Low Credit Score FHA Home Buyers Might Qualify in 2023, 100% Financing Home Loans 2023 (USDA, VA, FHA), Current Mortgage Interest Rates | January 2023, Mortgage Relief | Mortgage Stimulus Program 2023. Please inquire with lender for updated program qualifications that pertain to your state and your credentials. Credit Underwritten Based on LTV, FICO, and Liquidity. No-doc . Highly recommend this company!! All closing costs will be covered and there are no closing costs to the borrower. A no-income verification mortgage refinance is a type of loan that allows borrowers to refinance their homes without having to provide documentation of their income. Special thanks to Lucrece Valentin and her team for their tireless commitment to providing a smooth seamless buying experience. When you are buying a house, it is imperative to get a pre-qualification or pre-approval letter from banks and lenders that have a strong reputation and who you feel comfortable with. I, wholeheartedly, recommend Juan Carlos for all your lending needs. I would not have my new home without her. No-doc loans . No income verification. 800 SE 4th Ave Suite 139 Thanks for getting me to the finish line. It was a great process. No tax returns, no paystubs, no bank statements, no 4506 required. Thank you all for your time and excellent customer service! We have experienced loan officers who specialize in no income-verification financing to provide guidance and advice to borrowers about this and other mortgage programs offered by MortgageDepot. Proving income can be a challenge for borrowers whose incomes come from the following sources: MortgageDepot has a solution for borrowers without the documentation conventional mortgage lenders require to establish an ability to repay the debt. Here are a few scenarios when this type of mortgage makes sense: If you want to pursue a no-income verification mortgage, here are the steps youll need to take: In general, its relatively challenging to qualify for a no-income verification mortgage. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. Overall my experience was painless and i never felt alone, pressured or cheated. If you dont have standard proof of income, like pay stubs and W-2s, then a lender might approve your mortgage based on other financial factors. A: Yes, there are mortgages available with no tax returns required but they are only offered by certain lenders. Me'me was my loan processor and was great also. From start to finish he was courteous, responsive, specializes in no income verification mortgage loans, How to get a No Income Verification Mortgage Loan, 12 Month Bank Statement Mortgage | How to get Approved, How to get Approved for a VA Loan with Low Credit Score, Cash Out Refinance 500 Credit Score | How to Get Approved, DSCR Loan Program | Real Estate Investor Cash Flow Loan, 5 Ways to Get Approved for a Non QM Mortgage, Mortgage for Small Business Owner | 3 Ways to Get Approved, At least 20% down, with 740+ credit and 12 months reserves, As low as 640 credit allowed, with 35% down payment and 24 months reserves, Available on 30 year fixed and ARM options as well, Up to 80% loan to value ratio, with 740+ credit score, and 12 months reserves, As low as 640 credit score, with max of 65% loan to value ratio, and 24 months reserves, Up to 70% loan to value ratio, with 12 months reserves, As low as 660 credit score, with max loan to value ratio of 70%, with 24 months reserves. Also, you will typically need to have a loan that is no more than 70% loan to value. Ms. Meme excellent, very professional, patience of an angel. The team at Griffin Funding is dedicated to helping more self-employed borrowers and business owners in Arizona find the right mortgage loan for their needs. I traveled for business and my wife stayed home. Once we contacted RK Mortgage Group and spoke to Joelle her experience, knowledge and professionalism put us at ease. . Joelle of RK Mortgage Group and I were destined to do business together. If I had to do it again I'd come right back to RK Mortgage Group! Everyone we dealt with through her office was very professional and friendly, but we love Joelle, and after all the back and forth with her though out this process, consider her a friend! Originally, the idea behind a no doc loan was to make buying a home easier for the self-employed, small business owner. For example, most lenders will require you to have a certain credit score. Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. If its a challenge to verify your income, then a no-income verification mortgage is an option worth pursuing. My situation was unique and they helped me navigate through the steps all the way to the closing table. People do not trust institutions to safely guard their data and many for good reason are terrified of identity theft. Privacy: No income verification mortgage loans allow borrowers to keep their financial information private. Gift funds are not permitted, and loans . With the passing of the Frank-Dodd Act of 2010, stated income loans for owner-occupied properties are now illegal. From first contact to closing, Lucrece and Marcia were amazing. I'm happy. Joelle and Me'me were absolutely wonderful to work with. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. 5 stars to Joelle and Me'me for the exceptional service and attention they provided during the process. Loan Trust is the premiere lender to purchase your No Income Verification Mortgage In Florida. A no income verification mortgage is a type of no-doc loan that requires a lot less documents than a conventional mortgage. As with all mortgage types, including conventional loans and government-backed loan programs, there is a risk that the lender will repossess your home if you dont make your payments on time. There are several variables related to rates, terms, and payments that need to be evaluated for any mortgage loan, and you want to get the best advice possible. Largest Access to Stated Income Loans and Lenders. This type of loan doesnt require standard income documents to finalize your loan. Thanks guys so much. Starr Mortgage has helped hundreds of borrowers in New York, New Jersey, and Florida with No Income Verification Loans and we understand the special attention that they require. The speed at which my communications were received and answered was outstanding. Before signing