no income verification mortgage rates

You should have your financial life in tip-top condition if possible. She kept us updated on everything that was happening with our loan. No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. She worked hard to make sure I received the lowest rate and the best deal. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. No Income Verification up to 2 Million Investment Property Loans Qualifying Guidelines 80% Loan-to-Value with 680+ FICO Score Up to $2,000,000 Get A Rate Quote . If for some reason we cant help, well do our very best to point you in the right direction. Stated Income Loan (See lenders for guidelines). *Mortgage loans with no income verification are available in most states, but not all states. 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. Certain state restrictions and requirements may apply. Would highly recommend them for anyone on the market looking to purchase a new home. The whole team was very attentive and trustworthy, they guided us through the process. Thanks to RK we own our lovely house! MeMe is so cool and she always makes us feel encouraged. 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!! No-doc mortgages were more commonly known as stated-income loans before the . The service was top-notch, I believe that everyone working at RK Mortgage are team players with one goal in mind their client's success. The problem came in where people could easily borrow cash temporarily to show they had 'reserves,' and could pay bills by using credit cards. I can't thank him enough for everything he did. Joelle and Me'me were the only positive experience in our 16 months journey building a home in Lakewood Ranch, FL. As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. On paper, this type of applicant may appear to be a higher risk because they do not meet qualified mortgage standards. 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. I would definitely do business with RK Mortgage again! 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. My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. That is it! Stated Income Loans. JC is up front and honest person. An excellent job! Our Experience with RK Mortgage Group was superb. Ms. Meme excellent, very professional, patience of an angel. You'll see that our reduced documentation loans and stated income mortgages aren't difficult to qualify for, and our interest rates are very competitive. Very professional and easy to work with. Phone Number*. Many applicants are good and qualified borrowers that have difficulty documenting their income the way traditional lending underwriters require. Thank you! We always knew exactly what we needed to do during our refi process. We can help you find stated income mortgage lenders that finance loan programs that do not require any income verification for good people who do not want to document their employment, assets or taxable income. By improving your credit score and having the ability to document strong assets, you can increase your chances of getting approved for a no income verification mortgage loan. var options = {"display_percent":"","instance_v2":"5cb4ef89ea4aae7421d684e8","instance":""}; if (window.ClickTable) { I was working with Roy and Me'Me. 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 have purchased our forever home in lovely Key West Florida! 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. Getting a mortgage can be stressful because of the complexities involved in the process. 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 Thank you!!!! No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. There was absolutely no surprise in the settlement. No doc loans, short for no documentation loans, are mortgages that require little to no paperwork to qualify. After that, your rate becomes variable. Overall my experience was painless and i never felt alone, pressured or cheated. No-income verification mortgages, otherwise called stated-income mortgages, use non-standard means of income documentation. We were treated like royalty, with compassion and warmth. But its more challenging than obtaining a mortgage with a regular income stream. More on DSCR loans for investment property here. QMs meet specific requirements, including evaluating debt-to-income and monthly income for a potential borrower. On fixed-rate loans, the fixed-rate period is the life of the loan (30-year fixed, for example). Joelle is the most professional loan officer we've had by far. Loan Amounts up to $3 Million. He made what felt like the impossible, possible. Would totally recommend. We do not require pay stubs or tax statements. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. Get Quotes and Disclosures in Writing: Make sure you get all offers in writing that include the uniform residential mortgage disclosures such as the "Good Faith Estimate" and "Federal Truth in Lending" statements. Im not one who provides reviews but for this company Im really happy to do so. A high score can get you a low interest rate, while a low score can result in higher rates. No Income Investor Loan Key Loan Features. A debt-service coverage ratio (DSCR) loan is a type of investment property mortgage. My situation was unique and they helped me navigate through the steps all the way to the closing table. Constant and accurate information and updates. Strongly recommend to call RK Mortgage for all your mortgage needs. No Income Verification Loans. Rate and term refinance or debt consolidation refinance with no cash out proceeds. No tax returns! I highly recommend them. I would go with him again! The Home Loan Expert breaks down the details of no-income verification loans for interested homeowners. A borrower with a good credit score can lock in a better rate than a fair credit borrower. You, guys, did a great job! But be prepared to provide extensive documentation about your financial situation. Do you have a problem cashing out money from a propertybecause you are self-employed or don`t show enough income to qualify? Office, Retail, Warehouse, Self Storage, Automotive