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Two-month bank statement program

Two-month bank statement program

As a mortgage broker, MortgageDepot.com has developed a knack for finding solutions to the challenges borrowers face when in need of mortgage financing. We offer our borrowers an assortment of loan programs because we work with many lenders rather than only one or two. For example, our two-month bank statement program is ideal for borrowers with inconsistent incomes or without the income documentation required to satisfy the lender underwriting conditions of most lenders.

Borrowers benefitting from our two-month bank statement loans

Coming up with the documentation to prove a borrower’s income and its source is not a problem for someone who receives a W-2 at the end of the year from an employer. Unfortunately, some occupations do not offer a consistent source of income documented by a W-2, including the following:

  • Self-employed individuals
  • Freelancers
  • Individuals working in seasonal jobs
  • Investors and others with inconsistent income streams
  • Business owners not receiving a regular paycheck

no income verification

Borrowers in any of these categories usually do not have W-2s, paystubs and tax returns to document the amount or source of their income. A MortgageDepot.com two-month bank statement mortgage offers these and other borrowers a solution to the challenge of obtaining the financing they need to complete the purchase of a home.

Two-month bank statement program guidelines

Individuals with two months of bank statements for their businesses are eligible to apply for our two-month bank statement loan. The following are some of the highlights of the program:

  • 90% maximum loan-to-value ratio
  • Credit score of at least 680
  • Loan amounts up to $5 million
  • Interest rates as low as 5.15% on a 5/1 adjustable mortgage
  • Cash-out options up to 85%
  • Up to 85% financing on second homes
  • 50% maximum debt-to-income ratio
  • 5/1 ARM and 30-year fixed mortgages available
  • Interest-only options available with a 40-year amortization
  • Six-months reserves up to $2 million

Depending upon the underwriting requirements, borrowers in our two-month bank statement program might be asked to produce a profit-and-loss statement from a certified public accountant or licensed tax preparer. Borrowers in need of an exception to any of the terms or conditions of our bank-statement program will find our loan officers responsive to their needs and ready to work with them and our lenders to find a solution.

Learn more about two-month bank statement loans

Our loan officers have the experience and expertise to find a mortgage program to suit the needs and challenges of any borrower. Contact us at our website at MortgageDepot.com or by calling us at (800) 535-0720 to learn more about our two-month bank statement program.

To contact us by phone call 800-535-0270 or email us by clicking here.

no income verification

 

A self-employed dentist finally gets financing after trying 4 times

A self-employed dentist finally gets financing after trying 4 times

Mortgage Depot devotes specialized care and attention to each of our clients seeking a mortgage. Recently, Mortgage Loan officer Roman Kaziev worked diligently to secure a mortgage for the following client facing specific challenges when applying for a mortgage. The borrower is self-employed obtained a No Income Check loan after being declined by four other banks. The process went very smoothly, and they can now save $900/Month on their mortgage.

purchase

Roman Kaziev went above and beyond to make sure my mortgage goes through. His entire team worked for months to ensure that the banks and attorneys complete all the paperwork expeditiously and thoroughly. I was always kept informed of every step of the process. I highly recommend Mortgage Depot for all your mortgage and refinance needs.”

Securing the right mortgage for each of our clients is our ultimate goal. No two people will have the same financial aspirations or needs, and we are focused on providing them with the very best options when seeking a mortgage. If you want to be a homeowner, let us assist you in making those dreams a reality. Contact Roman for any or all of your mortgage needs.

Mortgage Insurance

Mortgage Insurance

At Mortgage Depot, we understand that some buyers struggle to come up with the money for a down payment, so we work with lenders offering reduced down payment requirements for loans with private mortgage insurance. PMI allows buyers to qualify for a mortgage with a lower down payment, but no one wants to pay a monthly fee for PMI if it can be avoided. Mortgage Depot is a mortgage broker, so we work with different lenders offering alternatives to PMI.

What is mortgage insurance?

Most lenders require borrowers to put down at least 20% of the purchase price of a home. Mortgage insurance was developed to give borrowers who could not save enough money for a 20% down payment the chance to purchase a home.

PMI is a policy of insurance that pays a lender in the event a borrower defaults in making payments on the mortgage. The monthly cost of PMI depends upon the following factors:

  • Amount of the down payment
  • Borrower’s credit score
  • Loan-to-value ratio

How long it will take a borrower to payback a loan is also a factor in determining the cost of PMI. The PMI for a 15-year mortgage will be less than a mortgage that will take 30 years to payback.

