In some cases, the loan will also provide you with up to six months of mortgage payments as well, and this gives you money to live elsewhere while the repair work is being completed or to pay for the payments on the subject property so that you can afford to live in another home.

Other Important Information About 203K Loans

These are streamlined loans that are designed to simplify the process of purchasing and fixing up an older home. The funds can be used for structural improvements and repairs to the home, such as replacing the roof, as well as non-structural features, such as new appliances or paint. There are limits regarding how much money you will receive for living assistance and repair work, so it is wise to speak with a lending specialist for more information about the program.

Many people who tour homes for sale will find a home they may love, but the repair costs may be too significant for their budget. With streamlined loans available through MortgageDepot that are designed specifically for this purpose, you can purchase the property you fall in love and update it to your specifications. Contact MortgageDepot to learn more about the options available to you.

To contact us by phone please call 800–535-0270

MortgageDepot Loan Portfolio

MortgageDepot Loan Portfolio

MortgageDepot is committed to providing loan solutions to more borrowers. That’s why we’re pleased to announce the latest guideline enhancements for three of our Portfolio Lending products.

Product Enhancements

Jumbo Alternative

    • The maximum LTV for a primary cash-out refinance has been increased from 80% to 85% with no MI required.

Homeowner’s Access

    • Premier Credit Tier-Now Caliber can apply a .5% rate improvement to loans from $100,000 to $417,000 when borrowers meet the Jumbo Alternative credit profile. Asset depletion allowed.
    • Multiple Events: Reduced FICO from 660 to 620 at 80% LTV.

Fresh Start

    • The maximum LTV for a primary purchase and rate/term refinance has been increased from 80% to 85% with no Mortgage Insurance required.

Additional features

    • Debt Consolidation: Allowing for max program LTVs without rate adjustment typical with a cash-out/debt consolidation product.
    • Texas 50(a) (6) R/T and Cash-Out Refinance.

Guideline Consolidation

In addition to these enhancements, we are pleased to announce that the guidelines for Jumbo Alternative, Fresh Start, and Homeowner’s Access have been consolidated into one document. As part of this update, we have clarified various sections, as well as simplified the content.

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

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



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
    • 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.
    • This is for Self Employed borrowers who made more in the current year than last year. Need 2yrs proof of self-employed.
    • 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.
    • 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
    • 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.
    • 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.
    • 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.

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