Service ( No gas stations). He was always available, competent, insightful and considerate. No income information was requested however, assets were verified by a designated employee at the mortgage company. Ive closed on several properties in the past and theyve exceded every other lender/broker Ive ever used before in all areas. Joelle and her team were absolutely amazing! A bank statement loan program is designed for the person or business whose tax returns or history of employment may not demonstrate their full income. I enjoy working with Joelle Maximilien-Miller. Our experience with RK was wonderful from start to finish. No Income Verification Mortgage. No Income Verification. This type of loan doesnt require standard income documents to finalize your loan. See online home equity approvals as fast as 10 minutes. No Prepayment Penalty Option Available. A no-documentation home loan is a mortgage that doesn't require the borrower to provide standard income documentation. 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. . Banks and government agencies overreacted and required tough underwriting requirements for virtually all mortgage loans. Your loan payments can be interest only payments. The ability to make a large down payment, often 20-30% or more. As such, they might lack important borrower protections that come with standard mortgage loans. 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. Thank you J.C. Rivera and RK Mortgage Group! They never missed a call anytime I had a question or concern. No Income Verification Mortgages From B-Lenders. I recommend Joelle very highly. I would recommend Joelle to any of my personal friends, family, and or colleagues!! If you have enough assets, the lender might be willing to move forward regardless of income. Joelle at RK Mortgage Group was fantastic to work with and made a very difficult process stress free. I, wholeheartedly, recommend Juan Carlos for all your lending needs. Interest Only Option Available. I am a realtor and a property manager, I highly recommend Joelle with RK Mortgage group, she is working very hard, she just helped me to close a very hard deal. Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. Father of 2 beautiful girls, husband to his amazing wife of 17 years. No tax returns, no paystubs, no bank statements, no 4506 required. I highly recommend RK Mortgage Group for refinancing issues. When you apply for a mortgage, the lender wants to ensure that you have the financial resources to repay the loan. If you want to purchase a home with no income, youll need a substantial net worth with enough assets to support repaying the loan. Lenders don't have to consider tax documents like W2s or tax returns but can accept bank statements as a sufficient form of proof of income. I had an issue with my other mortgage company that I had been working with and upon contacting RK Mortgage. As soon as I sent her correspondence, she responded promptly. Juan Carlo Rivera, was quick, professional and courteous. Very easy happy close all the way!! They were efficient and helpful all the way through the process. 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. Toggle navigation. Our mortgage process went very smoothly and we were able to close as scheduled. 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. Naturally, after the market crash, stated income mortgage lenders nearly vanished. 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. Both ladies were knowledgeable and took time to make sure all my questions were answers regardless the time of day. Speak to a Loan Officer today (888) 508-6055 . RK Mortgage Rocks! Thanks again, and we definitely recommend Lucrece and her team! At Mortgage Captain, we work with you to obtain a no income verification mortgages through our network of lenders in Ontario. How can no income-verification mortgages help our borrowers? If their payments were on time, their credit scores were still good enough to get approved for a stated income loan. A no income verification mortgage loan is a type of mortgage that does not require borrowers to provide documentation of their 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. Find Your No Doc Rate? Its important to carefully consider the pros and cons of a no income verification mortgage loan before applying. Consent is not required to purchase goods or services from lenders that contact me. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. In some cases, cash reserves or other assets are enough proof for the lender. Took the time to explain everything. This website has no affiliation with any government entities. LTVs up to 75%. I look forward to working with them again next year for my refinance. No-income-verification mortgages are a type of nonqualified mortgage. Thanks for getting me to the finish line. It can also be useful for those who want to keep their employment information private. This is a benefit because that allows higher loan to value ratios. Filling out this form puts you under no obligations. From start to finish Joelle was there for us guiding us every step of the way. Highly recommend! Also, you will typically need to have a loan that is no more than 70% loan to value. Please inquire with lender for updated program qualifications that pertain to your state and your credentials. 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. I'm writing this review in my new house and Im thankful to RK Mortgage Group for this. 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. Last Name*. Check your mortgage rates. Thank you again!!! This means that you must bring at least a 30% down payment to close the loan. 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. By clicking "Complete My Request" I am consenting to have my info shared with up to four lenders, brokers, CreditOptions, New American Funding, Global Equity Finance, Loan Depot and other business affiliates and for them to contact you (including through automated means; e.g. 