Avoiding PMI

The easiest way for a borrower to avoid the cost of mortgage insurance is by putting down at least 20%, but we know that is not an option for many people. Mortgage Depot has lenders offering an alternative to PMI through a piggyback mortgage.

Piggyback financing involves a first mortgage for 80% of the purchase price and a second mortgage equivalent to 10% of the price of the home. The buyer’s down payment using this method of financing is reduced to 10% of the purchase price, and both loans close at the same time to complete the transaction.

Contact Mortgage Depot

Speak to one of our loan officers about alternatives to mortgage insurance.

To contact us by phone call 800-535-0270 or email us by clicking here.

UWM Sponsors Lunch

UWM Sponsors Lunch

Our valued partner United Wholesale Mortgage graciously catered lunch for the staff of MortgageDepot. We are proud to be partners with UWM. As partners, we work in tandem to provide a wide array of mortgage products from UWM to our clients to help them secure the home or business of their dreams.

UWM bringing the staff together to “break bread” over lunch enhances the feeling of camaraderie among the colleagues here at MortgageDepot. This generous gesture engenders a positive corporate culture that translates into a higher level of customer service for all of our clients.

Thanks to United Wholesale Mortgage for making lunch here at MortgageDepot a “family affair!” If you’d like to gather your family around the table in a new home, contact MotgageDepot today to secure your mortgage. We’ll treat you like family. Our Mortgage loan officers are here ready to make your dream of home ownership a reality. Give us a call today for a consultation, and with the help of United Wholesale Mortgage, we’ll get you the very best mortgage product for your needs.

Reverse mortgage purchase loans

Reverse mortgage purchase loans

Reverse mortgages have traditionally been the method used by senior homeowners to access the equity in their homes without incurring a monthly mortgage payment. Payment of the debt created by a reverse mortgage is deferred until the property ceases to be the borrower’s primary residence. At Mortgage Depot, we offer senior borrowers the ability to use a reverse mortgage to purchase a home through our reverse mortgage purchase program.

Reasons a reverse mortgage purchase loan makes sense

The home a couple lived in while raising a family might not be the best option for retirement. Some of the reasons for selling the family home include:

  • Downsizing now that the children have moved out.
  • Reducing repairs and maintenance costs with a newer home or condominium.
  • Accommodating physical limitations.

Reverse mortgage loans give seniors the chance to buy a new home without adding a monthly payment.

Features of our reverse mortgage purchase loans

Among the features of a reverse mortgage purchase loan are the following:

  • Loans are available for the purchase of existing single-family homes and properties with up to four units.
  • Borrowers must take occupancy as a primary residence within 60 days following the closing.
  • Amount borrowed is determined by the age of the borrower, interest rate on the loan and appraised value of the property.

The difference between the amount borrowed and the purchase price of the home usually comes from the equity from the sale of the borrower’s current residence, but it could also come from other sources, including savings and retirement accounts. Funds making up the difference between the reverse mortgage purchase loan and the cost of the property cannot come from refinancing a second home or investment property.

Contact us today

Speak to one of our loan officers about a reverse mortgage purchase loan today. 

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

Meet Orlando Segundo Jarrin

Meet Orlando Segundo Jarrin

“My role here at MortgageDepot is that as a Loan Officer. Before joining the staff here thirteen years ago, I worked for another firm called Olympic Mortgage. I just happened to fall into the mortgage industry by chance. I was very young, and I intended to buy a used car, but I kept seeing open house signs in the vicinity where I was shopping, and on a whim, I also decided to attend the open house. Instead of the car, I purchased my first property!

This one purchase opened my eyes to a possible career in real estate. I’m excited about each workday as I was during my first real estate purchase. I don’t sell my clients rates. I try to be as versatile as possible and offer them an excellent product; I pride myself on being a savings expert for my clients. And my clients are extremely pleased with the service that I provide to them! They consistently make new business referrals, send thank you gifts and make phone calls thanking me, and they leave glowing reviews on my webpage regularly.

When the financial crisis of 2000-2006 happened, it was the result of insufficient income verifications for people seeking mortgages. The best thing to change in the mortgage industry has been the introduction of new mortgage programs offering flexibility to borrowers. If I could wish for one big thing, I’d like to see legislation that permits the hard-working young people designated as DACA, be afforded the privilege of homeownership.”

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