• 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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Our Exclusive! Appraisal Waivers Now Available

We have partnered with a wholesale lender to give us a big advantage over our competition: appraisal waivers. This means we run the loan through Fannie Mae or Freddie Mac and receive a waiver for the appraisal, which means that no physical appraisal is needed saving borrowers money in appraisal fees.

Fannie Mae Enhancements

Fannie Mae is changing a number of guidelines to make lending easier. Below are the changes for loans submitted to underwriting effective immediately:

  • Student Loans
    • Monthly payments will now be based off of the amount showing on the credit report or 1% of the remaining balance.
    • Student loan debts may be paid off to qualify and classified as a rate/term refinance.
  • Condominium Reviews
    • Fannie to Fannie rate/term refinances up to 80% LTV, will no longer require a condo review.
    • Eligible in all 50 states
  • Debts Paid by Others
    • Non-mortgage debts paid by non-borrowers can now be excluded from the debt ratio calculation with 12-months canceled checks.
  • Properties Listed for Sale in the Previous Six Months
    • Cash-out refinances will no longer be capped at 70% LTV when the subject property has been listed for sale in the previous six months. With this update, properties that were listed for sale must be taken off the market on or before the disbursement date of the new loan.
  • Truncated Asset Account Numbers
    • Truncated or masked account numbers for bank and portfolio or investment accounts where at least the last four digits are displayed are now allowed on asset documentation.

Contact us today for a FREE consultation at (800) 535-0270

Non-Conforming Jumbo Mortgages

Non-Conforming Jumbo Mortgages

We have a non-agency jumbo product that allows someone with a FICO as low as 700 to get up to 80% financing!

At Mortgage Depot we are constantly looking for mortgage programs that will meet our borrowers’ expectations. For those luxury home-buyers, we have assembled a fantastic portfolio of Jumbo products that will suffice any borrower situation.

Prior to today, the minimum credit score requirement for Jumbo loans up to 80% financing was set at 740 and now one of our wholesale lenders lowered that requirement to a credit score of 700. So if you are looking for a Jumbo mortgage and have scores between 700 and 739 then contact us we have a loan for you.

ALSO available through our company are other Jumbo programs which are listed below:

  • Jumbo Condo & co-ops allowed!
  • Jumbo 2-4 family financing available
  • Jumbo Cash-out allowed!
  • Jumbo 2nd home & Investment properties allowed
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*
Communication and honesty: The mark of a good loan officer

Communication and honesty: The mark of a good loan officer

When home buyers set out to find the home of their dreams, the key players working with them are their real estate agent and loan officer. The fact that most residential home purchases require mortgage financing makes the relationship between the loan officer and the real estate agent a determining factor in the success of the transaction.

The relationship between agents and loan officers is one derived from economic necessity. Real estate professionals need a knowledgeable and skilled financing expert to work with their buyers, and loan officers need real estate agents as a source of business referrals.

According to Johnny Quinn, a mortgage broker with MortgageDepot, the development of a good working relationship between real estate professionals and loan officers takes time and effort on the part of both parties. In his experience, communication and honesty are the two most important qualities real estate agents look for in a loan officer.

Communication and transparency

Once they have helped a buyer to find a home and agree upon the terms of the purchase, a real estate agent depends upon a loan officer to take over and handle the financing. Buyers, particularly those purchasing a home for the first time, have questions about financing the purchase, including:

  • How does the process work?
  • What paperwork and documentation will they need?
  • How long will it take to be approved for the mortgage?
  • What interest rate will they pay?
  • What costs are associated with the loan?

A loan officer who is unwilling or unable to ease the fears and concerns of buyers places the real estate agent in the uncomfortable position of having to deal with telephone calls and visits to the office from irate buyers. “It is our primary job as loan officers to be there for our borrowers,” said Johnny Quinn. “MortgageDepot has procedures in place to ensure open communication between our mortgage brokers and the borrowers and real estate professionals with whom we work.”

Quinn emphasized how he reviews the application, disclosure agreements and other documents with his borrowers to address any questions or concerns they might have about them. This is in sharp contrast to some companies that routinely send documents to borrowers who must wade through them on their own.