up for a no-income verification mortgage, be sure to carefully read and understand your loan terms. No income verification mortgages, also known as stated loans or reduced documentation loans, were popular in the early 2000s and offered a loan to anyone with a minimum credit score with no verification of income required. Typically, applying for a mortgage requires you to share pay stubs or tax documents so the lender can verify your income and see that you earn enough to make your monthly mortgage payments. $1,000,000 + $350,000 = $1,350,000 total assets. He provided EXCEPTIONAL customer service, answered my numerous questions and always kept me informed during the entire process. Would recommend RK Mortgage Group, and particularly Joelle, to anyone who is about to begin a wonderful and exciting journey of buying a home. People are raving about home equity loans with no documentation required. The Facts about No Income Verification Loans. I would definitely recommend this mortgage company. Many thanks for their hard work. Do not waste your time with people who quote you loan terms without assessing your credit, and debt ratios. Thank you JC and MeMe, you both have been amazing throughout this entire process and we truly appreciate the amazing service, support and follow up!! In the end, Stephanie, MeMe, and the staff have contributed all their time and effort to help us realized our dream to have a house of our own. No Income Verification Mortgages From B-Lenders. We highly recommend him and RK Mortgage Group! Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. Everyone I talked to was friendly and helpful. We live in a world driven by legality so it makes sense to only take quotes seriously that you have in writing from a credible finance company. Her professionalism and strong work ethic make a big difference in the loan process. Thank you!!!! Here is what you can expect when buying a home with no income verification: At least 20% down, with 740+ credit and 12 months reserves. $100k - $5M, close in 2-4 weeks! Joelle at RK Mortgage Group was fantastic to work with and made a very difficult process stress free. They went above and beyond to help us out with the purchase of our first home. The entire application process handled by email and online, which was very convenient for me. Andres was fast and efficient. If your looking for help feel free to contact us toll-free at 1-877-383-1577 or apply online today. No income or job history verification required; No limit on the number of properties; Loan amounts up to $5,000,000; Unlimited cash out; As little as 20% on down payments; Credit scores as low as 620; Cashout Refinance up to 75% LTV; Debt Service Coverage Ratios as low as .75%; Interest-only loan option available; Suited for new and seasoned . Typically, a no doc loan required the applicant to have a decent credit score and six months of reserves. I was applying for mortgages for my dream home in Florida. No income verification loans on second mortgages are very . Willing to pay substantially higher interest rates for the life of the mortgage loan. Start Online. I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. *This product is not regulated by the New York State Department of Financial Services. I had an issue with my other mortgage company that I had been working with and upon contacting RK Mortgage. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . No-income verification loan rates are substantially higher than currently available mortgage rates, as they pose more risk for lenders. Lucrece was there for me every step of the way and even held my hand during several meltdowns. Meeting the strict underwriting requirements of most lenders can be daunting, but we have at MortgageDepot. You will need a minimum 20% down payment. There was absolutely no surprise in the settlement. How can I buy a house without 2 years of income? Would highly recommend RK Mortgage, they will be with you the whole loan process, difficult or easy loan. Call for Terms and Pricing. Always responded to any question or request immediately. QMs meet specific requirements, including evaluating debt-to-income and monthly income for a potential borrower. Roman was always on hand to answer any questions we had. I wish them lots of clients (not like me), luck and prosperity! I would highly recommend this company. Qualify For Your No-Doc Loan or Alternative Mortgage Loan Today. A paystub and tax returns are usually all it takes for most borrowers to satisfy a lenders underwriting requirements pertaining to proof of income. I would not have been able to do this without the hard work that these ladies have put in, especially after hours, to ensure that I could finally celebrate owning my first home. I had a great experience with RK Mortgage. I highly recommend RK Mortgage Group and Andres. I worked with Andres at RK Mortgage. RK team got everything taken care of quickly and made this a smooth transaction. If you are refinancing, you need to find out what the fico score and loan to value requirements are before making a commitment. Start afree quote toget aninterest rate and payment estimate. I am now a homeowner. So you dont need a traditional income to qualify. They walked me step by step through the mortgage approval process. Standard income documentation is not required, Its possible to qualify with assets only, Most lenders offset the risk with a higher interest rate, A change to your income wont impact your application, Most lenders require a top-notch credit score. . She kept us updated on everything that was happening with our loan. Me Me was tough with HOA. These guys didnt miss single email, every phone call was answered and they brought me to closing with such an ease due to continuous and patient education. From start to finish she stood by my side and guided me thru every process that it took to get me into my dream home. No Income Verification Mortgage. Your loan payments can be interest only payments. The debt service will be $350,000 a year. Words cannot expressed how happy I am with this group. No-documentation mortgage loans, also called no-income verification loans, make it possible to buy real estate without providing things like W-2s or pay stubs to prove your income. What loan does not require proof of income? A no-income mortgage, sometimes referred to as a no-doc mortgage, is an option for borrowers with a non-traditional income stream or another source of assets. * Stated Income -Home Equity Loan up to $300,000. Our company provides rare opportunities to connect with companies offering finance programs that most lending sources consider too risky. We are truly blessed to be first time homeowners! There are 3 main types of No Income Mortgages available: Refinance Loans, Home Equity Loans and Debt Consolidation Loans. But these loan programs can be viable way to enter the housing market as long as you have an exit strategy. Can you buy a house with no money down? Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. We offer one of the industries lowest rates. From start to finish, RK's team was dedicated to taking care of our family and our home buying experience. The average 5/1 ARM rate, on the other hand, was just 4.08 percent. We're forever Thankful for her. Joelle and her processor Me Me were amazing. The whole team was very attentive and trustworthy, they guided us through the process. I was really impressed with technology. Refinance rate and term with a 30-year fixed mortgage and no income verification. Working with Juan Carlos Rivera was great. Related Articles. How can no income-verification mortgages help our borrowers? Problems with no doc loans in the early 2000's nearly tanked the US economy. But instead of looking at your W-2s, pay stubs, or tax returns, the lender lets you provide proof of your financial stability in other ways. Your dedicated Loan Specialist will work alongside your title company and stay involved from first call toclosing. First Name*. As self-employed and without income verification there were not to many chances for us to be approved for a mortgage. We are a Top Leading Mortgage Broker that Specializes in No IncomeVerification Loans. No income-verification loan guidelines The lenders we work with provide financing to borrowers who cannot meet traditional underwriting criteria offer no income-verification mortgages to individuals and properties meeting the following guidelines: Up to 75% loan-to-value ratio based upon property type 680 minimum credit score 30-year fixed-rate . No-income-verification mortgages are a type of nonqualified mortgage. We had a very complicated and non conforming situation but they both made it work! RK Mortgage Group, and Roy in particular, was amazing to work with. They found the right program that fit my needs. Fixed rates/Adjustable. However, you do need to prove that you have enough cash flow, savings, or other assets to make consistent mortgage payments over the life of the loan. . They are always there to give assistance. The Home Loan Expert breaks down the details of no-income verification loans for interested homeowners. Learn more about new bank statement home loans. Self employed borrowers should also review our, Qualification based on property cash flow, 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu, No limit on number of properties financed. One-way lenders do this is to make a qualified mortgage or QM. After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. He was very prompt on getting back to you and making what can be a stressful process very easy. And it was the best experience by far! Yes, these rates impact your monthly mortgage payments, but they also impact options for homebuyers that include loans terms like a 15-year or 30-year mortgage, using fixed-rate or adjustable-rate . Father of 2 beautiful girls, husband to his amazing wife of 17 years. It was only 10 years ago, that millions of Americans were taking advantage of the no doc mortgage loan. As low as 640 credit allowed, with 35% down payment and 24 months reserves. Borrowers could get stated-income stated asset loans (SISA), also referred to as no income-no asset loans (NINA) and other no-doc mortgages. I have nothing but GREAT things to say about RK Mortgage Group. First and foremost, I would like to express how grateful I am to have had Juan Carlos Rivera as my mortgage broker. I actually closed before the date promised. Below, well take a closer look at this option. } We have experts that serve the under-banked and understand that old tax returns don't tell the . At Mortgage Captain, we work with you to obtain a no income verification mortgages through our network of lenders in Ontario. Thanks again, and we definitely recommend Lucrece and her team! I cannot say enough good things about him! The key here is that your taxes should be filed and show that no money is . This gives them an asset-based "income" of $3,750 per month. Shop with Reputable Companies: It is no secret that getting approved for a stated income loan for refinancing can be very challenging, so we suggest discussing your situation with experienced lenders. Thanks again for a great service. Theyre extremely professional and great at what they do. Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. I called Joelle in a panic, and she got me approved and saved my contract. Home | About Us | Warranties and Terms | Articles. I highly recommend RK Mortgage! Yes there are several great options on these NonQM (as they are called) loans today. Start here (Jan 18th, 2023). The first step is to provide your lender with copies of your records that indicate your income. We're a favorite among self employed, business owner's and investor's unable or unwilling to use their tax returns to qualify for a mortgage. Helped ease my nerves about refinancing. A borrower with a good credit score can lock in a better rate than a fair credit borrower. Gone are the days where anyone can qualify for a no credit check home loan, but we have seen several new programs featuring no income verified opportunities for qualified applicants. My situation was unique and they helped me navigate through the steps all the way to the closing table. He is a well disciplined and well-mannered and is the best representation for any mortgage company. I recommend RK Mortgage Group as a first choice. Banks and government agencies overreacted and required tough underwriting requirements for virtually all mortgage loans. I'm self employed and they made the process super easy. I surely will use his services again in the future!!!!!!!! These loans carry high interest and are offered to investors based upon the value of the property. No-doc mortgages were more