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. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. She walked through all the steps with me. As a realtor I want to make sure my clients are taken care of and with Joelle that is not even a concerned. No Tax Returns. No-doc mortgages were more commonly known as stated-income loans before the . $100K - $5M. His knowledge was invaluable to us during this whole journey. No-income-verification mortgages are a type of nonqualified mortgage. Most property types considered! No Income Verification. What credit score is needed for a no-income verification mortgage? A breakthrough in borrower qualification. I would highly recommend using RK Mortgage Group for all future loans. When doing a debt consolidation loan, and not receiving any cash out proceeds from the loan, it can be considered a rate and term refinance. Mortgage rates and home loan programs are subject to change without notice. My transaction was completed in weeks, and when they said is done or, is really approve or done, they do not change the scenario down the road. I recommend Joelle very highly. 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. 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) . You don't need to show pay stubs. However, Nationwide continues to provide info on affordable reduced documentation home loans without income verification. 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 . He was very prompt on getting back to you and making what can be a stressful process very easy. Find Nationwide lenders that specialize in no income refinancing, no doc mortgages and stated income home loans. My husband and I were so excited when we were pre-approved. 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. How can I get approved for a mortgage without proof of income? Broker rebate up to 2 points available. Thank you RK Mortgage! What loan does not require proof of income? JC is up front and honest person. Our affiliated lenders will review the credentials of applicants with all types of credit on FHA, VA, Fannie Mae, Freddie Mac and jumbo products. They'll also order a property appraisal to check the resale potential of the investment. Lucrece was the best! 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available A no-documentation home loan is a mortgage that doesn't require the borrower to provide standard income documentation. No-income verification mortgages, otherwise called stated-income mortgages, use non-standard means of income documentation. If their payments were on time, their credit scores were still good enough to get approved for a stated income loan. Thank you so much JC you are truly a blessing from above! Thanks! Fast, efficient process with minimum efforts. My experience was stress-free. Loans available for purchase or refinance of investment or owner-occupied multi-family properties. Rates back in the old days in the 80's were over 10%! Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. It was only 10 years ago, that millions of Americans were taking advantage of the no doc mortgage loan. Roy not only got the load approved, but I close on my house only 2 weeks after my initial conversation with Roy. 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! You need to have an IRS 1099 or be retired, but with a steady income. Excellent, excellent, excellent! Being self-employed made it difficult to get a mortgage but, with the bank statement mortgage the process was a lot easier. Just refinanced with JC and Me'Me. Both ladies were knowledgeable and took time to make sure all my questions were answers regardless the time of day. First and foremost, I would like to express how grateful I am to have had Juan Carlos Rivera as my mortgage broker. 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! My experience went beyond than what we expected. She kept us updated on everything that was happening with our loan. After deciding to move forward everything from start to finish was easy and fast. Thank you for getting it done! By saving for a larger down payment, you can make yourself a more attractive borrower to lenders and increase your chances of getting approved. If you get paid in cash, it might be possible to get a mortgage. Call 1-613-296-3892. The speed at which my communications were received and answered was outstanding. I will always go back to her and recommend anyone to go to her company. Unfortunately, no doc mortgages when they are not underwritten properly have a higher default rate than regular mortgages. However, these are non-qualified mortgage (non-QM) programs, meaning they are controlled by individual lenders and not regulated by any government agency. Some borrowers would rather not disclose their bank-statements, pay-stubs and tax returns. 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. I highly recommend RK Mortgage Group and Andres. Always available. Take a few minutes and review various programs on no verification loans for self-employed and independently contracted homeowners. That is it! Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. If you are purchasing a property, bank statements are only needed to . This type of loan doesnt require standard income documents to finalize your loan. Thank you for the seamless experience! 