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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...

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2016 Qualifying Income

Income from 2016 Used to Qualify1. 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...

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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...

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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...

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What You Need To Know About Reverse Mortgages

A reverse mortgage is an ideal way to make your retirement years financially easier and more enjoyable. Although the term reverse mortgage can be confusing, it can be seen as a homeowner selling part or their entire home over time. The way it works is quite simple....

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Home Affordable Refinance Program

In early 2015, government officials estimated that up to 700,000 homeowners across the United States could benefit from the federal Home Affordable Refinance Program (HARP). Since 2009, HARP has helped millions of American mortgage borrowers stay in their homes by...

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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...

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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...

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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...

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Conventional Refinance Loans in New York

A conventional mortgage is one that is not insured by a government program, such as the VA or FHA. When you refinance into a conventional loan in New York or elsewhere, the process is pretty simple, but there are some things you have to keep in...

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Condo Refinance in New York

Refinancing any kind of home can sometimes be a challenging process. However, condos seem to have an additional layer of difficulty subject to approval by the Federal Housing Administration along with Freddie Mac and Fannie Mae before these organizations...

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Consolidate Your Debt with a Cash out Refinance

Whether you have credit card debt, student loans, personal installment loans or other types of debt, you may be tired of making many payments to different lenders. You may also be looking for a way to lower your total monthly payments, make it easy to...

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