commonly known as stated-income loans before the . Im not one who provides reviews but for this company Im really happy to do so. Then, I decided to give one last broker a try RK Mortgage Group. Provide documentation that shows your assets and income. He is respectful and a complete gentleman. To qualify for these types of loans, the lender looks at the value of the property after repairs are made and what its potential rent income will be. Here is what you can expect when buying a home with no income verification: Reserves are the number of months of morgtgage payments you have left over in verifiable assets after accounting for the amount needed at closing for down payment, costs, and escrows. Quick, Professional, and Personable. Specialties: NMLS #322945. As a realtor, I have had excellent results recommending her my customers. Rocket Mortgage does not offer this type of mortgage. What is a no-income verification mortgage? As a realtor I want to make sure my clients are taken care of and with Joelle that is not even a concerned. Thank you so much Joelle for your service. I am glad we have chosen RK Mortgage Group. No hidden fees or surprises. Option for No Income Verification. Consent is not required to purchase goods or services from lenders that contact me. It's no secret that mortgages with no income verification are not as easy to secure this year. Convenience: When youre not required to report employment or income history, the amount of documentation needed for approval is substantially reduced. Just refinanced with JC and Me'Me. Loans to $2 Million. Joelle and team were great! Communicative, Professional, Friendly and most of all honest. Our no income verification mortgage in Florida is a great tool for borrowers who demonstrate ability to repay through good credit history. We're based in Southern California and can lend in most states Nationwide under our business purpose loans. Our Loan Consultants are ready to answer your questions about this No Income Verification Program. Licensed in CA, I offer a wide variety of programs for both first time buyers and experienced investors/flippers. While it was good that some of the most reckless no doc loans were banned, going too far in the other direction is also not good. By saving for a larger down payment, you can make yourself a more attractive borrower to lenders and increase your chances of getting approved. I am here to make your purchase or refinance process smooth! First I want to express my deepest gratitude to Juan Carlos Riviera for his patience, courtesy and professionalism. In the past, I had to deal with different companies that takes four to six months, after a lot of papers, to tell me no, for whatever reason, after ask me to send again and again my information, that is the same again and again. 30 Year Fixed Rates Available. Juan Carlos Rivera and his team we outstanding through out the entire loan process. They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. Very stress free and would recommend him and RK Mortgage Group to anyone! He was always there to reassure me and keep me focused. Find the Best No Income Loan Offer with No obligation. We have been extremely successful with getting borrowers approved, even when other lenders said it wasnt possible. RK Mortgage and the staff were very supportive of our journey. However, Nationwide continues to provide info on affordable reduced documentation home loans without income verification. For investment property, getting a DSCR loan would be the option to go with. I called and spoke with Juan Carlos Rivera and gave him a brief run down on our info. Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. We have owned somewhere in the neighborhood of 20 houses, and used mortgages on all of them, so we know what we're talking about! Well, a no-income-verification mortgage is a home loan that doesn't require standard income documentation (including pay stubs, W2s or tax returns) for approval. Would totally recommend. Great team to work with. Additionally, Roy was solid and reassuring throughout the whole process, which was especially appreciated since we were first time home buyers. However, these are non-qualified mortgage (non-QM) programs, meaning they are controlled by individual lenders and not regulated by any government agency. You won't be asked to submit documents and forms you don't have. Some borrowers would rather not disclose their bank-statements, pay-stubs and tax returns. No-income verification mortgages, or no doc loans, dont require you to provide proof of a traditional income stream through W-2s or tax returns. Types of No Income Mortgages. This is not a commitment to lend. In addition, all assets counted . This company was such a pleasure to work with. Extremely positive and always responsive. They have fixed arms options like 5/1, 7/ . Our Experience with RK Mortgage Group was superb. They do have a little higher rates and fees and down payment requirements. This was the smoothest mortgage transaction we have ever had. They do not require borrowers to . Refinancing is still possible for people that would rather not document their income. Upload loan documents and e-sign mortgage forms online. We could not have asked for a more professional and compassionate person to help us refinance. Took the time to explain everything. Juan Carlos Rivera and RK Mortgage Group was amazing during this process of obtaining a mortgage for our new home. Hallandale Beach, FL 33009, No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. She was reliable and always reachable one way or the other. Rates Starting at 7.46%. As first time byer I had million questions. If any one wants to do business with professionalism and respect, I recommend Andres and his team. After several unsuccessful attempts, We found Eric @ RK Mortgage. I heard nightmare stories about buying homes and loan companies but this was not one of those cases. Some organizations, like Mortgage Depot, offer a no income check program. If you are purchasing a property, bank statements are only needed to . Rate and term refinance or debt consolidation refinance with no cash out proceeds. No tax returns! Her professionalism was like no other. Fast, efficient process with minimum efforts. Lucrece was very helpful and gave us hope about the refinance. Our goal is to help you locate lenders that