• 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
About the FHA Loan

About the FHA Loan

For those who are looking to purchase a home, an FHA loan in New York may be the answer to your problems. At MortgageDepot, we have been able to help countless people just like you secure the financing they need to get on the path to home ownership in no time. When it comes to an FHA loan in New York, their mission is to help those who are in need get the money they need to qualify for a loan. They also help to assist lenders my minimizing the amount of risk involved with the loan.

If you have struggled from credit problems in the past, the FHA advises borrowers to go through a credit counseling program to prevent being denied your request for an FHA loan. When the paperwork is electronically submitted to the lender, they will go through and evaluate your credit risk to determine what options are available to you. Be prepared to fill out a lot of paperwork to get the loan approved, but it is well worth it in the end to own your own home. Since there are a number of different types of loans from the FHA, we will work to help you determine which one you are going to get approved for.

Purchasing a home can be both an exciting time and a troublesome time as well. Trying to learn all of the ins and outs associated with buying a home can be overwhelming, but we are here to help in any way we can. We want to help simplify the process for you and make sure you understand everything that buying a home can mean for you. Once you have the chance to speak to one of our professionals, you will gain an understanding of what the market holds in store for you.

Contact us today at 800-535-0270 for more information or email us here.

multi family

Popular FHA Loans in New York

Popular FHA Loans in New York

When it comes to getting the home of your dreams, you want to make sure you are getting the absolute best mortgage in the industry. Purchasing a home can be an overwhelming experience with all of the different mortgages in the industry. For those looking for an FHA loan in New York, one of the most popular options is that of the 203b FHA loan. This fixed-rate mortgage is one of the most widely used by the FHA for those who are buying their first home. When getting this type of loan, you will not have to worry about an extensive down payment.

Closing costs for the FHA mortgage in New York are reduced. Using this type of loan, the lender will finance up to 97 percent of your loan. You will need to qualify based on a debt-to-income ratio, but there are no minimum requirements for income. If you are not sure what your debt-to-income ratio is, one of our specialists at MortgageDepot can help go over everything with you. Our goal is to make sure you have a thorough understanding of the mortgage industry and make sure you know what you are getting yourself into.

Maximizing your credit ratio before applying for the FHA loan will help make sure you get the absolute best rates in the industry. Just because there are a number of other loan options in the industry, that doesn’t mean it has to be as difficult as you might think. Our team of professionals understands the importance of getting the mortgage you desire in the shortest amount of time possible. Regardless of whether you are looking for a 203b, ARM, fixed-rate or other type of loan, you can rest assured that we have someone available to help you get what you need.

Contact us today at 800-535-0270 for more information or email us here.

multi family

FHA Mortgage Insurance

FHA Mortgage Insurance

When it comes to FHA mortgage insurance, it is an insurance placed on your FHA loan in the event you were to default on the loan. Lenders are able to make a claim against the insurance. Any losses that are incurred from your defaulting on the loan are repaid to the lender. This particular type of insurance helps minimize the risk associated with lenders providing a loan to those who only have a small down payment.

At MortgageDepot, we work hard to make sure you understand what FHA mortgage insurance means for you. It is important that you know what you are doing when it comes to getting a mortgage, so we work hard to explain all of the ins and outs of the process to you. Our goal is to make sure you understand what is expected of you as the buyer. When you get an FHA loan, the mortgage insurance lets you place a minimal amount of money down on the purchase of the home. In return, you will be able to finance the mortgage insurance to help insure the loan.

Banks and other institutions can lend money to anyone who qualifies for the FHA loan knowing that if the loan defaults the loss will still be repaid. When you have mortgage insurance in place, it makes the loan appear more attractive to potential lenders. The loan can easily be sold to an investor, which will free up capital to the lender and make more loans available to those in need. Understanding the complexities of mortgages is difficult enough, but it doesn’t have to be that way with the help of our professionals at MortgageDepot. We will take the time to listen to what you have to say and explain the loan to you in detail.

Contact us today at 800-535-0270 for more information or email us here.

multi family

Non-QM Mortgage Closing with Yury

Non-QM Mortgage Closing with Yury

Every client that seeks the services of MortgageDepot presents us with a unique set of circumstances when applying for a home loan. This scenario was precisely the case for two separate clients that recently closed home mortgages with mortgage loan officer Yury Gokhberg. Each of these families was seeking what is formally known as a Non-QM (Qualifying Mortgage) loan for a single family home and a two-family residence as investment properties.

Finding and matching the right bank for these Non-QM loans for these clients was critical. In spite of having been denied by three previous banks, and being offered a much higher rate from one that was declined by the client, we were able to match the best offer for our client’s needs. One proposal was seeking at least 70 percent financing with an interest of 5 percent. This offer was far from favorable terms for our client, and that offer was declined on their behalf.

