• 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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Conforming Underwriting Guideline Update

Conforming Underwriting Guideline Update

MortgageDepot.com is pleased to announce the following changes to our wholesale conforming underwriting guidelines. These changes are effective immediately.

  • For a borrower who is qualified using base pay, bonus, overtime or commission income less than 25% of the borrower’s qualifying income, unreimbursed employee business expenses are not required to be deducted from the borrower’s qualifying income. This applies regardless of whether unreimbursed employee business expenses are identified on tax returns or tax transcripts received from the IRS.
  • We are revising the minimum monthly payment amount that must be included in the debt-to-income (DTI) calculation when a student loan is deferred or is in forbearance and no monthly payment is verified from 2% to 1% of the outstanding balance of the student loan.

What this is saying is that Fannie Mae and Freddie Mac are loosening their guidelines and they are making to easier for borrowers to qualify for loans thus expanding both the purchase market and the refinance market. These changes are positive for both the buyer and the homeowner. For those borrowers that were previously denied a loan please contact us for new qualifying guidelines.

Please contact our office for further details. 800-535-0270

We Offer Business Loans

We Offer Business Loans

Unless you are extremely well qualified walking into a bank and obtaining financing will be frustrating at best. MortgageDepot.com and its Loan Officers end these frustrations with real funding solutions at reasonable rates. We have listed a few key benefits and advantages of working with us below.

We Fund hundreds of businesses every year. Ranging from small family retail shops to large multi-location franchises. Apply with us today for a no commitment quote on how we can get your business the funds it needs to grow. Please feel free to contact us with any questions or if you would like to apply.

1 – 5 year programs
Full approval in 24 hours
90% of all applications approved
Multiple funding programs
Funding amounts up to 20 MM

Contact us directly to see if you qualify for our business loans. 800.535-0270

Fresh Start Mortgage Program

Fresh Start Mortgage Program

We are proud to announce the roll out of our new Fresh Start Mortgage Program, which was created to help homeowners who are experiencing hardship and currently late or behind on their mortgage payments. Per the Federal Reserve, interest rates are going up in the Fall.

We are in the process of reaching out to past clients and referrals, to provide them with a few options on how best to lock in a new interest rate with our Fresh Start Mortgage Program.

Current program rates range from 2.99% – 4.25%, and all clients who enroll in the program are automatically brought current on their loan. There are no credit or equity requirements for most new clients, so don’t worry if other mortgage companies have not been able to help, we can.

Fresh Start features and benefits:

  • A lower down payment requirement – 85% LTV with no Mortgage Insurance (MI)
  • No seasoning requirement for derogatory events, including Chapter 7, 11 and 13 bankruptcy; foreclosure, deed-in-lieu, short sale and pre-foreclosure
  • Multiple significant derogatory events allowed
  • No mortgage/rental payment history required
  • Loan amounts from $100,000 to $1,000,000
  • Primary and second homes
  • No pay history requirements
  • Minimum 580 FICO score
  • Financing for a variety of property types
  • Maximum 50% DTI

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

HECM; Letting The Bank Pay For Your Home?

HECM; Letting The Bank Pay For Your Home?

More and more senior citizens get aware of the reverse mortgage and how it helps them obtain money without having to show income, show credit or even have to pay back the bank. Growing in popularity, a Home Equity Conversion (HECM). Also called a Reverse Mortgage, a HECM is a fantastic home equity solution for older Americans because it eliminates the need for monthly home payments.

Use the equity proceeds on whatever you see fit.
•    Possible key component to retirement.
•    Eliminates your existing home payment

There are few types of options that come along, you should always review the different programs and comparisons before you decide on a particular one. Contact us for more information about this program that is designed for people 62 and older. Call us 800-535-0270.

Welcome Jamaica Estates Residence

Welcome Jamaica Estates Residence

We are proud to announce that we have partnered with Jamaica Estates Realty to be one of their preferred mortgage partners when it comes to financing homes in the Jamaica Estates Community.

Our team lead is responsible for overseeing all transactions in this Luxurious neighborhood. Our knowledge and expertise of high-end areas are one of a kind. We provide low Jumbo rates and also provide No Income verification loans for those that need it.

We are one of the largest privately owned mortgage brokers in New York that provides No Income Verification mortgages and we strive hard to deliver service and we feel appreciated when it’s noticed.

We look forward to a long lasting working relationship with Jamaica Estates Realty which also operates the Official community website for the Jamaica Estates neighborhood, Jamaica Estates Realty, and we will continue to deliver great service that we have been providing Jamaica Estates residents for years.

Our Loan Process

Our Loan Process

We Wanted to address a few things as a follow up to prior notification to make sure everyone is aware of the procedures for processing with us to get your loan closed.

We make sure that on all new submissions we need to have the submission form fully completed and follow the submission checklist for required items. ( this saves time for underwriter hold ups on missing documents).

It is imperative for us to use the submission form to give a brief synopsis on your loan scenario so the underwriter is aware of how we properly package the loan and what we are trying to accomplish for the borrower. Additionally, if it is a scenario you have discussed with us in advance and there are some nuances to the deal please let us know. Completing the submission form on our end will make your approval more streamlined and avoid any unnecessary delays.

Once the loan is approved the underwriter will issue a commitment letter with some conditions that need to be met, like an updated pay-stub, or a copy of the down payment check and so forth.

We use a condition cover sheet when submitting conditions to the underwriter if we are providing a different item to clear a condition than what was requested these conditions form will help make that clear to us and allow the underwriter to mark the conditions fulfilled accurately.

Once all conditions have been met, we are ready for closing.

We upload a closing request form to the closing department. We do not schedule closings until the file is actually CTC ( Clear To Close) but if the form is in the file we can proactively check the attorney info and complete our employment income verifications as needed. The closing department does require 24 hours notice to schedule the closing once the file has the CTC (clear to close) issued. All CEMA ( for refinances) docs must be approved prior to the 24-hour request mark.

Our turn time is for closing loans is impeccable,  we can actually accommodate same day closings, providing all parties are ready.

Again, thank you as always for your business and please let us know if you have any questions. 800-535-0270

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