• 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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W2 Transcripts Only Program Expanded

W2 Transcripts Only Program Expanded

W2 TRANSCRIPTS ONLY PROGRAM – EXPANDED TO INCLUDE 620 FICO. 

Now We Do Allow Construction Industry Workers on the W2 Transcript Only Program. We are well equipped with providing the right financing.

W2 only Program Details

  • Minimum Credit Score = 620
  • Allowed on FHA, VA, and Conventional Loans.
  • Max DTI is 50
  • Loans with additional rental properties are not allowed
  • VA cash-out is limited to 90% LTV/CLTV
  • All borrowers must be paid with a W2
  • No 1099s
  • No commission income borrowers
  • No self-employed borrowers

Keep in mind this is what else what specialize in.

  • We offer FHA and VA as low as 580 scores
  • Down Payment Assistant programs are permitted
  • Manual Underwrites to 580 on both FHA and VA
  • Manual Underwrites max date up to 40/50 with 2 FHA

Compensating Factors per Mortgagee Letter 14-02

  • VA to 100% LTV cash out
  • Conventional both Freddie and Fannie
  • Freddie allows for Non-Occupied Co Borrowers
  • Underwriting Turn times are now at 48-72 hours.

Not doing business with us?  Let’s change that, call us at 800-535-0270

Contact us today or email us by clicking here.

Home Buying Season Is Here: Are You Ready?

Home Buying Season Is Here: Are You Ready?

“‘Tis the season!” It’s a phrase most commonly associated with winter holidays, but there is also a season where homes are being built, bought and sold at a rapid pace. That season is now, and it’s the perfect time to connect with the team at MortgageDepot.com and take advantage of our complete in-house product line.

On the practical side, maybe it’s the fact that homeowners have been cooped up all winter and are looking for a change during better weather. Maybe it’s the low rates and relaxation of borrowing restrictions. More likely, it is the fact that putting a home up for sale in the spring fits best with the school calendar.

Then there’s the business side. According to AskingPrice.com, home mortgage rates are at a 6-month low. The price growth of homes is finally slowing. And most housing markets have recovered. Combined, all of these factors result in more optimism from the buying public and more potential buyers looking to their local mortgage broker for help.

Whatever the reason, MortgageDepot.com is ready to help you take on the mortgage rush starting today! We provide our mortgage loan originators everything they need to run their operation efficiently, without having to sweat the small (or big) stuff.

“I know it may sound cliché, but we really do provide our borrowers with an unprecedented level of services,” says Vice President of MortgageDepot.com Gary Kaziev. “Great rates are certainly key to putting a new house key into customers’ hands. But rates are just the beginning. We have loans for virtually every kind of structure, tailor made for every type of customer. Either it’s a no income verification mortgage or a non-warrantable condo loan we have an array of loan products that will fit any situation.

Our team takes pride in our 48-hour underwriting turnaround time, and we offer our staff support that they need to get you off on the right track. The bottom line…if you’re a MortgageDepot.com customer, we will NOT let you fail.

Our support is just as strong online as it is in person, which is helpful in the fast paced environment we’re living in.

If you want to take advantage of our knowledge and support, we encourage you to give us a call and learn in more detail how working with us can make a difference.

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

Great Rates and Competitive Pricing!

Great Rates and Competitive Pricing!

  • 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

Exciting Program Updates!

Exciting Program Updates!

We have been given a tremendous opportunity by our wholesale lenders to update our existing programs. The combination of great products, pricing, programs and support we are emerging as the go to mortgage broker in New York. We have all the standard Conventional loan products for both Fannie Mae and Freddie Mac, High Balance, Super Conforming as well as FHA, VA USDA and HARP. We even have Co-op’s, Jumbo Loans, Reverse Mortgages and even some Direct Portfolio products and can do CEMA’s as well.

We wanted to make sure you were aware of some changes that will have a very positive effect for our borrowers. Please see below for some of the highlights. As always, don’t hesitate to reach out to us for anything you may need.

– IRS W-2 Transcripts in Lieu of W-2’s!!!! – no need for tax returns, avoiding to show unnecessary expenses.
– Conversion of Principal Residence – no longer need to verify equity in departing residence. Prior we needed to show a lease, copy of cashed security check and an appraisal of 30% equity on the departure residence.
– Unreimbursed employee business expenses – For a borrower who is qualified using their base pay, bonus, overtime, or commission income that is less than 25% of borrower’s total income; unreimbursed employee business expenses are not required to be analyzed or deducted from borrower’s qualifying income, or added to the monthly liabilities. This applies regardless of whether unreimbursed employee business expenses are identified on tax returns (IRS Form 2016) or tax transcripts received from the IRS.

You can view our website at: www.mortgagedepot.com, to see rates, products, forms and procedures.  You can also email us or call us for any mortgage questions. 800-535-0270

HIGHLIGHTS – Look To US For All Your Mortgage Needs!

  • Fannie Mae & Freddie Mac Approved Broker
  • Conventional Loans – 620 Fico to 95% LTV with all Gift Money!
  • 1-4 Unit Investor Purchase loans using rental income to help qualify without 2 years prior rental experience!!!!!!!
  • Co-op’s & CEMA’s ( saving you thousands on closing costs on refinances.)
  • Allowed to pay off debt to qualify, can even keep credit cards open after closing!!!!
  • Non-owner occupied co-borrowers allowed
  • Only 1 year tax returns for self-employed
  • Jumbo Loans to $2 Million
  • 90% LTV NO Mortgage Insurance – Purchase/Rate Term 5/1 & 7/1 Arms (680 min fico) Conventional & High Balance
  • FHA loans with Fico scores down to 580!
  • Purchases – Single up front MI can be paid with Seller Concession.
  • Transferred Appraisals – OK – we can accept an appraisal from another Lender
  • Unpermitted Additions – OK – Violations on title are handled properly
  • 5-10 Financed Properties – OK
  • Reverse Mortgages – must be 62 years and older.

Contact us today to discuss any scenario at (800) 535-0270 or email us here.

Purchases with no borrower’s funds option

Purchases with no borrower’s funds option

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.
No Income Check Loans – Loan Amount Reduced.

No Income Check Loans – Loan Amount Reduced.

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 W-2’s
No 12 months bank statements
No 4506
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.

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