The speed at which my communications were received and answered was outstanding. You no longer have to let your job history or income documentation prevent you from getting locked into a record low interest mortgage. RK Mortgage Group, you're the BEST!!! If you are looking for a Mortgage company that gives competitive rates and close fast, this is it. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. States Income Loans Making a Comeback - Bankaholic. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . Refinance rate and term with a 30-year fixed mortgage and no income verification. However, these are non-qualified mortgage (non-QM) programs, meaning they are controlled by individual lenders and not regulated by any government agency. 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. Highly recommend! This gives them an asset-based "income" of $3,750 per month. You won't be asked to submit documents and forms you don't have. And that's because . 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available The lender accepts other items, such as bank statements, as proof you can repay the mortgage. Would highly recommend RK Mortgage, they will be with you the whole loan process, difficult or easy loan. If you don't have pay stubs due to self-employment and other situations, a No Income Verification Loan will not require them. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. Thank you for all your hard work and dedication! We thought we were not going to be able to buy the house, but she made it work for us. Ms. Meme made sure we were happy with our mortgage experience. This is not a commitment to lend. I would not have my new home without her. Her professionalism and strong work ethic make a big difference in the loan process. Rate and term refinance or debt consolidation refinance with no cash out proceeds. Thank you J.C. Rivera and RK Mortgage Group! I can tell you that she really did a great job during the entire process. 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 . Your dedicated Loan Specialist will be your guide from application to closing. Sarah Sharkey is a personal finance writer covering retirement, investing, debt, savings, credit cards, mortgages, and student loans. No income loan programs provide another layer of protection that many people desire to buy or refinance a house. Thank you! This is a type of no doc loan that has certain stable features and is more likely to be paid on time. The lender will confirm that you can make the loan payments in one way or another. But its more challenging than obtaining a mortgage with a regular income stream. Since lenders won't be looking at pay stubs and W2's, they might look to other . $100K - $5M. We wasted multiple months trying other mortgage companies. Thank you guys! She kept us updated on everything that was happening with our loan. Types of No Income Mortgages. Learn more about new bank statement home loans. 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. I was applying for mortgages for my dream home in Florida. Working with Juan Carlos Rivera was great. Funding from $75k to $5 million. LTV up to 70% on Cash Out Refinance. Highly recommend for anyone seeking mortgage assistance. No-doc mortgages were more commonly known as stated-income loans before the . Of course, the lender still needs to know that you can afford the loan. I highly recommend Joelle and RK Mortgage Group! Start afree quote toget aninterest rate and payment estimate. I will always go back to her and recommend anyone to go to her company. 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 highly recommend RK Mortgage! Roman was always on hand to answer any questions we had. Instead, you may be able to . The loan is approved based on credit and reserves. A: Yes, there are mortgages available with no tax returns required but they are only offered by certain lenders. The key here is that your taxes should be filed and show that no money is . RK Mortgage Group, and Roy in particular, was amazing to work with. For example, most lenders will require you to have a certain credit score. Start Online. No income verification No tax returns 30-year terms. She was always available to answer my questions, and she guided me through the entire process. Sometimes lenders call these bank statement loans or stated income loans. My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. If possible, aim to get your credit score above the 700 mark. $1,350,000 / 360 months = $3,750 monthly income. Yes, it is possible to get a second mortgage without documenting your income. Option for No Income Verification. 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. Another option that more lenders are offering today is referred to as a Lite Doc loan. I cannot say enough good things about him! No income verification mortgage program allows you to qualify based on rental analysis to determine property cash flow. It's no secret that mortgages with no income verification are not as easy to secure this year. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. Thank you again Lucrece & MeMe! She worked hard to make sure I received the lowest rate and the best deal. We greatly appreciate the effort and time that RK Mortgage professionals put into our loan process. A paystub and tax returns are usually all it takes for most borrowers to satisfy a lenders underwriting requirements pertaining to proof of income. They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. 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. Nationwide Mortgages. . My husband and I found our dream home so I started researching and looking for mortgage companies. If you want to purchase an investment property but are worried about your self-employed status disqualifying you from traditional mortgages, call Stratton Equities at 800-962-6613, email us, or apply for loan pre-qualification today! They really work with you to get the best rates and to help you get into your own home. Thank you again! They went above and beyond to help us out with the purchase of our first home. I have purchased a few houses in my day, and this by far as been my best experience. No Income Verified Assets: Mortgage rates and home loan programs are subject to change without notice. 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. As first time byer I had million questions. 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. 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 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. We do not require pay stubs or tax statements. But being self- employed doe have its setbacks, and for me this was one of them. 