• 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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Investor 1-4 Program Enhancements

Investor 1-4 Program Enhancements

We are dedicated to helping our borrowers with getting the funding that they need, so we made some great updates to our No Income Verification’ program!

Moving forward, any purchase on a residential investment property, where the borrower has a 700+ FICO score, now qualifies for up to 75% LTV.

Also, we expanded our incredibly efficient commercial program to now include investment residential properties.

Here are some of the program highlights:

  • Guaranteed closing within 5 business days of receiving the appraisal and underwriting conditions on deals with 50% LTV or less
  • 620+ mid-FICO score qualifies your borrower
  • 700+ mid-FICO score qualifies for 50 BPS Reduction on the start rate
  • Bankruptcies: Okay 1 day after discharge
  • No tax returns or income statements required

Let us know if there’s anything that we can help with.

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

Downpayment Assistance Programs

Downpayment Assistance Programs

If you are interested in buying a new home in the near future, you may be taking a closer look at your finances and trying to figure out how you will get the money you need to purchase the home you want. You may qualify for the loan amount you desire based on your income, but you may not have quite enough money to make the full down payment.

One option would be to purchase a smaller home. However, this may not be desirable because most people need to find a home that has a minimum number of bedrooms, bathrooms and living areas to meet their family’s needs. Another option to consider is to use a down payment assistance program from MortgageDepot.

There are several different options available for down payment assistance, and this means that there may be a great solution available to help you overcome your current down payment challenge. Some programs use low-interest or no-interest second liens, and you can speak with a representative at MortgageDepot about the qualifications for these programs. An alternative to these programs would be a low down payment first lien or a first lien that enables you to accept a gift of funds from a family member. As you can see, there are many creative ways available that you could overcome the challenge of having a low down payment, and our team at MortgageDepot can help you to explore all of them in detail.

Getting pre-qualified through MortgageDepot is a great way to learn more about the loan programs that you may qualify for and to narrow down the down payment assistance programs that may be suitable for you. This will also tell you the loan amount that you may qualify for and other important information that you will need in order to move forward with your buying plans. We make it fast and easy for you to get pre-qualified. You can spend a few moments completing the short loan application online, or you can speak with us personally to complete the loan application over the phone.

At MortgageDepot we specialize in helping our clients overcome their unique challenges so that they can move forward with their dreams of home ownership. If you are challenged by a limited amount of money available for use as a down payment, a smart idea is to contact our office today to inquire about our programs and to get pre-qualified.

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

Home Purchase Loans

Home Purchase Loans

Most people who buy a home in New York or anywhere else use a home purchase loan, also called a mortgage, to pay for it. Before getting a mortgage, there are some things you should know.

Credit score is king

The most important factor in getting a mortgage and the interest rate you get is a credit score. People with high credit scores, around 760 and above on the FICO scale, get the best interest rates. That’s important because even an extra quarter percentage point can mean thousands of dollars in finance charges over the life of the loan.

Pay attention to the payment

When deciding how many homes they can afford for a home, most people focus on their monthly payment. But when calculating that payment, it’s important to keep in mind all that goes into it. Your monthly mortgage payment will include more than just you loan principal and the finance charges you owe. Your property taxes, homeowners insurance and any mortgage insurance you may have to pay are all added onto your monthly mortgage payment. That means a $1,000 monthly payment for principal and interest could easily grow to $1,400 or more by the time you account for those other items.

Don’t forget about closing costs

To get your mortgage, you have to pay closing costs, which include things such as title insurance fees and transfer taxes. In New York, those fees are among the highest in the country, costing more than $5,000 on a $200,000 mortgage. We are able to roll those costs into your mortgage, you usually have to pay them up front.