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. . My situation was unique and they helped me navigate through the steps all the way to the closing table. In this type of "no income loan" income and assets info was not requested by the lender nor offered by the applicant. People do not trust institutions to safely guard their data and many for good reason are terrified of identity theft. Low Rates. For investment properties, please review our No Income Verification program. This should provide your lender with enough information . | 2023. I would definitely recommend RK Mortgage. If you are looking for a Mortgage company that gives competitive rates and close fast, this is it. Roman and Bella kept us informed every step of the way. Rates back in the old days in the 80's were over 10%! She goes above and beyond for her clients. Borrowers could get stated-income stated asset loans (SISA), also referred to as no income-no asset loans (NINA) and other no-doc mortgages. qualified applicants borrowing against their primary residence. We were pleased on how efficiently and promptly everything was handled. window.addEventListener('click-table-loaded', function(){ $100K - $5M. No Tax Returns / No W2 . One-way lenders do this is to make a qualified mortgage or QM. The fact is that no income check mortgage programs and reduced document loan programs can be configured to meet your needs if you have strong compensating factors. First and foremost, I would like to express how grateful I am to have had Juan Carlos Rivera as my mortgage broker. Asset Seasoning only 30 days. Yes, it is possible to get a second mortgage without documenting your income. Plug those numbers into the formula and you get DSCR = $2,150,000/$350,000 = 6.14. Great company. 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. Will definitely Recommend. People are raving about home equity loans with no documentation required. Thank you for getting it done! My husband and I have been trying to buy a home for a very long time. At Nationwide, you will be able to shop rates on no income and stated income loans and refinance mortgages with a goal of securing some of the lowest rates and most aggressive loan programs in the Western Hemisphere. This was the first time I worked with Joelle. Her professionalism and strong work ethic make a big difference in the loan process. RK Mortgage Group team made my dreams of becoming a homeowner again possible. "Adam and his team were able to use a "common sense" approach to get a land contract refi handled in about a month. But these types of loans require proof of other assets. We offer one of the industries lowest rates. RK Mortgage Group team exceeded my expectations in every way possible!! Although you cant get approved for a traditional mortgage without proof of income, there are other loan options when trying to obtain a primary residence. Request a call backor email us your questions! She was reliable and always reachable one way or the other. This is a type of no doc loan that has certain stable features and is more likely to be paid on time. 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. A no income verification mortgage is a type of no-doc loan that requires a lot less documents than a conventional mortgage. We greatly appreciate the effort and time that RK Mortgage professionals put into our loan process. 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 had a great experience with RK Mortgage. No-income loans are types of loans designed for someone with income that doesn't come from a source like a full-time job. This is our 2nd time working with them and each time they provided exceptional service. * Full-Document -Home Equity Loan up to $500,000. RK Mortgage Group, especially J C Riviera, were very professional, respectful and easy to have help us refinance our mortgage. If I had to do it again rest assured it would be with Eric @ RK Mortgage. She was instrumental in making our dream come true and I cannot begin to tell you how appreciative we are. He was quick to respond any my questions (even after standard business hours). Highly recommend for anyone seeking mortgage assistance. He kept constant contact with me on any updates throughout the process. 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. Me Me was tough with HOA. Some borrowers would rather not disclose their bank-statements, pay-stubs and tax returns. Great Job thank you. Believe it or not,No Income Verification Loansstill exist. We had a very complicated and non conforming situation but they both made it work! Thank you very much. A B-lender will allow self-employed, commissioned and people earning tips to qualify up to 75% and in some cases 80% (with an in-house product) to refinance, get a home equity loan, or purchase a home with stated income. Instead, you may be able to . 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. On May 19, 2022, the average 30-year fixed rate was 5.25% according to Freddie Mac. I couldn't be happier with Joelle and Me'Me. From first contact to closing, Lucrece and Marcia were amazing. Totally recommend her to everyone we know! . Without her assistance and hard work none of this would have happened. Get the latest housing market news and expert analysis delivered straight Income Documentation is Not Required. They are both knowledgeable, kind, thorough, prompt, responsive, and professional. Her professionalism was like no other. After several unsuccessful attempts, We found Eric @ RK Mortgage. autodialing, text and pre-recorded messaging) via telephone, mobile device and/or email, even if your telephone number is currently listed on any state, federal or corporate Do Not Call list. Provide documentation that shows your assets and income. Lorie C, Fort Myers, Florida Process was simple, quick, and nothing left to chance. What should be your minimum income to buy a house? (Stated income loans still exist for real estate investors, however, because they aren't purchasing an owner-occupied home.) Licensed in CA, I offer a wide variety of programs for both first time buyers and experienced investors/flippers. The key here is that your taxes should be filed and show that no money is . I have refinanced 3 times over the last few years. I really appreciate everything RK team did for me to finance my mortgage. Although the whole process took longer than we anticipated due to certain complication of our case, we were very satisfied and very happy with their service. No Doc Home Loans Explained - Mortgage 101. He was patient and complete in answering all my questions. 