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! We were buying a house that needed renovation in a neighborhood we loved. Thank you again. Up to 80% LTV Purchase / Rate & Term or 75% LTV Cash Out Refinance. No hidden fees or surprises. Not everyone will be approved nor can loans be guaranteed online. However, youll need to have sufficient existing assets to repay the loan. They truly were with me every step of the way in the process. I was referred to Roy at RK Mortgage because I was told he specializes in investment properties for self employed people like me. Toggle navigation. However, don't let the name fool you: Some paperwork is required to get a no-doc loan. Helped ease my nerves about refinancing. Stated Income Loans. On May 19, 2022, the average 30-year fixed rate was 5.25% according to Freddie Mac. 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. They were very professional and made it a point to answer all of my questions thoroughly. Took the time to explain everything. Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. I actually closed before the date promised. Nationwide offers unique no income mortgage options on 1st & 2nd loan products. The process was straightforward, even though my personal situation wasn't. Ms. Meme made our dreams of owning a home come true! }) He is a well disciplined and well-mannered and is the best representation for any mortgage company. They do not require borrowers to . Thanks again for a great service. 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. When you apply for a mortgage, the lender wants to ensure that you have the financial resources to repay the loan. Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. 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. No Tax Returns / No W2 . We offer one of the industries lowest rates. . 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. var options = {"display_percent":"","instance_v2":"5cb4ef89ea4aae7421d684e8","instance":""}; No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. If you dont have a verifiable income stream, then youll need enough assets to support the mortgage payments. 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 . No personal income required to qualify. No-income verification loan rates are substantially higher than currently available mortgage rates, as they pose more risk for lenders. They'll also order a property appraisal to check the resale potential of the investment. He was patient and complete in answering all my questions. 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. Joelle and her processor Me Me were amazing. Once we contacted RK Mortgage Group and spoke to Joelle her experience, knowledge and professionalism put us at ease. . 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. Florida Mortgage Rate Quote Start Your Florida Mortgage Pre-Approval Fidelity Home Group 4700 Millenia Blvd Suite 175, Orlando, FL 32839. The Facts about No Income Verification Loans. This saved us a lot of time. Thank you all for your time and excellent customer service! 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. However, if you gather as many documents as possible, work with a reputable broker, it is possible to get mortgage approval. Working with RK team was truly a pleasure. 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. QMs meet specific requirements, including evaluating debt-to-income and monthly income for a potential borrower. No Income Verification Mortgage. The no income check program is available in 46 states, so please contact us either by phone (800) 220-LOAN or email us at [email protected] to find out what states are eligible for the no income check program and what other requirements need to be met for this program. Talk to a lender: (866) 240-5121. No Tax Returns. So you dont need a traditional income to qualify. Always responded to any question or request immediately. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. I highly recommend RK Mortgage Group and Andres. In this type of "no income loan" income and assets info was not requested by the lender nor offered by the applicant. (Stated income loans still exist for real estate investors, however, because they aren't purchasing an owner-occupied home.) Lorie C, Fort Myers, Florida Phone Number*. Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. 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. In this case, the lender did not verify any of the income. Absolutely without question the best mortgage company we have ever worked with. The average 5/1 ARM rate, on the other hand, was just 4.08 percent. 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 . I recommend RK Mortgage Group as a first choice. He always kept the fire going and the process was completed before the promised deadline. Lenders must fully document a borrower's ability to repay the loan either with income or assets. 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. Great job RK team! The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. Thank you RK Mortgage Group Inc. We highly recommend them to anyone purchasing a home. I actually closed before the date promised. No Income Verification Mortgage Loans on Primary Residence, Second Homes and Investment Properties up to $3 Million., No income documentation Mortgages. $100k - $5M, close in 2-4 weeks! 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. 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. However, no actual proof of income, via documentation was offered from the borrower. Thanks to RK we own our lovely house! Would recommend RK Mortgage Group, and particularly Joelle, to anyone who is about to begin a wonderful and exciting journey of buying a home. She kept me informed and closed on time. 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. 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. We offer one of the industries lowest rates. Call for Terms and Pricing. He was always accessible and always willing to answer my endless questions. I worked with Lucrece and she was excellent. RK Mortgage Group went above and beyond my expectations! Within minutes after filling the application, I received a call from Andres. 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. Strongly recommended! RK Mortgage Group was considerate of my family's needs and provided options. USDA vs FHA: Which low down payment loan is best for first-time home buyers? They were efficient and helpful all the way through the process. And it was the best experience by far! Me Me was tough with HOA. 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. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. 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) . He took numerous calls, emails and texts from me daily. Joelle and Me'me have been hanging there with me and my lousy builder for 16 months. We're super happy with the service received from RK Mortgage. What loan does not require proof of income? I recommend Joelle very highly. The whole package from start to finish was straight forward and very quick to close . This can be appealing for self-employed individuals or those who have fluctuating or hard-to-verify income. These loans will have similar mortgage rates . This is a benefit because that allows higher loan to value ratios. These mortgages are high risk to lenders and borrowers, and most lenders have now removed . 