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

Related Information:
  1. 2016 Qualifying Income
  2. 203K Loans
  3. 3.5% Down Payment for First Time Home Buyers
  4. 5% Down All Gifts Funds Allowed
  5. Apartment Lending*
Mortgage Refinance in NY

Mortgage Refinance in NY

As a New York State mortgage broker we are best at shopping for the best interest rate for our clients. We are a wholesale mortgage broker that searches all retail banks rates and we have the ability to beat that rate by a 1/8 of a percent. If you are looking to refinance your New York property, please check with us before you make your final decision. We have the ability to beat any interest rate.

Most national banks or mortgage companies do not know the New York mortgage market. New York real estate is one of a kind. We are not an escrow state, we have mortgage tax and most importantly NY is infested with coops and condos. We are experts in financing coops and condos.

Mortgage refinance in NY should only be handled by a mortgage company that is located in NY and has the experience with the NY mortgage market. Mortgages in NY either for refinance or for a purchase, it takes experience and knowledge to finance properties in NY. That is why we at MortgageDepot, located in Queens NY, have the knowledge and experience in the NY mortgage market.

For more information about applying for a mortgage refinance in NY, do NOT hesitate and contact us, we are a reputable company and for a limited time offer if you refinance your property with MortgageDepot we will offer you the homeowner a gift certificate through Home Depot, valued at $495. So it’s a win win for you, get the best service and rate possible and get a $495 gift certificate from Home Depot.

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

No Credit or Experience Fix and Flip Loans

No Credit or Experience Fix and Flip Loans

At MortgageDepot, we are always looking for creative mortgage programs. The latest program to Hit the market is the No credit or even No experience needed when it comes to fixing a property and then flipping it. See below some of the highlights of the program:

No Credit Score Required, Non Owner Occupied

Residential Bridge / Rehab Program

Our non-owner occupied 1 to 4 unit residential bridge/rehab program is ideal for experienced investors and first-time fix and flippers alike.

We offer interest only bridge and rehab loans for the short term flipper and require no credit score or report (as long as the loan closes in an entity).

We also require no personal or property income, no primary residence ownership, and no investment experience. Purchase, refinance, cash-out refinance, purchase fix and flip and refinance fix and flip loans are ok.

This program is currently available in CA, CO, CT, FL, GA, IL, MD, MI, MO, NC, OH, PA, SC, TN, TX, VA, WA and WV.

Permanent (3/30) NOO 1- 4 unit loans are also available nationwide Term Sheet Requirements

  • No Credit | No Tax Returns | No Rent Roll
  • Rehab/Bridge Loans $100,000 to $1,000,000 (+/- considered case-by-case)  12 Month Interest Only Term
  • No Tax Returns and No Financials
  • No Credit Score/Report Required
  • (cannot exceed 80% of AIV)  To 100% of Rehab
  • (cannot exceed 75% of ARV)  No Prepay Penalty
  • (no exit fee, no interest guarantee, nothing!)  2 to 3 Week Closing (with timely receipt of documents)

The terms above are estimates and are subject to change or withdrawal.

Contact us for more about this flip and fix program. Call 800–535-0270 

Working Capital to a Trucking Company

Working Capital to a Trucking Company

A borrower needed some quick working capital to assist with the purchase of a new truck. Even though the borrower had average credit and his business was cash-flow positive, finding financing had proved difficult.

Trucking is considered a high-risk industry by most lenders. Additionally, this borrower only owns one truck which greatly increases the chances of default should that truck breakdown. The fact that this business is a sole proprietorship and not a corporation, was a non-starter for most lenders.

We funded this borrower $6,500 of unrestricted working capital in 2 days and approved this transaction based off of 3 months of bank statements and a 1-page credit application.

Private Business Term Program

Our Private Business Term Program offers daily, weekly and monthly payments, unrestricted working capital, business credit lines, no prepayment penalty options and rates starting at 7.99%, but we also offer: No collateral requirement, no restricted industries, no caps on NSFs, no minimum deposit requirements, no time-frame for bankruptcies or foreclosures, no judgment restrictions, credit down to 500, minimum time in business down to 2 months and much, much, more

Contact us for more information about a working capital loan.

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

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