offer limited and stated income loan programs. Find Nationwide lenders that specialize in no income refinancing, no doc mortgages and stated income home loans. . I can tell you that she really did a great job during the entire process. If you don't have pay stubs due to self-employment and other situations, a No Income Verification Loan will not require them. Its important to carefully consider the pros and cons of a no income verification mortgage loan before applying. They were so friendly and kind to me, and I couldn't have closed without their help! Today we cover everything you need to know about getting approved for a no income verification home loan. Will definitely recommend! They were efficient and helpful all the way through the process. He also does conventional loans. }) This should provide your lender with enough information . These loans are credit score driven. Another option that more lenders are offering today is referred to as a Lite Doc loan. RK Mortgage Group, you're the BEST!!! . A phone . You can improve your credit score by paying your bills on time, keeping your credit card balances low, and avoiding applying for too much new credit. Broker rebate up to 2 points available. Thank you RK Mortgage Group Inc. We highly recommend them to anyone purchasing a home. Certain state restrictions and requirements may apply. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. No Income Verification Mortgage. options.element = document.getElementById('click_table_63c85089d9189'); No income verification mortgage program allows you to qualify based on rental analysis to determine property cash flow. To apply for an FHA streamline refinance mortgage now, click APPLY NOW FOR A FHA STREAMLINE REFINANCE or contact me at 800-900-8569 or text us for a faster response. No-income verification mortgages, otherwise called stated-income mortgages, use non-standard means of income documentation. It can also be useful for those who want to keep their employment information private. Not everyone will be approved nor can loans be guaranteed online. In the future, when it's time to refinance our home again, we will choose RK Mortgage again.. No doubt.. as they have earned our trust! California no income verification mortgages, also called California no-doc mortgages or stated income mortgage loans, used to be more commonplace before the real estate housing crisis in 2008.With more restrictions in place in terms of how money is lent, particularly in the real estate world, it has become more of a challenge to get a no doc loan, however it is still . However, youll need to have sufficient existing assets to repay the loan. No-income verification mortgages dont require proof of income. He made what felt like the impossible, possible. Lucrece and our loan processor MeMe worked extremely hard to get our deal done. No doc loans, short for no documentation loans, are mortgages that require little to no paperwork to qualify. Would highly recommend them for anyone on the market looking to purchase a new home. Because the kitchen cabinets and most of the flooring was missing, it was considered unlivable and therefore could not get a normal mortgage. This was the first time I worked with Joelle. Being self-employed made it difficult to get a mortgage but, with the bank statement mortgage the process was a lot easier. This is not an advertisement for credit. Up to 75% LTV Purchase /Rate & Term. What should be your minimum income to buy a house? Instead, you can qualify for the loan based on your assets. If you have the necessary funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage. Joelle and team did a great job! This is what RK Mortgage Group is. When considering a no income loan, it makes sense to take some time and review the lenders and brokers that you are considering. Having a higher score may increase your chances of getting approved for a no income verification mortgage loan. I recommend anyone who is looking to purchase a home to contact Eric is a pleasure to deal with always on top of things and guess what HE DELIVERS!!! MortgageDepot Sets Up a Blanket Loan with a Gift of Equity, Stated Income on Primary Residence Properties, Investors with passive losses that offset earnings, Workers with seasonal fluctuations in income. Ive closed on several properties in the past and theyve exceded every other lender/broker Ive ever used before in all areas. The no doc mortgage options and no income verification loans were popular programs before the default rates kicked in. I would highly recommend RK Mortgage Group and Lucrece and Marcia specifically. The lender will confirm that you can make the loan payments in one way or another. Low Rates Not a Hard Money Loan. No Tax Returns. Loan was closed on time. I was working with Roy and Me'Me. I was googling a mortgage company before purchasing my house and found RK Mortgage Group offering programs for self-employed borrowers. $100K - $5M. From the minute I applied for my bank statement only mortgage to the day I closed Joelle and Sheenaqua have gone above and beyond to make this happen. We're super happy with the service received from RK Mortgage. Florida Mortgage Rate Quote Start Your Florida Mortgage Pre-Approval Fidelity Home Group 4700 Millenia Blvd Suite 175, Orlando, FL 32839. Most lenders also want to see a six-month reserve fund. Juan Carlo Rivera, was quick, professional and courteous. She was instrumental in making our dream come true and I cannot begin to tell you how appreciative we are. Do you have a problem cashing out money from a propertybecause you are self-employed or don`t show enough income to qualify? Joelle worked tirelessly to help us get a hard money loan so that we could get this house and renovate it. You do not provide any pay stubs, W-2s, or tax returns. It is always a pleasure working with her always a positive attitude and very knowledgeable in the field. Have gone through the mortgage process a number of times, and this was by far the easiest! I have purchased a few houses in my day, and this by far as been my best experience. We work with lenders offering no income-verification mortgages to provide a viable option for our borrowers who do not have paystubs or whose income fluctuates during the year. They had all the needed documentation ready on time for the closing. Many Americans simply do not trust banks