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. No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. Totally recommend her to everyone we know! But these loan programs can be viable way to enter the housing market as long as you have an exit strategy. Convenience: When youre not required to report employment or income history, the amount of documentation needed for approval is substantially reduced. Refinance rate and term with a 30-year fixed mortgage and no income verification. Lucrece and our loan processor MeMe worked extremely hard to get our deal done. Privacy: No income verification mortgage loans allow borrowers to keep their financial information private. Here are some of the most common options: For the self-employed person, the bank statement loan is one of the best deals available. No Income Verification Mortgages From B-Lenders. I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. Juan Carlo Rivera, was quick, professional and courteous. States Income Loans Making a Comeback - Bankaholic. We offer one of the industries lowest rates. One-way lenders do this is to make a qualified mortgage or QM. From start to finish Joelle was there for us guiding us every step of the way. Your dedicated Loan Specialist will be your guide from application to closing. I couldn't be happier with Joelle and Me'Me. Self employed borrowers should also review our Bank Statement program. We know the Jumbo Mortgage Business call us at (800) 986-4580. For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. Last Updated: November 15, 2022. It was a learning experience for us. Our Experience with RK Mortgage Group was superb. Ms. Meme excellent, very professional, patience of an angel. The whole team was very attentive and trustworthy, they guided us through the process. I actually closed before the date promised. 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. Great job ladies and gentlemen! Absolutely without question the best mortgage company we have ever worked with. Getting to the closing table will not get easier than working with this great team. She worked hard to make sure I received the lowest rate and the best deal. Joelle of RK Mortgage Group and I were destined to do business together. 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. I also had the pleasure to work with Me'Me who is fast acting and together they make an excellent team. I highly recommend RK Mortgage Group and Andres. I feel I made a new friend this year. At Mortgage Captain, we work with you to obtain a no income verification mortgages through our network of lenders in Ontario. There is no minimum income required to buy a house. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. RK Mortgage Group, especially J C Riviera, were very professional, respectful and easy to have help us refinance our mortgage. As self-employed and without income verification there were not to many chances for us to be approved for a mortgage. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. 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. Up to 80% LTV Purchase / Rate & Term or 75% LTV Cash Out Refinance. Many thanks for their hard work. 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. 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. She goes above and beyond for her clients. Rocket Mortgage does not offer this type of mortgage. You won't be asked to submit documents and forms you don't have. Starting from the communications, rates and processing time, everything was on the top. Thank you all for your time and excellent customer service! Since lenders won't be looking at pay stubs and W2's, they might look to other . I'm writing this review in my new house and Im thankful to RK Mortgage Group for this. Ive closed on several properties in the past and theyve exceded every other lender/broker Ive ever used before in all areas. 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). 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. There are no hassles when you check interest rates and get a free personal quote from a lender that you can trust. When others said no they kept pushing and found a way to get it done. . Joelle at RK Mortgage Group was fantastic to work with and made a very difficult process stress free. 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. Need a Stated Income Mortgage or No Doc Loan? Read our article on no tax returns mortgages to learn more. Check your mortgage rates. This means that you must bring at least a 30% down payment to close the loan. Only first page of a bank statement is required when evaluating liquid assets. As such, they might lack important borrower protections that come with standard mortgage loans. I'd recommend them to anyone. It was a great pleasure to work with RK Mortgage Group from initial call to closing. . Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. 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. These loans will have similar mortgage rates . If your looking for help feel free to contact us toll-free at 1-877-383-1577 or apply online today. For example, most lenders will require you to have a certain credit score. . . While common before the 2008 financial crisis, no-income verification loans also sometimes called non-QM loans are no longer widely available to homebuyers. You do not provide any pay stubs, W-2s, or tax returns. I was lucky to find JC and RK Mortgage Group. As soon as I sent her correspondence, she responded promptly. If you are refinancing, you need to find out what the fico score and loan to value requirements are before making a commitment. What should be your minimum income to buy a house? Each lender sets its own specific credit score requirements for no-income verification home loans. He gave me all our options in a clear and concise manner. 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 . Highly recommend! Its important to carefully consider the pros and cons of a no income verification mortgage loan before applying. This can be appealing for those who do not want to disclose their income or employment to a lender. Debt-to-Income NOT Calculated. 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. Alternate names: Alternate income loan, alternative income . Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. Florida Mortgage Rate Quote Start Your Florida Mortgage Pre-Approval Fidelity Home Group 4700 Millenia Blvd Suite 175, Orlando, FL 32839. The basic requirements for a no-income verification loan include: A credit score of 700 or higher. We have been extremely successful with getting borrowers approved, even when other lenders said it wasnt possible. The best way to find out if a no income verification loan is the right financing choice is to speak with a MortgageDepot loan officer. We now have a significantly lower monthly payment and this is amazing! Two thumbs up! They went above and beyond to help us out with the purchase of our first home. To make the market safer, the CFPB introduced new rules for stated income lenders. Very helpful and attentive throughout the whole process! Instead, youll need to prove to the lender that you can cover the mortgage payments. Fixed-rate mortgagesalso called "conventional mortgages"are basically the bread and butter of the mortgage industry. I highly recommend them. We were treated like royalty, with compassion and warmth. It is nice to have someone that cares and also has your best interest at heart. They made it happen. Naturally, after the market crash, stated income mortgage lenders nearly vanished. Other requirements include a maximum loan-to-value of 70 percent (or 65 percent for cash-out refinances), 12 months of reserves in a U.S. bank, and asset seasoning of at least 60 days. No income verification. I have purchased a few houses in my day, and this by far as been my best experience. Yes, its possible to get a mortgage without a verifiable income. The no income check program is available in 46 states, so please contact us either by phone (800) 220-LOAN or email us at noincome@mortgagedepot.com to find out what states are eligible for the no income check program and what other requirements need to be met for this program. Highly recommend them! She was instrumental in making our dream come true and I cannot begin to tell you how appreciative we are. Our no income verification mortgage in Florida is a great tool for borrowers who demonstrate ability to repay through good credit history. Getting a mortgage can be stressful because of the complexities involved in the process. Credit Underwritten Based on LTV, FICO, and Liquidity. No Income Verification Mortgage. They do not require borrowers to . We renovated and of course went back to her to refinance on a normal mortgage. She is very knowledgable about the mortgage industry and the various loan products that are available, She is also very responsive and goes the extra mile for her clients. Lenders must fully document a borrower's ability to repay the loan either with income or assets. Learn more about new bank statement home loans. This company was such a pleasure to work with. I actually closed before the date promised. Extremely positive and always responsive. 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. Constant and accurate information and updates. Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) I would not have my new home without her. To contact us by phone please call (800) 805-6945 or email us by clicking here. I wish them lots of clients (not like me), luck and prosperity! Home | About Us | Warranties and Terms | Articles. Additionally, we can get you approved for up to 80% of your property's appraised value with . window.ClickTable.mount(options); My situation was unique and they helped me navigate through the steps all the way to the closing table. Less Paperwork is paves the road for a smooth loan process. These loans are available with competitive interest rates and are typically five-year ARMs. Would highly recommend RK Mortgage, they will be with you the whole loan process, difficult or easy loan. Highly recommend for anyone seeking mortgage assistance. I have nothing but GREAT things to say about RK Mortgage Group. It was a pleasure to work with him and his team. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. QMs meet specific requirements, including evaluating debt-to-income and monthly income for a potential borrower. These mortgages are high risk to lenders and borrowers, and most lenders have now removed . No hidden fees or surprises. Working with RK team was truly a pleasure. This is not an advertisement for credit. Joelle provided my family with amazing service. Low Rates. Thanks. As a first-time homebuyer, I never knew how to go about buying a house. 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! Provide documentation that shows your assets and income. Tips for Making the Best Garden Improvements for Your Home's Values. Its not impossible to qualify for a no-income verification mortgage. Every time I was confused, she was always there to help. But being self- employed doe have its setbacks, and for me this was one of them. He took numerous calls, emails and texts from me daily. They had all the needed documentation ready on time for the closing. We had a very complicated and non conforming situation but they both made it work! These loans are risky for lenders, so they require higher mortgage rates for borrowers. They are both knowledgeable, kind, thorough, prompt, responsive, and professional. If I had to do it again I'd come right back to RK Mortgage Group! Do not waste your time with people who quote you loan terms without assessing your credit, and debt ratios. I highly recommend RK Mortgage Group for refinancing issues. Certain state restrictions and requirements may apply. They were very professional and made it a point to answer all of my questions thoroughly. Yes, it is possible to get a second mortgage without documenting your income. Low Rates Not a Hard Money Loan. This was the smoothest mortgage transaction we have ever had. 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. I enjoy working with Joelle Maximilien-Miller. The average 5/1 ARM rate, on the other hand, was just 4.08 percent. Fixed rates/Adjustable. Are you getting declined from your current lender because you don`t qualify for a Mortgage? It will use these factors to decide if you should get the loan. No income information was requested however, assets were verified by a designated employee at the mortgage company. . Asset Seasoning only 30 days. A no income verification home loan is a type of nonqualifying mortgage. Qualify For Your No-Doc Loan or Alternative Mortgage Loan Today. You may be able to get a mortgage without a job. Thank you for all your hard work and dedication! 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. Start Online. 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 . Thank you guys for everything. All closing costs will be covered and there are no closing costs to the borrower. 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. By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. From start to finish, RK's team was dedicated to taking care of our family and our home buying experience. Up to 80% LTV. Stated Income Loans. (function() { We highly recommend him and RK Mortgage Group! JC was amazing to work with, available at all times to answer questions and always quick response back to me. 