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. They found the right program that fit my needs. Find Nationwide lenders that specialize in no income refinancing, no doc mortgages and stated income home loans. You will need a minimum 20% down payment. $1,000,000 + $350,000 = $1,350,000 total assets. Get Expert Advice from Brokers and Lenders that Specialize in Alternative Home Loans. We know the Jumbo Mortgage Business call us at (800) 986-4580. RK Mortgage is an awesome company to do business with. 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. Up to 80% LTV. Home | About Us | Warranties and Terms | Articles. The first step is to provide your lender with copies of your records that indicate your income. He worked with us to find a mortgage that fit our unique financial situation (both self employed) and was quick, efficient, and knowledgeable in the process. Stated Income Stated Assets: She walked through all the steps with me. Just refinanced with JC and Me'Me. Lucrece worked with me through the entire process and was easy to work with. My personal situation was complicated, but he managed to get me into my DREAM HOME. I highly recommend RK Mortgage Group and Andres. I feel I made a new friend this year. But being self- employed doe have its setbacks, and for me this was one of them. 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 . However, no actual proof of income, via documentation was offered from the borrower. Joelle of RK Mortgage Group and I were destined to do business together. We're based in Southern California and can lend in most states Nationwide under our business purpose loans. Entire process took about 30 days and I had access to my loan officers nearly 24/7. In addition, all assets counted . Lucrece was very helpful and gave us hope about the refinance. When they say they work fast, they mean it. If I had to do it again I'd come right back to RK Mortgage Group! 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 . Communicative, Professional, Friendly and most of all honest. I surely will use his services again in the future!!!!!!!! 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. JC was very prompt in answering my questions and obtaining the lowest rate possible for the refinancing of my townhouse. Great team to work with. Highly recommended team that defines word professionalism in this sphere of business! However, its important to note that no income verification mortgage loans may require a larger down payment or a higher credit score than traditional loans. As a foreigner, it was not easy at all to get a refinance with reasonable interest rates After getting tired of either being rejected by well-known lenders or getting quoted with outrageously unaffordable interest rates, we were about to give up our renovation plan to upgrade our new house. I never felt left out throughout the process until closing. non qm mortgage, portfolio loan. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act . We could not have asked for a more professional and compassionate person to help us refinance. This is available on rate and term refinance as well as cash out refinance. Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Pocket (Opens in new window), Click to email a link to a friend (Opens in new window). Ive made a call. Theyre extremely professional and great at what they do. 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. RK Mortgage Group was considerate of my family's needs and provided options. Stated Income Loans. He was always accessible and always willing to answer my endless questions. This is what RK Mortgage Group is. She kept me informed and closed on time. 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 just closed on my first home and the process could not have been any smoother. You won't be asked to submit documents and forms you don't have. Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. No Documentation Mortgage - No Doc: A type of reduced-documentation-required mortgage program in which income and assets aren't disclosed on the loan application and employment isn't verified . There is no minimum income required to buy a house. Thanks! . While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. Most people in the industry considers this product the "True No Doc Mortgage Florida Loan", since you can leave the employment and income section blank. 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! Special thanks to Lucrece Valentin and her team for their tireless commitment to providing a smooth seamless buying experience. Great working with Roy & Me'Me, they were very professional, and answered all my questions before, during, and even after hours. Thank you so much JC you are truly a blessing from above! Roman was always on hand to answer any questions we had. 5 stars to Joelle and Me'me for the exceptional service and attention they provided during the process. They walked me step by step through the mortgage approval process. Loan was closed on time. Great group to work with, they helped us acquire our dream home for our family. They walked me step by step through the mortgage approval process. In this case, the lender did not verify any of the income. Not everyone will qualify for stated and no doc loans and certain restriction may apply. Thanks. It was a learning experience for us. 