• 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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Fix and Flip Financing

Fix and Flip Financing

MortgageDepot is leading the way in finding smarter ways for you and your clients to finance fix and flip properties or rental properties. We offer cost-effective and innovative lending solutions specifically for these borrowers.

We provide direct equity-based funding for residential, 2-4 units, multifamily and commercial borrowers who are unable to attain financing through a bank or need capital quick. We offer unbeatable service, very generous broker compensation, low rates, and flexible terms. This is all we do, we’re committed to continually finding faster, easier and more affordable ways for you to get the funding your clients need.

We have created a simple loan closing process designed to meet your needs as an investor.

We have many fix and flip programs (LTP) and 1 (ARV) Program:

Why MortgageDepot

• 2 hour Approvals
• 4 to 5 day Closings
• We Are Broker Friendly
• 24 Years Experience In The Lending Industry
• Make Sense Underwriting
• No FICO Requirements
• No Prepayment Penalties
• Very Competitive Rates
• No Junk Fees
• No Commitment / Up Front Fees
• Fast Flexible Underwriting
• 100K to $2M
• CA Properties Only
• No Fund Control for Repairs

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

Residential Properties-Fix and Lease

Residential Properties-Fix and Lease

We’re experts in assisting real estate investors who specialize in Fix & Lease rehab projects. Have you identified a property that’s in need of a rehab in order to make it a cash-flowing rental property? Have you had difficulty obtaining the finances necessary to purchase and rehab the property? We have the perfect program for you.

Our innovative Fix & Lease program offers professional real estate developers and rehabbers the opportunity to acquire the finances to purchase and rehab rental properties. We can facilitate with loans for as low as $50K and as high as $2.5 Million. This program is only available for single-family or multi-family residential properties, which are intended to be used as rental properties. We offer loan terms for up to 18 months, and we offer negotiable loan origination fees.

Our Fix & Lease program can assist with finances to buy and rehab a rental property nationwide. We offer loans with a loan to value ratio of up to 80% on the purchase and rehab of a property, and for up to 50% on a cash-out refinance of an existing property. We also offer the opportunity to utilize existing real estate assets as collateral on these loans. That collateral can be in the form of any type of non-owner occupied real estate, including single-family or multi-family real estate, commercial real estate or mixed use real estate. We can close in as few as 10 business days, so why wait?

We are the leading expert in providing financing for Fix & Lease property rehabs. If you need assistance with your next Fix & Lease project, we have brokers ready to serve you.

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

Rehabilitation Loan Program

Rehabilitation Loan Program

If you’re a real estate investor looking for rehab financing, we have innovative finance programs that can make a significant difference in your business. Through our Rehabilitation loan program, we’re able to work directly with real estate investors, builders, rehabbers, contractors and other real estate professionals to provide financing for the purchase and rehab of non-owner occupied residential, mixed-use or commercial real estate.

Our expert mortgage loan originators at MortgageDepot are able to assist you with acquiring the finances you need for your next rehab project or Fix & Flip. Through our loan programs, we’re able to offer finances for rehabs and Fix & Flips nationwide. We offer loan amounts as low as $50K all the way up to $2.5 Million for non-owner occupied single-family or multi-family residential projects, with terms up to 12 months.

Our innovating program uses real estate as collateral. That collateral can be in the form of either non-owner occupied residential real estate, or in the form of mixed use or even commercial real estate. The loan-to-value of this program can be for as much as 80% of the purchase price of the property, or up to 65% of the value of a property for a cash-out refinance. Best of all, we can close in as few as 10 (ten) business days.

Our loan consultants are standing by to assist with short-term rehab loans that can be utilized for the financing of new construction projects, to provide bridge loans, to help with the purchase of non-owner occupied single-family or multi-family residential properties, commercial or mixed-use properties and even to help with lines of credit backed by real estate collateral.

To find out more what our fix and flip program is all about contact, our office.

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

We Simplify The Mortgage Process

We Simplify The Mortgage Process

Our team of professionals are accustomed to making sure that the mortgage loan process is as smooth as can be. Take a look at the some of the process that goes into each loan.

