Omitting Installment Debt From The Borrower’s Debt-to-Income Ratio
MortgageDepot
by Mortgage Depot
1w ago
Did you know that there are differences between conventional and FHA loans when it comes to omitting installment debt from the borrower’s debt-to-income ratio? When it comes to conventional loans backed by Fannie Mae and Freddie Mac, borrowers can omit installment debt such as auto loans if they are 10 payments or less away from being paid off. However, with FHA loans, the requirements are a bit stricter. In addition to the installment debt being 10 payments or less away from being paid off, the monthly payment must also be no more than 5% of the borrower’s monthly income in order to be omitte ..read more
Visit website
No Income Check Mortgage for Non-Traditional Borrowers
MortgageDepot
by Mortgage Depot
1w ago
We have emerged as the top choice for providing “No Income Check” mortgages for those borrowers who qualify for the program. The “No Income Check” program does exist and has specific requirements in order to get this type of financing. The program is mostly designed for the self-employed borrower as an option for home financing since self-employed individuals have a complex way of documenting income. As time has evolved, the No Income Check” program has allowed individuals who are 1099 or retired, to also obtain financing under this program. Most lenders across the continental United States re ..read more
Visit website
Specific calculation for rental credit allowed on lease to purchase transactions
MortgageDepot
by Mortgage Depot
2w ago
Did you know that MortgageDepot offers a specific calculation for rental credit allowed on lease-to-purchase transactions? It’s true! When a Borrower decides to purchase the home they are currently living in and there is a lease-to-purchase option by the Landlord, the following criteria apply: The Borrower must be living in the subject property for a minimum of 12 months and have a valid lease for no less than 12 months of canceled rent checks. The maximum rental credit allowed towards the down payment is the difference between the actual rent being paid and the market rents as determined by ..read more
Visit website
Manual underwriting on declining income for self-employed borrowers
MortgageDepot
by Mortgage Depot
3w ago
Did you know that FHA requires a manual underwrite on declining income? It’s true! For self-employed borrowers whose income has declined by more than 20% in the most recent 24-month period, a manual underwrite is necessary. This means that additional requirements must be met, including having 3 months of PITI reserves for 1-2 unit properties and 6 months for 3-4 unit properties. In addition, one FHA-recognized compensating factor is also needed to qualify for the loan. The maximum manual debt ratios allowed are 40% for the front-end ratio and 50% for the back-end ratio. It’s important to be aw ..read more
Visit website
FHA DPA program up to 100% CLTV
MortgageDepot
by Mortgage Depot
3w ago
The FHA DPA (Down Payment Assistance) program offers up to 100% CLTV for purchase transactions only on primary 1-2 unit properties. A minimum FICO score of 600 is required, and borrower-paid compensation is the only option. The DPA second can only be used in conjunction with our first lien. 2 Options for DPA second Repayable Option The 10-year fully amortizing option has a rate that is 2.0% higher than the first mortgage lien. The payment is included in the DTI. Forgivable Option No payment is required, and there is no interest rate. The borrower must remain in the subject property for 10 y ..read more
Visit website
About Ilya Vaysberg
MortgageDepot
by Mortgage Depot
3w ago
Ilya Vaysberg is a highly experienced mortgage loan originator at MortgageDepot, bringing over two decades of expertise to the table. Since 2001, Ilya has become a trusted name in the mortgage industry, known for his deep understanding of the financial landscape and his dedication to helping clients achieve their homeownership dreams. Before joining MortgageDepot, Ilya honed his skills at several prominent financial institutions. His extensive background in the financial sector has equipped him with a wealth of knowledge and a diverse skill set, enabling him to navigate the complexities of mor ..read more
Visit website
Our Non-Qm program allows for reduced seasoning on credit events
MortgageDepot
by Mortgage Depot
1M ago
Did you know that MortgageDepot’s NonQM program offers reduced seasoning on major credit events? It’s true! If you have experienced a foreclosure, short sale, deed in lieu, default modification, or were over 120 days delinquent, with a minimum of 12 months since the event, you may still be eligible for a loan with an additional Loan Level Price Adjustment. Only one major credit event is allowed, and all occupancy types are considered. Seasoning begins from the date of discharge or property resolution, such as the sold date. Foreclosures included in a bankruptcy based on discharge date are acce ..read more
Visit website
Getting Pre-Approved? Here is what you need to know
MortgageDepot
by Mortgage Depot
1M ago
When pre-approving our Borrowers, it is important to understand the guidelines set by different lending Agencies based on their income, employment, assets, and situation. Here is a brief overview: Overtime, Bonus, Commission: Fannie Mae: Requires a minimum 12-month history of receipt. Freddie Mac: Requires a minimum of 2 years. FHA: Considers a minimum 12-month history of receipt. Part-time employment: Fannie Mae: Requires a minimum 12-month history of receipt. Freddie Mac: Requires a minimum of 2 years. FHA: Requires a minimum of 2 years. Assets: Fannie Mae: Typically looks at 60 days o ..read more
Visit website
FHA Rate/Term Refinance Guidelines for Borrowers
MortgageDepot
by Mortgage Depot
1M ago
Are you a borrower looking to refinance your FHA loan? Good news! Even if you have owned and lived in the subject property or made less than 6 months of mortgage payments, FHA still allows a Rate/Term only refinance to happen. However, there are some important guidelines to keep in mind. Firstly, the loan must be manually underwritten, which means reserves will be required. The maximum Loan-to-Value (LTV) ratio is 85% if you have owned or lived in the property for less than 12 months. Additionally, a clean mortgage history is a must. When it comes to reserves, borrowers of 1-2 unit properties ..read more
Visit website
Guidelines for Non-U.S. Citizen Borrowers
MortgageDepot
by Mortgage Depot
1M ago
Are you looking to purchase a home in the United States but are not a U.S. citizen? Fannie Mae has guidelines in place to help non-citizens who are lawful permanent or non-permanent residents secure a mortgage under the same terms available to U.S. citizens. Eligibility Guidelines: To be considered legally present in the United States, a borrower must have a Social Security Number (SSN) and current, verified status. This status can be documented by an employment authorization document (EAD), Green Card, work visa, or other valid documentation. Borrowers who meet the legal presence criteria mu ..read more
Visit website

Follow MortgageDepot on FeedSpot

Continue with Google
Continue with Apple
OR