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. window.ClickTable.mount(options); The average 5/1 ARM rate, on the other hand, was just 4.08 percent. RK team got everything taken care of quickly and made this a smooth transaction. Joelle and her processor Me Me were amazing. We renovated and of course went back to her to refinance on a normal mortgage. In this case, you could be a candidate for a no doc or no-income verification mortgage. Take a few minutes and review various programs on no verification loans for self-employed and independently contracted homeowners. No-doc . I highly recommend working with this team to get the best rate and outstanding service! As a first-time homebuyer, I never knew how to go about buying a house. They work well after hours to help get the paperwork done! Tips for Making the Best Garden Improvements for Your Home's Values. Well help you close quickly, so you can get the keys to your new home in no time. Its not impossible to qualify for a no-income verification mortgage. States Income Loans Making a Comeback - Bankaholic. You may be able to get a mortgage without a job. 1-4 Families + Condos. As a homebuyer, its often easier to work through the mortgage process if you have a steady W-2 income for your household. 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. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. Many Americans simply do not trust banks or government agencies having access or records of their personal or financial information to get a loan. Many self-employed clients choose the no income loan options for home refinancing and house flipping loans. Lucrece was absolutely fantastic to work with! Thank you all for your time and excellent customer service! 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. Our family is grateful for all your help in securing our dream home!! Truly a seamless transaction. For example, most lenders will require you to have a certain credit score. However, if you gather as many documents as possible, work with a reputable broker, it is possible to get mortgage approval. He was always there to reassure me and keep me focused. You need to have an IRS 1099 or be retired, but with a steady income. Thank you again. We found the home we fell in love with and the deal was completed within 5 weeks. 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. I never expected such a good rate given my self-employed situation. They do not require borrowers to . Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. I cannot say enough good things about him! Loan amounts up to $5 million on most properties and up to $2 million on 2-4 unit residential properties Helped us secure a mortgage very fast and she was available anytime we needed her. Would highly recommend RK Mortgage, they will be with you the whole loan process, difficult or easy loan. It was quite an experience with mixed feelings. Excellent, excellent, excellent! Andres was fast and efficient. Thank you RK Mortgage and Joelle. Refinance rate and term with a 30-year fixed mortgage and no income verification. These loans are credit score driven. Working with RK Mortgage Group made the entire process almost stress free. As self-employed and without income verification there were not to many chances for us to be approved for a mortgage. Words cannot express the professionalism and care her team exhibited through the entire process. We just moved to the US from Thailand last year and bought a house. 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. He also got me a great rate on my mortgage! Very stress free and would recommend him and RK Mortgage Group to anyone! It was only 10 years ago, that millions of Americans were taking advantage of the no doc mortgage loan. I am here to make your purchase or refinance process smooth! Thank you for your help to buy our new home! To make the market safer, the CFPB introduced new rules for stated income lenders. Excellent rates, no junk fees and great loan terms. Need a Stated Income Mortgage or No Doc Loan? I worked with Andres at RK Mortgage. He always had our best interest at the forefront and we are so grateful he led us through the process. Thank you! Joelle and processor Me Me were amazing! Borrowers hoping to get a mortgage with a non-traditional source of income have options. I highly recommend Joelle and RK Mortgage Group! Debt-To-Income (DTI) is Not Calculated. No Income Verification Mortgage. Andres Taillepierre and his team worked super hard and quick to give us the best deal refinancing our home. Two thumbs up! 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. Words cannot expressed how happy I am with this group. The lender will confirm that you can make the loan payments in one way or another. 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. A++++. Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. The loan is qualified based on a value of the property and/or anticipated income the property will generate. They helped us along the way. Joelle and Me'me have been hanging there with me and my lousy builder for 16 months. You can get approved for a mortgage loan without proof of income by providing proof of assets. If you have the necessary funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage. JC was amazing to work with, available at all times to answer questions and always quick response back to me. We shopped around with confidence and when we were ready, our team at RK made our dreams come true! We had an unusual condo purchase that most banks would not touch. Each lender sets its own specific credit score requirements for no-income verification home loans. They were very professional and made it a point to answer all of my questions thoroughly. Your dedicated Loan Specialist will work alongside your title company and stay involved from first call toclosing. Everyone I talked to was friendly and helpful. Joelle and team were great! Lucrece and her team were awesome! I traveled for business and my wife stayed home. Additionally, Roy was solid and reassuring throughout the whole process, which was especially appreciated since we were first time home buyers. Talk to lenders and find competitive pricing. Lucrece was there for me every step of the way and even held my hand during several meltdowns. No Income Verification Mortgage Loans on Primary Residence, Second Homes and Investment Properties up to $3 Million., No income documentation Mortgages. It is nice to have someone that cares and also has your best interest at heart. I was googling a mortgage company before purchasing my house and found RK Mortgage Group offering programs for self-employed borrowers. Self employed borrowers should also review our Bank Statement program. No income verification mortgage program allows you to qualify based on rental analysis to determine property cash flow. Smooth and easy to work with an extreme pleasure all around. Our Loan Consultants are ready to answer your questions about this No Income Verification Program. RK Mortgage was definitely the right choice for us. 