or government agencies having access or records of their personal or financial information to get a loan. You won't be asked to submit documents and forms you don't have. Home Purchase | No Income Verification Loan. They'll also order a property appraisal to check the resale potential of the investment. Roy and Me'Me closed my loan even after some condo issues we had that other Mortgage company could not close. Interest Only Option Available. Today there are some no doc or limited doc loans that you can qualify for. If you want to purchase a home with no income, youll need a substantial net worth with enough assets to support repaying the loan. Excellent, excellent, excellent! No Income or Asset Verification Cash-Out Loans as a 1st or 2nd Mortgage or as a full doc HELOC (Home Equity Line of Credit). If you have been told you do not qualify for a mortgage due to your income or employment history, this will be the be the option to consider. Thank you again Lucrece & MeMe! I can't thank him enough for everything he did. Available on 30 year fixed and ARM options as well. You won't be asked to submit documents and forms you don't have. Talk to a lender: (866) 240-5121. Of course, having a good idea what the value of your house is very important for getting a genuine quote. Lucrece was absolutely fantastic to work with! to your inbox. As such, they might lack important borrower protections that come with standard mortgage loans. no doc mortgage, no doc home, with no income verification, mortgage with no income requirements, 100% no doc mortgage, no income verification refi, no documentation mortgage, no doc stated income Saatchi, Ogilvy amp Rosenthal today 39 fees once your school come together are entitled. Thank so much for being on top of everything especially during the busiest time of the year. I had a very short time frame to close and they managed to get everything moving, especially in COVID! RK Mortgage Group was considerate of my family's needs and provided options. No Income Verification Mortgage. If I had to do it again rest assured it would be with Eric @ RK Mortgage. 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. No Income Verified Assets: Finding a company that offers a stated income mortgage refinance, or no income equity loan is not as easy as it was a decade ago. A++++. Approval is based on the cash flow generated by the property, and loans between $75,000 and $1.5 million are available. She is very professional and asks questions to help you make the best financial decision available. Be Prudent when Shopping Online for No Income Verification Loan Programs: If you are buying a house, you need to ask the lender what the minimum credit score is, what the minimum down-payment requirement is and whether you will need to supply statements for the lender to verify assets. Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. Absolutely without question the best mortgage company we have ever worked with. Loan Amounts to $10M. Need a Stated Income Mortgage or No Doc Loan? Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. We were able to apply, submit all our required docs and close in less than six weeks. From start to finish Joelle was there for us guiding us every step of the way. My questions were answered quickly and professionally. This option is for primary residence and 2nd homes, and can be used to purchase or refinance a property. Stated Income Stated Assets: Working with RK team was truly a pleasure. They walked me step by step through the mortgage approval process. I would go with him again! As the CEO of a company, I would not hesitate to recommend RK Mortgage Group for their excellent performance in dealing with the clients. Thank you so much JC you are truly a blessing from above! Andres from RK Mortgage Group and his processor, Meme, did a great job! JC is up front and honest person. LTVs up to 75%. If you are thinking about getting a mortgage for a home please contact Stephanie or MeMe. He was quick to respond any my questions (even after standard business hours). In short, there is no income verification, no income documentation, no tax returns, and on certain refinance transactions you will not have to provide any bank statements. However, if you gather as many documents as possible, work with a reputable broker, it is possible to get mortgage approval. If their payments were on time, their credit scores were still good enough to get approved for a stated income loan. Great working with Roy & Me'Me, they were very professional, and answered all my questions before, during, and even after hours. Joelle and processor Me Me were amazing! No Tax Returns / No W2 . These loans will have similar mortgage rates . We do not require pay stubs or tax statements. Every time I was confused, she was always there to help. * Convert your adjustable rates to a Fixed Rate Loan. Joelle was able to jump right in resolve the situation and help me close on my home. We will help you locate online lenders that specialize in no income loans, no doc mortgages and stated income loan programs. No Income Investor Loan Key Loan Features. Contact one of ourloan consultantsto learn more about this program. Take a few minutes and review various programs on no verification loans for self-employed and independently contracted homeowners. That is it! This saves you from submitting complicated income statements and tax returns. non qm mortgage, portfolio loan. RK Mortgage Group team made my dreams of becoming a homeowner again possible. Talk to lenders and find competitive pricing. He always kept the fire going and the process was completed before the promised deadline. State income mortgages and no income loan programs are available but before you start counting your money, make sure that you qualify for. No Income Verification. They were very professional and made it a point to answer all of my questions thoroughly. Why Choose Us. I never felt left out throughout the process until closing. Rates as low as 7%. His advises and the way to deal with minor inconveniences that arose during the process was really professional. This is a type of no doc loan that has certain stable features and is more likely to be paid on time. The process was straightforward, even though my personal situation wasn't. Less Paperwork is paves the road for a smooth loan process. I will extremely