Loan Submission Form (this is what holds up most of loan submissions) – we insure it is fully completed and signed and dated, if not it delays things for days.
The better we understand the loan request up front the more streamlined your initial commitment approval will be.

Conditions Cover Sheet – we make sure to use this cover sheet when submitting your conditions so we are aware which conditions you are fulfilling. Once again after approval we must collect conditions that need to be satisfied prior to scheduling a closing, our team makes sure that we have no hick-ups.

We make sure that any documents you are providing in substitution for conditions so that this can be relayed to the underwriter in an explanatory fashion, no guessing.

Closing Loan Document Request – this is a 3 page form. We always make sure the closing agent completes the 2 page, which is always overlooked and also that the Fees associated with the closing is properly prepared and configured. We are always looking out for the borrower and making sure that no duplicate invoices are generated.

That’s a little something about us.

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

2016 Qualifying Income

2016 Qualifying Income

Income from 2016 Used to Qualify

1. When 2016 income is being to qualify, and the underwriter is unable to validate the income using transcripts (e.g. recently filed and no transcripts are available), one of the following scenarios must be met:

  • When 1040s show that the borrower is getting a REFUND:
  • Provide copies of the filed 1040s for 2016, and
  • Verify acceptance of filed return with the IRS via the refund verification site: irs.gov/Refunds

○ See Appendix H for guidance on how to use the “Where’s My Refund” site.
○ Enter the borrower’s SSN, filing status, and refund amount from the 1040s
○ If the results are successful, then it is okay to proceed without the 1040 transcripts for 2016.
○ If the results do not show a match, then the 2016 income cannot be used and the borrower must qualify using the 2014 and 2015 income.

2. When the 1040s show that the borrower OWES money:

  • Provide copies of the filed 1040s for 2016, and
  • Cancelled check (or wire, etc.) showing payment to the IRS in the exact amount shown as the liability from the 2016 return.

○ If the borrower does not pay the balance in full and instead enters into a payment plan with the IRS, the following will also be required:

◘ Cancelled check showing the amount that was sent to the IRS
◘ Evidence of an accepted payment plan by the IRS
◘ The Underwriter will need to escalate these to their Sr. Team Lead for review to determine if there is any further action needed (i.e. reserves sufficient to cover the balance owing and/or add the debt as a liability).
◘ If no accepted payment plan can be provided then the 2016 income cannot be used.

NOTE: To use increasing income from 2016, the above steps will need to be taken; however, if the income from the 2016 returns indicate decreasing income, this lower (i.e. more conservative amount from the current year’s tax return) amount should be considered to qualify the borrower, even if transcripts are not available.

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

Foreign Nationals Program

Foreign Nationals Program

In the United States, all homeowners are property investors. Homeownership is one of the tenets of the American Dream, and it is available to foreigners who wish to own a piece of this great nation. New York is one of the most attractive states for foreign national property ownership, and we are happy to help finance this dream.

Previously, home ownership by foreign nationals in the U.S. was mostly restricted to wealthy investors who arrived with suitcases full of cash to purchase a vacation home that they could only enjoy for a few months in a year. These days, however, foreign nationals can apply for mortgage loans to acquire investment properties, and they may be able to occupy their homes for as long as their visas allow them to.

The basic guidelines and assumptions of our foreign national home lending program are:

  • Minimum loan amount: $100,000
  • Maximum loan amount: $650,000
  • Maximum loan-to-value (LTV) ratio: 65 percent
  • Credit score: 680 FICO
  • Purpose of the loan can be purchase or refinance
  • Applicants must prove strong reserves and adequate credit profile
  • Condominium units are acceptable
  • No penalties for pre-payments
  • All liens seasoned at least 12 months can be settled with refinancing

With regard to the type of mortgage loan that foreign nationals can obtain, we approach each case individually. A fixed rate mortgage may make sense for some borrowers while others may like the flexibility of an adjustable rate.

The mortgage loan application process for foreign nationals is not as complex as some people believe it to be. A current passport with a visa in good standing is essential; obtaining an Individual Tax Identification Number (ITIN) may be required in some cases. Other documents may include: letters of good standing from foreign banks as well as international credit reports.

Contact us at 800-535-0270 for more about our Foreign Nationals Program

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