Here at MortgageDepot, we recognize and support the entrepreneurial drive of self-employed individuals. Unlike many other lenders, we embrace the opportunity to work with newer businesses. We are at the forefront of offering non-QM lending solutions tailored for self-employed individuals who have been in business for less than two years. – Self-employed individuals with a minimum of 18 months of experience Only three years of experience needed in the same business line Flexible Loan-to-Value (LTV) options: up to 80% on primary residences, 75% on Second Homes, and 70% on Investment Properties ..read more

Are you a self-employed borrower looking to secure a mortgage? Well, we have some great news for you! At MortgageDepot, we do not always require business tax returns for self-employed borrowers. That’s right – you read that correctly! When it comes to funding for closing costs, down payment, and reserves, all the funds must come from the borrower’s personal accounts. This ensures transparency and simplifies the process for self-employed individuals. In addition, we have specific criteria that must be met for self-employed borrowers to qualify for this benefit. The borrower must have been self ..read more

Our borrower is looking to refinance their primary residence, which includes an accessory dwelling unit (ADU) that has been rented out on a long-term lease. They are interested in cashing out to purchase an investment property and rely on the income from the ADU to qualify. With a FICO score of 740 and an LTV of 75%, the borrower can provide a lease and two months of rent receipts for the ADU. The accessory unit is legal, and the market rent is reflected in the appraisal on FNMA form 1007. Non-QM Solution:  When it comes to the treatment of monthly qualifying rental income or loss in the ..read more

A DSCR loan is a specific type of financing that mandates the borrower to uphold a particular ratio of cash flow from rental properties to debt obligations. This ratio, known as the debt service coverage ratio (DSCR), guarantees that the borrower can meet their loan payments. Title can be held in an LLC, S Corp, C Corp, or trust No limit on the number of financed properties Eligible properties include single-family homes, condos, townhomes, and condo hotels with 2 to 48 units Options for 30-year fixed or 40-year fixed with interest-only option No need for tax returns, W-2s, or pay s ..read more

As one of the largest mortgage brokers in New York, we have become the experts in non-QM financing. We have a dedicated non-QM team that only knows the non-QM loan market. We have loan programs for any situation. 1. Expertise: With a focus on non-QM lending, our team of experts leads the industry with a wide range of product offerings and competitive pricing. 2. Diverse Loan Products: From Bank Statements to Jumbos up to $10M, we offer a variety of loan options including unique properties like Non-Warrantable Condos and Short Term Rentals.  3. Technology-Driven Convenience: Our use of tec ..read more

With our blanket mortgage we don’t limit our borrowers to just one property, we can lend up to 48 units. Our blanket mortgage secures up to 48 properties by consolidating loans into a single, customized plan tailored to fit your borrower’s specific financial needs. A single mortgage can cover up to 48 properties Partial release clauses allow for individual pieces of real estate to be sold without requiring a full payoff Only experienced investors are eligible, with 1-4 residential units allowed Mixed transactions, including purchases and cash-outs, are permitted The loan DSCR must be a minimu ..read more

With just one year of self-employment needed, we make it easier for entrepreneurs and business owners to achieve financing for the purchase or refinance of a property. Our program allows for up to 80% loan-to-value for purchases, as well as options for refinancing and cash-out. Program Highlights Just one year of self-employment required Up to 80% loan-to-value for purchases Options for refinancing and cashing out funds available Program Requirements: Minimum FICO score of 660 Income qualification with just 12 months of recent bank statements and the previous year’s W-2 Must be in the same ..read more

We offer a program that will only require the employer to fill out a verification of employment (VOE) form, no other income documents are required. No tax returns, no pay stubs, no w2, or even a 1099 form, all we need is for your employer to complete the verification form, that is the income that we will use to qualify you for a mortgage loan.  Program highlights • 80% LTV for purchase and rate/term • 70% LTV for cash out • VOE completed by borrower’s company • First Time Home Buyer OK to 70% LTV • Max loan amount $4,000,000 • Min FICO 620 • No W2, 4506C, Paystubs or Tax Returns This pr ..read more

Are you a borrower with only one FICO score or no FICO score at all? If so, the One Score or No Score Mortgage Program might be the perfect solution for you. This program is designed to help individuals who may not have a traditional credit history qualify for a mortgage. With this program, you can secure financing for up to 65% loan-to-value (LTV) and qualify with full documentation. One of the key benefits of the One Score or No Score Mortgage Program is that it applies to all occupancy types. Whether you are looking to purchase a primary residence, a second home, or an investment property ..read more

Have you ever heard of a condotel? If not, you’re in for a treat! We offer Condotel loan products for these unique condo units. At MortgageDepot, we are experienced in condotel financing and are here to help you get the condotel financing you are seeking. What is a Condotel? A condotel, as the name suggests, is a condominium that also operates like a hotel. It offers the best of both worlds, combining the comforts of a condo with the convenience and amenities of a hotel. These units are typically located in popular tourist destinations, making them an attractive investment opportunity for thos ..read more