- Processing Experience is Key – Benefit from MortgageDepot.com’s Experienced Processors
It’s all about a great experience for you, you the borrower and your referral source – our FHA Processing team is staffed by highly experienced Senor Processors who are ready to help you work through the complexities of an FHA loan.
- Our FHA Key Features
- Lower down payments — as low as 3.5%
- LTVs up to 96.50% on Purchases / 97.75% on Rate/Term
- 15 or 30 Year terms
- Cash-Out transactions up to 85% LTV
- New! Minimum 620 FICO on purchases
- 50% Debt to Income Ratio
- Reminder! FHA Non-Credit Qualifying Streamline Refinances (with or without appraisal)
- Minimum 640 FICO
- No income documentation or verification
- Unlimited LTV (without a new appraisal)
- 75% (LTV with a new appraisal)
- Save time without appraisal requirements
- Great Benefits for Borrowers
- Lower rates
- Little or no funds required for a down payment
- No minimum borrower contribution
- History of less than perfect credit permitted
- Flexible seller contributions — up to 6%
We are very competitive in pricing when it comes to FHA loans, we even offer a possibility to pay for some or all of your closing costs. Contact us for find out how we can help you with your next mortgage transaction. 800-535-0270
Many people would love to buy a new home, but they think that they must save up a small fortune to use for the down payment and closing costs on a purchase. Traditionally, home buyers had to save at least 20 percent of the sales price as the down payment, but these days are gone. Through Mortgage Depot, you can purchase a home with little or no money out of your pocket. Whether you do not have money to make a large down payment or you simply want to keep your money in your bank account, this is a great loan program to consider.
This loan option is highly popular, and the structure begins with a 95 percent mortgage. The additional five percent of the sales price can come from a range of sources. It can be a gift from a family member, a contribution from the seller or even a second lien that you obtain from another source. While there is a lot of flexibility with regards to this five percent, the money does have to come from an approved source.In addition, the loan program is easy to qualify for. While some similar programs offered through other sources have strict guidelines and require you to have an excellent credit rating, the program through Mortgage Depot is more flexible. Borrowers with a credit score of 620 or higher may qualify, and you can work with a representative from Mortgage Depot to learn more about the requirements.
If you are interested in purchasing a home but do not want to make a large down payment, this program is a great option to consider. Owning a home can be a dream come true, and Mortgage Depot can help you to accomplish this goal. You can contact Mortgage Depot today to learn more about this and other competitive loan programs available to home buyers.
For more information please contact us at (800)535-0270.
MortgageDepot.com has good news for those borrowers looking to finance a property and need a smaller loan amount to do so. Previously our minimum loan amount for the No Income Check mortgage program was $100,000 and now that has been reduced to $75,000.
MortgageDepot.com offers Stated Income loans on non-owner occupied 1-4 Family properties as well as commercial properties.
Loan amounts from $75,000 to $5,000,000
Credit Scores as low as 650
No tax returns
No 12 months bank statements
No Global Cash Flow
Wage Earner and Self Employed OK
Loan To Value’s as high as 75% – which means only $25% down payment needed.
Seller 2nd’s allowed, seller can hold a second mortgage on the property, allowed.
Mixed Use, Multi Family, Office, Retail, Warehouse, Self-Storage
Non-owner occupied Single Family Residence, Duplex, Triplex, and Fourplex
If you have any questions or scenario’s please call 800-535-0270.