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. Thanks guys so much. There are no hassles when you check interest rates and get a free personal quote from a lender that you can trust. We thought we were not going to be able to buy the house, but she made it work for us. I just want to say how thankful I am to have found Joelle Maximilien-Miller to do my loan. Joelle worked tirelessly to help us get a hard money loan so that we could get this house and renovate it. Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. 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. We are truly blessed to be first time homeowners! Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) I heard nightmare stories about buying homes and loan companies but this was not one of those cases. This can be appealing for those who do not want to disclose their income or employment to a lender. Highly recommend this company!! Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. As first time byer I had million questions. First I want to express my deepest gratitude to Juan Carlos Riviera for his patience, courtesy and professionalism. We were able to apply, submit all our required docs and close in less than six weeks. A no-income-verification mortgage is a home loan that doesn't require the documentation that standard loans typically require like pay stubs, W2s or tax returns. He also does conventional loans. Always fast to respond to phone calls and any concerns, great with answering unlimited questions of first time homebuyers, explaining every step of the way, and simply getting things done. 800 SE 4th Ave Suite 139 The entire application process handled by email and online, which was very convenient for me. His knowledge was invaluable to us during this whole journey. Rates as low as 7%. For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. We actually closed in 26 days. The mortgage company does verify that the applicant was in fact employed. If any one wants to do business with professionalism and respect, I recommend Andres and his team. Call for Terms and Pricing. Instead, youll need to prove to the lender that you can cover the mortgage payments. After receiving an honorable discharge from the U.S. Marine Corps in 2008 Adam began his career in the mortgage business. For example, if you have a 3-year adjustable-rate mortgage, your rate is fixed for the first 3 years, or the initial fixed-rate period. Additionally, she is the founder of Adventurous Adulting, a personal finance blog dedicated to helping readers tackle their money and take control of the adventure of life. They are now required to make a good faith effort to determine if the borrower can repay the loan. 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. Adam Lesner is a Mortgage Loan officer in Brighton, MI. Your dedicated Loan Specialist will be your guide from application to closing. She is very professional and asks questions to help you make the best financial decision available. }) Apply in 30 seconds with one quick, easy form. I highly recommend RK Mortgage Group!! They have fixed arms options like 5/1, 7/ . . Once we contacted RK Mortgage Group and spoke to Joelle her experience, knowledge and professionalism put us at ease. While common before the 2008 financial crisis, no-income verification loans also sometimes called non-QM loans are no longer widely available to homebuyers. In lieu of pay stubs, W-2 forms and tax returns, lenders may accept bank statements as proof of income. Contact one of ourloan consultantsto learn more about this program. Helped ease my nerves about refinancing. Most lenders also want to see a six-month reserve fund. . I would like to thank everyone who was involved with my loan from the beginning until signing. Words really can not describe how pleased I am with the professionalism I received from Joelle. I have worked with many different lenders in the past because I'm a Realtor. We offer stated income loans and jumbo loans from $200k to $10 million. Rates starting at 6.25%. Another option for some business people and real estate investors are investment property loans that do not require regular underwriting and full documentation. You always need to prove to a lender that you can afford to repay the loan. Find the Best No Income Loan Offer with No obligation. They'll also order a property appraisal to check the resale potential of the investment. USDA vs FHA: Which low down payment loan is best for first-time home buyers? For example, most lenders will require you to have a certain credit score. " CLICK HERE " to See Today's Mortgage Rates. No income loan programs provide another layer of protection that many people desire to buy or refinance a house. Funding from $75k to $5 million. No income verification. We now have a significantly lower monthly payment and this is amazing! In some cases, you can even use the projected rental income of a property to qualify for the mortgage. How can I buy a house without 2 years of income? No Income Verification Mortgages . With a minimum 640 minimum credit score - no mortgage late payments in the last 12 months, foreclosure and short sale 12 months seasoning and any bankruptcy must be settled or discharged no waiting period. These loans are available with competitive interest rates and are typically five-year ARMs. Sometimes lenders call these bank statement loans or stated income loans. What credit score is needed for a no-income verification mortgage? I am very grateful for your quick and professional work! What en excellent experience! As a realtor I want to make sure my clients are taken care of and with Joelle that is not even a concerned. Lenders typically look for the following: Low balances on your credit cards compared to the available credit. I was applying for mortgages for my dream home in Florida. Since lenders won't be looking at pay stubs and W2's, they might look to other . Complete our simple and secure online form inminutes. Very professional. The definition of "Above and Beyond". Talk to a lender: (866) 240-5121. I was shopping for mortgages for a while until I found RK. He provided EXCEPTIONAL customer service, answered my numerous questions and always kept me informed during the entire process. Yes there are several great options on these NonQM (as they are called) loans today. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . Thank you guys! 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!!! Debt-to-Income NOT Calculated. While true no income verification mortgages no longer exist, lenders can qualify you based on almost any kind of cash flow. Our no income verification mortgage in Florida is a great tool for borrowers who demonstrate ability to repay through good credit history. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. He gave me all our options in a clear and concise manner. Privacy: No income verification mortgage loans allow borrowers to keep their financial information private. You don't need to show pay stubs. No Tax Returns. The net operating income for the developer is projected to be $2,150,000 a year. We really appreciate that. No W2s, paystubs or Taxes needed! Great job ladies and gentlemen! From the minute I applied for my bank statement only mortgage to the day I closed Joelle and Me'me have gone above and beyond to make this happen. It was a great pleasure to work with RK Mortgage Group from initial call to closing. It's no secret that mortgages with no income verification are not as easy to secure this year. Gift funds are not permitted, and loans . Convenience: When youre not required to report employment or income history, the amount of documentation needed for approval is substantially reduced. Will definitely recommend! They never missed a call anytime I had a question or concern. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. Someone with a $300,000 mortgage at a 5.25% . 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. 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. They are both very knowledgeable, honest and are true professionals. He took numerous calls, emails and texts from me daily. Every time I was confused, she was always there to help. The loan is approved based on credit and reserves. Ms. Meme made sure we were happy with our mortgage experience. They had all the needed documentation ready on time for the closing. Purchased an investment property. Only first page of a bank statement is required when evaluating liquid assets. As a realtor, I have had excellent results recommending her my customers. If its a challenge to verify your income, then a no-income verification mortgage is an option worth pursuing. Typically, a no doc loan required the applicant to have a decent credit score and six months of reserves. In this type of "stated income loan", the applicant provided info about their income and assets. We offer one of the industries lowest rates. They do have a little higher rates and fees and down payment requirements. What is a no-income verification mortgage? Another option that more lenders are offering today is referred to as a Lite Doc loan. Most lenders will require that you have approximately 20% equity in your property (after closing on the second mortgage) and the rate typically will not be as favorable as when income documentation is provided. Approval is based on the cash flow generated by the property, and loans between $75,000 and $1.5 million are available. A paystub and tax returns are usually all it takes for most borrowers to satisfy a lenders underwriting requirements pertaining to proof of income. We really didn't think we would be able to refinance but these guys were able to make it happen. No hidden fees or surprises. Always responded to any question or request immediately. A phone . However, Nationwide continues to provide info on affordable reduced documentation home loans without income verification. Yes, a no-income verification mortgage enables you to buy a home without a regular job, or steady source of income. These loans are risky for lenders, so they require higher mortgage rates for borrowers. I highly recommend!!! Ms. Meme made our dreams of owning a home come true! Fast and professional! 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. Additionally, youll likely need significant cash savings, assets, and a low debt-to-income ratio. Thank you again! 30 Year Fixed Rates Available. Me'me was my loan processor and was great also. This is not an advertisement for credit. No Income Verified Assets: Loans to $2 Million. 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. I will always go back to her and recommend anyone to go to her company. Thank you RK Mortgage! The lender accepts other items, such as bank statements, as proof you can repay the mortgage. The no doc mortgage options and no income verification loans were popular programs before the default rates kicked in. Joelle provided my family with amazing service. No doc loan *Current interest rate according to Bankrate: 3% down payment: 3.5% down payment: If your looking for help feel free to contact us toll-free at 1-877-383-1577 or apply online today. 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. I actually closed before the date promised. I must mention that I was very impressed with the great and prompt communication I had with Joelle and Me'me. Types of No Income Mortgages. 