recommend RK Mortgage Group to others looking to get approved for a loan. Fortunately, we were able to find RK Mortgage Group which first gave us a hope and then delivered as promised. Additionally, youll likely need significant cash savings, assets, and a low debt-to-income ratio. I went to Joelle after my other mortgage broker gave me a pre qualification, let me sign a contract and then informed me he couldnt make it happened. I actually closed before the date promised. * Full-Document -Home Equity Loan up to $500,000. . On May 19, 2022, the average 30-year fixed rate was 5.25% according to Freddie Mac. How can I get approved for a mortgage without proof of income? Phone Number*. Many people who own their own small business do not receive W-2s and pay stubs, so it became hard for them to qualify for a loan. Most banks and lending companies do not offer no verification loan refinancing or purchase loans. I highly recommend RK Mortgage Group for refinancing issues. When they say they work fast, they mean it. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. $1,350,000 / 360 months = $3,750 monthly income. I was really impress by the way that he answers all my questions and the promptness on how he answers back emails or calls. I highly recommend working with this team to get the best rate and outstanding service! As soon as I sent her correspondence, she responded promptly. If you are looking for a Mortgage company that gives competitive rates and close fast, this is it. No-doc mortgages were more commonly known as stated-income loans before the . 680 minimum credit score My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. Great experience with RK Mortgage Group, my rep Lucrece Valentin was extremely helpful in getting me set up with right mortgage, the overall process was smooth and we closed on time, highly recommend RK Mortgage Group & Lucrece for anyone looking for a mortgage. I feel I made a new friend this year. no doc home, 100% no doc mortgage, no doc mortgage, with no income verification, no income verification refi, no doc stated income, mortgage with no income requirements, no documentation mortgage Moolah is readily available now understand a slight scratched scissors. I'd recommend them to anyone. I found RK Mortgage on the internet, I did some research and gave them a call. You, guys, did a great job! No balloons- 30-year amortized term with a 3 or 8 year fixed period. Constant and accurate information and updates. if (window.ClickTable) { They answered all my questions and concerns in a nick of time. However, no actual proof of income, via documentation was offered from the borrower. Within minutes after filling the application, I received a call from Andres. I highly recommend Joelle and RK Mortgage Group! RK Mortgage group you are the best! Lucrece worked with me through the entire process and was easy to work with. Toggle navigation. They really work with you to get the best rates and to help you get into your own home. I encourage you to reach out if you need to get approved for a mortgage with no income verification, or need guidance on your specific loan scenario. Many self-employed clients choose the no income loan options for home refinancing and house flipping loans. The loan is approved based on credit and reserves. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. Typically, these loans charge higher interest rates than qualifying loans, but can be easier to get approved if you're self- or seasonally employed. Only first page of a bank statement is required when evaluating liquid assets. His knowledge was invaluable to us during this whole journey. 5+ Unit Multifamily & Mixed-Use. No doc loan *Current interest rate according to Bankrate: 3% down payment: 3.5% down payment: After deciding to move forward everything from start to finish was easy and fast. Very easy happy close all the way!! But be prepared to provide extensive documentation about your financial situation. Category: To qualify, you must deposit a 25 percent down payment for the total cost of the purchase transaction and obtain 65 percent Loan to Value (LTV) financing for refinancing. They made it happen. But these types of loans require proof of other assets. We just moved to the US from Thailand last year and bought a house. Roman and Bella kept us informed every step of the way. Thanks! Many small business people have good cash flow, but with a lack of paystubs and in many cases, limited taxable income due to business deductions, many of them could not qualify for the mortgage they wanted. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. RK Mortgage group and Joelle in particular was amazing to work with. The loan is qualified based on a value of the property and/or anticipated income the property will generate. A no-income-verification mortgage does not require the borrower to provide the lender standard proof of income documents, such as pay stubs, W-2 forms and tax returns. I started working with JC on getting the financing done, he is the most patient man on earth. Ms. Meme made sure we were happy with our mortgage experience. Fast and professional! Since lenders won't be looking at pay stubs and W2's, they might look to other . Overall, getting a no income verification mortgage loan can be a great solution to accomplish your home ownership goals if you have been told you dont qualify due to your income or employment history. . " CLICK HERE " to See Today's Mortgage Rates. From the very first conversation that I had with both of these ladies, I knew that I was in the right hands and on my way of owning my first home. Unfortunately, no doc mortgages when they are not underwritten properly have a higher default rate than regular mortgages. Check your mortgage rates. Thank you again!!! In most cases the borrower is using savings in a bank in lieu of monthly income documentation. My experience went beyond than what we expected. Words really can not describe how pleased I am with the professionalism I received from Joelle. | 2023. RK Mortgage Group was recommended to me by one of my friends. Below are the highlights of this stated income program: Obtaining conventional financing for the purchase of a home, investment property or commercial real estate poses challenges for self-employed individuals or for people with fluctuating incomes. Filling out this form puts you under no obligations. RK Mortgage is an awesome company to do business with. This can be appealing for those who do not want to disclose their income or employment to a lender. In this case, you could be a candidate for a no doc or no-income verification mortgage. We found the home we fell in love with and the deal was completed within 5 weeks. Look out for any risky clauses like prepayment penalties or balloon payments that would not be included on a standard mortgage loan. The whole package from start to finish was straight forward and very quick to close . Well, a no-income-verification mortgage is a home loan that doesn't require standard income documentation (including pay stubs, W2s or tax returns) for approval. Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . I've went through a mortgage process for a couple times for the past few years, and this was so far the most pleasant and smoothest experience. I closed on my first home last week and not without the help of Stephanie Ventura and Me'Me Gray. Sometimes lenders call these bank statement loans or stated income loans. LTV up to 70% on Cash Out Refinance. If you want to buy a home without a two-year income history, then youll likely need a great credit score and a large down payment. Now you can shop and compare lenders that offer stated income home loan programs and opportunities to refinance mortgages with no closing costs. Nationwide offers no cost home loan quotes for people seeking refinancing, home equity, purchase mortgages in the United States. Great Job thank you. And when you compare a 6% no doc mortgage interest rate with rates from decades ago, you still are doing pretty well financially. Plug those numbers into the formula and you get DSCR = $2,150,000/$350,000 = 6.14. We were pleased on how efficiently and promptly everything was handled. If you want to purchase a home without a job, youll likely need sufficient assets or another source of income to support the loan amount. Mortgage rates and home loan programs are subject to change without notice. Purchase, Rate/Term and Cash-Out Refinance Loans $150k to $3 Million (Commercial is Higher) Fixed and ARM's 650 Min-FICO 80% Max LTV (depending on scenario) . Start here (Jan 18th, 2023). This means your two most recent pay stubs, your most recent checking account statement, your current savings account statement, and your federal income tax returns from the previous two years. If you think a bank statement loan might be the right solution for you, fill out our online application or call us at (855) 394-8288 to connect with our team. Whether you need an equity loan, purchase mortgage or refinance, Nationwide will help you find companies that continue to offer alternative lending with no income verification programs for qualified applicants. Thank you again. We thought we were not going to be able to buy the house, but she made it work for us. I will always go back to her and recommend anyone to go to her company. You no longer have to let your job history or income documentation prevent you from getting locked into a record low interest mortgage. The lenders we work with provide financing to borrowers who cannot meet traditional underwriting criteria offer no income-verification mortgages to individuals and properties meeting the following guidelines: Up to 75% loan-to-value ratio based upon property type I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. I recommend Joelle very highly. Use your quality financial history to secure a loan. Yes, its possible to get a mortgage without a verifiable income. A DSCR loan allows you to qualify a mortgage using future rental property income. Thank you RK Mortgage Group and Thank you Joelle! Andres was excellent and perfectly understood what I was looking for. If you have enough assets, the lender might be willing to move forward regardless of income. Ive made a call. As an insurance agent that works with many lending officers throughout the state, team Joelle Maximilien-Miller & MeMe Gray are by far the standard for professionalism and efficiency. Great group to work with, they helped us acquire our dream home for our family. Thank you guys for everything. In this type of "stated income loan", the applicant provided info about their income and assets. Nationwide Mortgages. So easy and straight forward to work with and was truly the simplest mortgage we have ever had! No income verification No tax returns 30-year terms. I look forward to working with them again next year for my refinance. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. My personal situation was complicated, but he managed to get me into my DREAM HOME. Joelle and Me'me were the only positive experience in our 16 months journey building a home in Lakewood Ranch, FL. Without her assistance and hard work none of this would have happened. By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. We really didn't think we would be able to refinance but these guys were able to make it happen. You may be able to get a mortgage without a job. Andres Taillepierre and his team worked super hard and quick to give us the best deal refinancing our home. For investment properties, please review our No Income Verification program. I couldn't be happier with Joelle and Me'Me. I should say, my credit is perfect, my finances were great, and my income is solid. Our experience with RK was wonderful from start to finish. A no-documentation home loan is a mortgage that doesn't require the borrower to provide standard income documentation. An appointee from the lender actually verifies employment of the applicant with the company listed as the employer. No documentation loans come with a few different variations. I would definitely recommend RK Mortgage. Thank you very much. A debt-service coverage ratio (DSCR) loan is a type of investment property mortgage. Thank you for getting it done! States Income Loans Making a Comeback - Bankaholic. These loans are risky for lenders, so they require higher mortgage rates for borrowers. But a bank statement loan is designed to provide the lender with a way to verify that the person has enough income to pay the loan. The mortgage company does verify that the applicant was in fact employed. You always need to prove to a lender that you can afford to repay the loan. 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