Although each of these clients was seeking mortgage loans, their circumstances differed in that one secured a personal mortgage, the other obtained their mortgage under a corporate name. Typically, Non-QM loans require numerous requests for paperwork despite not always resulting in receiving a loan. Our goal here at MortgageDepot is to match the appropriate loan product based on each client’s financial needs. In this case, bank statements were used to resolve this issue. When you’re looking for finance a new, existing or investment home, contact us here at MortgageDepot we’ll help you secure the best loan for the home of your dream and your family’s needs.

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

Take advantage of the benefits of a reverse mortgage

Take advantage of the benefits of a reverse mortgage

Take advantage of the benefits of a reverse mortgage

MortgageDepot has come up with a solution for homeowners of the baby-boomer generation to access the equity in a home without taking on the burden of a monthly mortgage payment. We work with members of the baby-boomer generation to take advantage of the many benefits offered by reverse mortgages. Our loan officers have all of the information a senior homeowner needs, but here is a brief introduction to our reverse mortgage program.

Borrowing without incurring a monthly mortgage payment

A reverse mortgage allows borrowers receive tax-free payments each month from a lender based upon the equity in a home. The lenders we work with at MortgageDepot determine the equity available in a home and calculate how much of it can be made available to the homeowner through one of the following methods:

  • A tenure option offers equal monthly payments for life as long as the borrower continues to occupy the home as a primary residence.
  • Borrowers may elect to receive a monthly income for a fixed term instead of for life.
  • A line of credit option is available for borrowers who prefer having the ability to access the available equity in the home only when they need it.
  • Borrowers may elect to take the available equity in the form of lump-sum payment.

Borrowers working with our loan officers can combine the available payment options to develop one that meets a specific need.

Eligibility and repayment guidelines

All borrowers must be at least 62 years of age to qualify for a MortgageDepot reverse mortgage. Unlike other types of mortgages, reverse mortgages do not have income or credit requirements for eligibility. The primary criteria for eligibility are the age of the borrower and the amount of equity in the home. Borrowers can elect to pay title insurance, credit reports, appraisal fee and other costs related to the loan from the proceeds of the reverse mortgage.

Repayment of a reverse mortgage usually occurs when the borrowers no long occupy the home as a primary residence. The surviving spouse of a deceased borrower does not have to repay the reverse mortgage until the home is no longer occupied as a primary residence.

Benefits of a reverse mortgage

Reverse mortgages offer many benefits for senior homeowners, including:

  • The ability to remain in the home while receiving supplemental income each month.
  • No repayment of the loan as long as the home remains occupied as the primary residence of the borrower or a surviving spouse.
  • The equity in the home becomes available for use by the borrowers for any purpose they choose.
  • Title to the home remains in the name of the borrowers.

Borrowers receive a tax-free payment while maintaining full control over their home. Any equity in excess of the amount of the reverse mortgage belongs to the borrowers or their heirs upon sale of the property.

Contact MortgageDepot

MortgageDepot is a mortgage broker company, so our loan officers can help borrowers find the best lender for their reverse mortgage needs. 

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

CEMA can save you thousands in closing costs

CEMA can save you thousands in closing costs

Each person seeking a mortgage at MortgageDepot presents us with a unique set of financial circumstances. MortgageDepot’s Loan Processor Irina Olivieri recently explained in depth how closing a mortgage refinance in certain instances can become very complicated. In New York state clients can obtain a Consolidation, Extension and Modification Agreement, or what is called a CEMA loan when they are looking to refinance their mortgage loan.

A CEMA loan is attractive because clients only have to pay taxes on the amount of the new loan that is above and beyond their current unpaid principal balance, such as closing costs or cash out. CEMA loans are only available on conventional, jumbo and FHA refinances. VA loans are not available.

Mortgage Loans

The CEMA loan can help to reduce the amount of money a borrower pays in New York state mortgage taxes. CEMA can save you a lot of money on a refinance in New York State. Most clients looking for cost-effective refinancing should find that a CEMA loan makes perfect sense. However, it’s vital to know what to expect in terms of fees and closing times.

One thing to note is that CEMA loans have some additional fees involved that could make it less advantageous to some borrowers. Fees vary for individual loans but can range anywhere from a few hundred dollars to a few thousand dollars. These fees typically cover CEMA assignment fees, closing fees, and processing fees.

Although CEMA can save you money in most cases, it isn’t the quickest process. The state of New York and any previous lender must sign off to get the mortgage and title transfers processed under CEMA regulations, allowing you to pay taxes only on the new money in the transaction rather than the full principal balance. Understand that any CEMA refinance is going to require more patience than your average refinance. It may take anywhere between 60 and 90 days to close your loan. However, they’ll keep you updated throughout the process. If for some reason you need your loan to close quickly, you can take a look at regular refinances. Just be aware that you could pay additional taxes in exchange for that speed.

New York homeowners can get CEMA refinancing now at MortgageDepot.com today! If you’d prefer to get started over the phone, you can talk to one of our Mortgage Loan Officers by calling (718) 268-9000.  

To contact us by phone call (718) 268-9000 or email us by clicking here.

Mortgage Loans

© 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