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. I called Joelle in a panic, and she got me approved and saved my contract. The interest rate is typically 3% to 5% higher than conventional loans. Credit Underwritten Based on LTV, FICO, and Liquidity. Yes, a no-income verification mortgage enables you to buy a home without a regular job, or steady source of income. 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 had a great experience with RK Mortgage. They found the right program that fit my needs. . The debt service will be $350,000 a year. Me'me was my loan processor and was great also. Complete our simple and secure online form inminutes. 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. Instead, you can qualify for the loan based on your assets. Amazing helpful team! By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. Would highly recommend them for anyone on the market looking to purchase a new home. 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. He also got me a great rate on my mortgage! The first step is to provide your lender with copies of your records that indicate your income. Until she was given the required documentation to help close the loan. If your looking for help feel free to contact us toll-free at 1-877-383-1577 or apply online today. I had the best experience of my life with RK Mortgage Group. Broker rebate up to 2 points available. I will only be using RK for my future financing needs. Interest rates continue to hover near record lows, but the availability for alternative financing, such as stated income mortgages is not always available, so don't miss out on these opportunities. Im not one who provides reviews but for this company Im really happy to do so. We would recommend them with enthusiasm! . 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. Thank you! Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. Highly recommend! By saving for a larger down payment, you can make yourself a more attractive borrower to lenders and increase your chances of getting approved. As a first-time homebuyer, I never knew how to go about buying a house. I can't thank him enough for everything he did. As such, they might lack important borrower protections that come with standard mortgage loans. The loan is qualified based on a value of the property and/or anticipated income the property will generate. Asset Seasoning only 30 days. I highly recommend them. No Doc Home Loans Explained - Mortgage 101. We always knew exactly what we needed to do during our refi process. Can I get a mortgage if I get paid in cash? 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. 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. We have experts that serve the under-banked and understand that old tax returns don't tell the . Then, I decided to give one last broker a try RK Mortgage Group. A borrower with a good credit score can lock in a better rate than a fair credit borrower. 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. Can you get a mortgage without a verifiable income? The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. This type of loan doesnt require standard income documents to finalize your loan. Great working with Roy & Me'Me, they were very professional, and answered all my questions before, during, and even after hours. I would recommend Joelle to any of my personal friends, family, and or colleagues!! Every time I was confused, she was always there to help. These loans carry high interest and are offered to investors based upon the value of the property. Words cannot expressed how happy I am with this group. Thanks! 800 SE 4th Ave Suite 139 We have purchased our forever home in lovely Key West Florida! No Income Verification Mortgages . When others said no they kept pushing and found a way to get it done. Important note On a cash out refinance, the cash out proceeds CAN be used to cover the reserve requirement. No income verification. No Income Verification. Or email us at [email protected]. My husband and I were so excited when we were pre-approved. Apply in 30 seconds with one quick, easy form. If you are purchasing a property, bank statements are only needed to . Consent is not required to purchase goods or services from lenders that contact me. RK Mortgage Group was recommended to me by one of my friends. Loan amounts up to $5 million on most properties and up to $2 million on 2-4 unit residential properties If I had to do it again rest assured it would be with Eric @ RK Mortgage. I'm writing this review in my new house and Im thankful to RK Mortgage Group for this. Debt-to-Income NOT Calculated. Now you can shop and compare lenders that offer stated income home loan programs and opportunities to refinance mortgages with no closing costs. Fixed rates/Adjustable. to your inbox. Lucrece was absolutely fantastic to work with! Additionally, Roy was solid and reassuring throughout the whole process, which was especially appreciated since we were first time home buyers. How can I buy a house without 2 years of income? Lucrece worked with me through the entire process and was easy to work with. Yes there are several great options on these NonQM (as they are called) loans today. In most cases the borrower is using savings in a bank in lieu of monthly income documentation. Many applicants are good and qualified borrowers that have difficulty documenting their income the way traditional lending underwriters require. Adam Lesner is a Mortgage Loan officer in Brighton, MI. Adam responded to emails "We can't say enough good things about Adam. Below, well take a closer look at this option. With the passing of the Frank-Dodd Act of 2010, stated income loans for owner-occupied properties are now illegal. There are 3 main types of No Income Mortgages available: Refinance Loans, Home Equity Loans and Debt Consolidation Loans. 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. The net operating income for the developer is projected to be $2,150,000 a year. One-way lenders do this is to make a qualified mortgage or QM. They walked me step by step through the mortgage approval process. Stephanie and Me'Me were the best, everything was fast, smooth and easy. This can be beneficial for borrowers who are self-employed or who have other sources of income that are difficult to document. By far the smoothest mortgage process that we have ever had. 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. No income information was requested however, assets were verified by a designated employee at the mortgage company. I couldn't be happier with Joelle and Me'Me. Blanket Loan Options Available. Were received and answered was outstanding most borrowers to provide documentation of their income i called Joelle in panic. 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