Real estate agents understand how problems can arise when buyers apply for financing. A buyer’s credit score, income or debt can create challenges. According to Quinn from MortgageDepot, no one wants to deliver bad news to a buyer or to the buyer’s real estate agent, but the worst thing a broker or loan officer can do is not be honest about problems.

A professional mortgage broker can help

Our mortgage brokers at MortgageDepot work with home buyers to find the best lender for them. We guide our borrowers through the lending process and are with them at every step of the way to answer their questions and address their concerns.

Contact us today for more information at (800) 535-0270

New Loan Amount Limits 2017

New Loan Amount Limits 2017

As of January 2017, the national loan amounts for both conventional and FHA loan types have increased. This shows that home prices are rising and the loan limits need to be adjusted to reflect that. At MortgageDepot, we make sure that our loan officers are always kept up to date with industry changes and always have the knowledge the structure the deal properly so it benefits the borrower and not the lender. Contact us for more information about refinancing or getting pre-qualified for a new home purchase.

Related Information:
  1. 2016 Qualifying Income
  2. Apartment Lending*
  3. Are you tired of non-performing hard money lenders?
  4. Avoiding Unreimbursed Employee Expense
FHA Annual Mortgage Insurance Premium “Reduction” 2017

FHA Annual Mortgage Insurance Premium “Reduction” 2017

As per FHA Mortgagee Letter ML2017-01, the Annual MIP rates have been lowered, for mortgages with a Closing/Disbursement date on or after January 27, 2017.  Closing/Disbursement date refers to the later of the date of the signing of the Mortgage, or the date of disbursement of the loan proceeds, as is entered in FHA Connection.  With this revision to the annual MIP rates for FHA Title II forward mortgages, FHA is eliminating the distinction in rates based upon the base loan amount.  See the following:

Keep in mind we also have new loan amounts, see below:

Express Renovation Loans

Express Renovation Loans

Anyone who has ever gone house hunting knows that no house is perfect. But many houses could be perfect if a few changes could be made; if some repairs could be done or if a new kitchen or an additional bath could be put in.

In fact, today more than ever before the housing market is flooded with homes that are undervalued, either due to neglect or because they aren’t up to date with what modern buyers want. Why not take advantage of the equity tied up in those undervalued homes by getting a home renovation loan?

MortgageDepot’s Express Renovation Loans are the perfect solution to help you unlock the potential in the undervalued real estate! What do they offer?

  • An affordable, convenient way to borrow funds to renovate or repair a property
  • A Way to save a deal threatened by repair contingencies
  • An alternative to a second mortgage or home equity line of credit
  • Options for purchases or rate and term refinance
  • Options for primary residences, secondary residences or investment properties
  • Options for individuals, non-profits or municipalities
  • Options for 1-4 unit properties
  • Loans based on the value of the home “as-completed”

Our MortgageDepot Express Renovation Loans come in two options: The Fannie Mae Renovation Loan and the FHA Renovation Loan.

Each has its benefits depending on the needs of the borrower.

Benefits of the Fannie Mae Renovation Loan:

  • Available for 2nd homes and non-owner occupied properties
  • Borrower can choose the contractor
  • If the repairs are less than $15K, no consultant is required
  • Lender Paid Mortgage Insurance (LPMI) is allowed
  • Can be used for the repair or installation of luxury items, such as a pool, additional bathrooms, kitchen renovations or additions to the structure

Benefits of the FHA Renovation Loan:

  • Available for primary residences only
  • Available to borrowers with FICO credit scores as low as 620
  • If the repairs are less than $35K, no consultant is required
  • Available for new purchases or Rate & Term refinances
  • Available with only w-2 transcripts
  • Amortized for either 30 or 15-year fixed rate terms

Don’t let the opportunity pass you by! MortgageDepot is a leading expert on renovation home loans. If you’d like to unlock the potential of an undervalued property that you own, or if you’d like to purchase a home that’s in need of repairs either to use as your own residence or as an investment property, contact us at MortgageDepot today!

To contact us by phone call 800-535-0270

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New York State Department Of Financial Services
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*Registered Mortgage Broker — New York State Department Of Financial Services – All Mortgage Loans Are Arranged Through Third (3rd) Party Providers’ NMLS # 1133788