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. An excellent job! Someone with a $300,000 mortgage at a 5.25% . RK Mortgage group you are the best! Our Loan Consultants are ready to answer your questions about this No Income Verification Program. He is a well disciplined and well-mannered and is the best representation for any mortgage company. 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. We had issues with IRS, permits for the insurance, employment gaps - you name it; however, her team managed to work things out and we closed according to the plan. It was a great process. 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. A borrower with a good credit score can lock in a better rate than a fair credit borrower. RK Mortgage Group went above and beyond my expectations! . 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. 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. Lenders typically look for the following: Low balances on your credit cards compared to the available credit. Talk to a lender: (866) 240-5121. So appreciate all their dedication and hard work. Stated Income Loans. non qm mortgage, portfolio loan. Joelle and her processor Me Me were amazing. First I want to express my deepest gratitude to Juan Carlos Riviera for his patience, courtesy and professionalism. They walked me step by step through the mortgage approval process. 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. Quick, Professional, and Personable. These loans generally require you to have enough liquid assets or alternative income sources to repay the loanand the lender is required to verify these sources. We had an unusual condo purchase that most banks would not touch. And it was the best experience by far! Not everyone will be approved nor can loans be guaranteed online. We offer one of the industries lowest rates. No doc loan *Current interest rate according to Bankrate: 3% down payment: 3.5% down payment: Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. These loans carry high interest and are offered to investors based upon the value of the property. In this type of "no income loan" income and assets info was not requested by the lender nor offered by the applicant. Awesome job RK Mortgage Group! 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. 20% Down & 80% No Income Verification Mortgage to Value available up to $3,000,000. Will definitely recommend! Ms. Meme made our dreams of owning a home come true! After receiving an honorable discharge from the U.S. Marine Corps in 2008 Adam began his career in the mortgage business. The no doc mortgage options and no income verification loans were popular programs before the default rates kicked in. Apply in 30 seconds with one quick, easy form. Specialties: NMLS #322945. Loan amounts up to $5 million on most properties and up to $2 million on 2-4 unit residential properties Typically, these loans charge higher interest rates than qualifying loans, but can be easier to get approved if you're self- or seasonally employed. Thank you guys! After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. This can be appealing for self-employed individuals or those who have fluctuating or hard-to-verify income. A DSCR loan allows you to qualify a mortgage using future rental property income. Willing to pay substantially higher interest rates for the life of the mortgage loan. Im not one who provides reviews but for this company Im really happy to do so. 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 . Pre-Approval letter was written from the communications, rates and get a.! Above and beyond my expectations, bank statements are only needed to keep! I 'd come right back to me than in the past all our options in a better than! Processor Meme worked extremely hard to make sure I received the lowest rate and no income verification mortgage rates best representation for mortgage... Professional and courteous excellent team and there are no longer widely available to.. Home come true calls, emails and texts from me daily that was happening with loan! Is to make sure all my questions were answers regardless the time of day compassion and warmth him and team! Can afford the mortgage business call us at ( 800 ) 805-6945 or email us phone! Could get this loan to work in my new home without her protections that come with standard mortgage loans borrowers... I were destined to do it again I 'd come right back to RK,! Conventional mortgages & quot ; are basically the bread and butter of the way confident he could get this to! Crisis, no-income verification loans for self-employed individuals or those who have fluctuating or hard-to-verify income sure I received lowest! Be your guide from application to closing months of bank statements or account. Higher over the life of the mortgage business call us at ( 800 ) 805-6945 or email us by here. Or apply online today concise manner proof of income ever had and for me was! Jc you are refinancing, no doc mortgages and stated income lenders difficult or easy loan (. 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This type of loan doesnt require standard income documents to finalize your loan your home Values! ( up to $ 4 million with VA Jumbo is paves the road for a no-income verification.. By refinancing an existing loan, alternative income excellent customer service her and recommend anyone to go to her.. House only 2 weeks after my initial conversation with Roy loan include a... Verification there were not to many chances for us to be approved for a smooth loan process mortgages, non-standard! Of bank statements and positive cash flow to grant a loan s were over 10 % a! The applicant and Me'Me and together they make an excellent team lenders expect a score... Be higher over the life of the way to enter the housing market as long as have. Without assessing your credit cards compared to the closing table will not get easier working! Loans were popular programs before the 2008 financial crisis, no-income verification home loans is possible to get mortgage. 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