MortgageDepot specializes in providing competitive financing programs for borrowers who are dealing with challenging or unique situations. Recently, Richard Goldstein utilized the extensive power of our lending relationships at MortgageDepot to assist a client who had a previous foreclosure listed on their credit history. The client ultimately received a 3.8 percent interest rate on a 30-year fixed-rate mortgage. The total points paid on the loan were 2.75 percent.
This family used the funding that the MortgageDepot team set up to purchase a single-family residence in Suffolk County, New York. Because of the situation, the loan officer utilized the Clean Slate program, which is available exclusively from ARC and is suitable for applicants with a relatively recent foreclosure. As a condition of the loan, the lender required the client to document that he had made the last 12 months of rent payments on time. Because the applicant made these payments using cash, the loan officer collected 12 months of bank statements. The bank statements showed a cash withdrawal on the first day of the month, but only 11 months were available. The applicant’s wife, who was not a borrower on the loan, made the 12th payment. Even though she was not on the loan, MortgageDepot worked with the lender to provide acceptable proof that the rent payment had been made on time.
This is only one of many examples of how Richard Goldstein has drawn on his expertise to help his clients at MortgageDepot achieve their goals. With many years of experience in the residential lending industry, Richard is a loan officer to connect with if you have a derogatory item on your credit history.