680 minimum credit score Today we cover everything you need to know about getting approved for a no income verification home loan. Thank you again for all of your help and support! Fortunately, we were able to find RK Mortgage Group which first gave us a hope and then delivered as promised. Roy and Me'Me closed my loan even after some condo issues we had that other Mortgage company could not close. window.ClickTable.mount(options); No-doc loans . This was the smoothest mortgage transaction we have ever had. I found RK Mortgage on the internet, I did some research and gave them a call. 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) . Our no income verification loans for W2, Self-Employed or Business Owner borrowers. RK Mortgage group you are the best! I would definitely recommend this mortgage company. 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. My husband and I found our dream home so I started researching and looking for mortgage companies. 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. This saves you from submitting complicated income statements and tax returns. Call 1-613-296-3892. Highly professional service. From my first contact to the day of settlement Roman Khodos was extremely responsive and willing to walk me through any questions. *This product is not regulated by the New York State Department of Financial Services. My experience was stress-free. Are you getting declined from your current lender because you don`t qualify for a Mortgage? Working with RK team was truly a pleasure. But these loan programs can be viable way to enter the housing market as long as you have an exit strategy. Juan Carlos Rivera and RK Mortgage Group was amazing during this process of obtaining a mortgage for our new home. However, youll need to have sufficient existing assets to repay the loan. This company was such a pleasure to work with. And it was the best experience by far! Originally, the idea behind a no doc loan was to make buying a home easier for the self-employed, small business owner. By far the smoothest mortgage process that we have ever had. Of course, the lender still needs to know that you can afford the loan. My experience went beyond than what we expected. If you get paid in cash, it might be possible to get a mortgage. Up to 75% LTV Purchase /Rate & Term. I highly recommend RK Mortgage Group and Andres. 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. It is always a pleasure working with her always a positive attitude and very knowledgeable in the field. 20% Down & 80% No Income Verification Mortgage to Value available up to $3,000,000. Because the kitchen cabinets and most of the flooring was missing, it was considered unlivable and therefore could not get a normal mortgage. to your inbox. Stephanie and Me'Me were the best, everything was fast, smooth and easy. First Name*. They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. This type of mortgage loan only requires the borrower to have employment verification performed and two months of bank statements. Being self-employed made it difficult to get a mortgage but, with the bank statement mortgage the process was a lot easier. I had the best experience of my life with RK Mortgage Group. So you dont need a traditional income to qualify. Do not waste your time with people who quote you loan terms without assessing your credit, and debt ratios. They are always there to give assistance. Why Choose Us. Have gone through the mortgage process a number of times, and this was by far the easiest! . 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 . These loans carry high interest and are offered to investors based upon the value of the property. The basic requirements for a no-income verification loan include: A credit score of 700 or higher. Lenders must fully document a borrower's ability to repay the loan either with income or assets. 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. Loan Amounts to $10M. 5/1 ARM, 30-Year Fixed. Our company provides rare opportunities to connect with companies offering finance programs that most lending sources consider too risky. Rocket Mortgage does not offer this type of mortgage. I actually closed before the date promised. We wasted multiple months trying other mortgage companies. When others said no they kept pushing and found a way to get it done. Very knowledgeable and professional! We were buying a house that needed renovation in a neighborhood we loved. I started working with JC on getting the financing done, he is the most patient man on earth. The process was straightforward, even though my personal situation wasn't. I highly recommend RK Mortgage! Highly recommend! 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. These loans can help you in a number of ways. I should say, my credit is perfect, my finances were great, and my income is solid. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. We were able to complete a mortgage application online and electronically sign all the documents the next morning. Fixed rates/Adjustable. 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. 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. 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. Fixed-rate mortgagesalso called "conventional mortgages"are basically the bread and butter of the mortgage industry. Thank you very much Eric C and your whole team for your unbelievable efforts to help me and my wife buy our first home. . Highly recommend them! RK Mortgage Group went above and beyond my expectations! I was impressed with the process. Start here (Jan 18th, 2023). Category: })(); Get the latest housing market news and expert analysis delivered straight to your inbox. Can you get a mortgage without a verifiable income? Some organizations, like Mortgage Depot, offer a no income check program. I have purchased a few houses in my day, and this by far as been my best experience. He was very professional and courteous. Thank you for all your hard work and dedication! The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. Of course, having a good idea what the value of your house is very important for getting a genuine quote. Thank you Joelle and RK Mortgage Group you are amazing! RK Mortgage Group, and Roy in particular, was amazing to work with. 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