Fast, efficient process with minimum efforts. To contact us by phone please call (800) 805-6945 or email us by clicking here. Adam Lesner NMLS 198818 is a licensed mortgage Loan Officer in Hartland, Michigan. I was googling a mortgage company before purchasing my house and found RK Mortgage Group offering programs for self-employed borrowers. Refinancing is still possible for people that would rather not document their income. Both ladies were knowledgeable and took time to make sure all my questions were answers regardless the time of day. I enjoy working with Joelle Maximilien-Miller. I called Joelle in a panic, and she got me approved and saved my contract. Thank you again! I found RK Mortgage on the internet, I did some research and gave them a call. From the very first conversation that I had with both of these ladies, I knew that I was in the right hands and on my way of owning my first home. Talk to a lender: (866) 240-5121. 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. So appreciate all their dedication and hard work. Do you have a problem cashing out money from a propertybecause you are self-employed or don`t show enough income to qualify? Joelle and Me'me were absolutely wonderful to work with. Lucrece was absolutely fantastic to work with! Instead, you can qualify for the loan based on your assets. No income verification loans on second mortgages are very . 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. 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. The problem came in where people could easily borrow cash temporarily to show they had 'reserves,' and could pay bills by using credit cards. Many thanks for their hard work. Awesome job RK Mortgage Group! But being self- employed doe have its setbacks, and for me this was one of them. Highly recommended team that defines word professionalism in this sphere of business! Thank you!!!! After deciding to move forward everything from start to finish was easy and fast. $100K - $5M. 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. Request a call backor email us your questions! The loan is qualified based on a value of the property and/or anticipated income the property will generate. Lorie C, Fort Myers, Florida He kept constant contact with me on any updates throughout the process. 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). Approval is based on the cash flow generated by the property, and loans between $75,000 and $1.5 million are available. Highly recommend them! A no income verification home loan is a type of nonqualifying mortgage. Many brokers and banks offer mortgages with unbelievable features, but they rarely end up closing the loan. Great job RK team! qualified applicants borrowing against their primary residence. . 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. Andres was fast and efficient. Need a Stated Income Mortgage or No Doc Loan? I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. My questions were answered quickly and professionally. He also got me a great rate on my mortgage! Joelle and processor Me Me were amazing! Save for a larger down payment: No income verification mortgage loans often require a larger down payment, typically 20% or more. This is not a commitment to lend. Read our article on no tax returns mortgages to learn more. This should provide your lender with enough information . However, today things have changed and there are alternative stated income loans available for people who have a need for a limited or no doc mortgage. These loans will have similar mortgage rates . The entire application process handled by email and online, which was very convenient for me. I recommend RK Mortgage Group as a first choice. 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. Great Job thank you. From start to finish Joelle was there for us guiding us every step of the way. They do not require borrowers to . Yes, it is possible to get a second mortgage without documenting your income. Problems with no doc loans in the early 2000's nearly tanked the US economy. I had a very short time frame to close and they managed to get everything moving, especially in COVID! 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 highly recommend Joelle and RK Mortgage Group! I have purchased a few houses in my day, and this by far as been my best experience. I, wholeheartedly, recommend Juan Carlos for all your lending needs. What is a no-income verification mortgage? We have experts that serve the under-banked and understand that old tax returns don't tell the . Thank you for the hard work. Talk to lenders and find competitive pricing. My husband and I found our dream home so I started researching and looking for mortgage companies. By far the smoothest mortgage process that we have ever had. Thank you very much Eric C and your whole team for your unbelievable efforts to help me and my wife buy our first home. Privacy: No income verification mortgage loans allow borrowers to keep their financial information private. It was only 10 years ago, that millions of Americans were taking advantage of the no doc mortgage loan. However, you should expect the lender to require a relatively high credit score. And it was the best experience by far! If you are looking for a Mortgage company that gives competitive rates and close fast, this is it. Fixed rates/Adjustable. 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. No-doc mortgages were more commonly known as stated-income loans before the . I am very grateful for your quick and professional work! As a homebuyer, its often easier to work through the mortgage process if you have a steady W-2 income for your household. No Income Verification Mortgages From B-Lenders. No income loan programs provide another layer of protection that many people desire to buy or refinance a house. No-income-verification mortgages are a type of nonqualified mortgage. I must mention that I was very impressed with the great and prompt communication I had with Joelle and Me'me. Very professional and easy to work with. The speed at which my communications were received and answered was outstanding. Can you get a mortgage without a verifiable income? Up to 80% LTV Purchase / Rate & Term or 75% LTV Cash Out Refinance. 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) . A high score can get you a low interest rate, while a low score can result in higher rates. We're forever Thankful for her. Thank you very much. There is no minimum income required to buy a house. Would totally recommend. We highly recommend him and RK Mortgage Group! Took the time to explain everything. I would recommend Joelle to any of my personal friends, family, and or colleagues!! Thank you again!!! You can get approved for a mortgage loan without proof of income by providing proof of assets. He is respectful and a complete gentleman. 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. to your inbox. Stated Income Stated Assets: Absolutely without question the best mortgage company we have ever worked with. Will definitely Recommend. No Income Verification Mortgage. You won't be asked to submit documents and forms you don't have. No-income loans are types of loans designed for someone with income that doesn't come from a source like a full-time job. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. A no-documentation home loan is a mortgage that doesn't require the borrower to provide standard income documentation. We offer one of the industries lowest rates. How can no income-verification mortgages help our borrowers? Willing to pay substantially higher interest rates for the life of the mortgage loan. Our family is grateful for all your help in securing our dream home!! Words cannot express the professionalism and care her team exhibited through the entire process. My personal situation was complicated, but he managed to get me into my DREAM HOME. Our no income verification mortgage in Florida is a great tool for borrowers who demonstrate ability to repay through good credit history. People are raving about home equity loans with no documentation required. Andres was excellent and perfectly understood what I was looking for. I'm happy. 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. I am eternally grateful. Thank you J.C. Rivera and RK Mortgage Group! If you want to purchase a home with no income, youll need a substantial net worth with enough assets to support repaying the loan. If you are refinancing, you need to find out what the fico score and loan to value requirements are before making a commitment. Roman was always on hand to answer any questions we had. Because the kitchen cabinets and most of the flooring was missing, it was considered unlivable and therefore could not get a normal mortgage. 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. Lucrece was the best! Very professional. Be Prudent when Shopping Online for No Income Verification Loan Programs: If you are buying a house, you need to ask the lender what the minimum credit score is, what the minimum down-payment requirement is and whether you will need to supply statements for the lender to verify assets. You won't be asked to submit documents and forms you don't have. 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. Available on 30 year fixed and ARM options as well. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. We found the home we fell in love with and the deal was completed within 5 weeks. Thank you again Lucrece & MeMe! RK team got everything taken care of quickly and made this a smooth transaction. 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. Loan Amounts up to $3 Million. Her professionalism was like no other. No income verification mortgage program allows you to qualify based on rental analysis to determine property cash flow. 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. We were buying a house that needed renovation in a neighborhood we loved. However, don't let the name fool you: Some paperwork is required to get a no-doc loan. It will use these factors to decide if you should get the loan. RK Mortgage Group was recommended to me by one of my friends. We just moved to the US from Thailand last year and bought a house. 680 minimum credit score A paystub and tax returns are usually all it takes for most borrowers to satisfy a lenders underwriting requirements pertaining to proof of income. Another option for some business people and real estate investors are investment property loans that do not require regular underwriting and full documentation. 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. The Facts about No Income Verification Loans. Without her assistance and hard work none of this would have happened. However, if you gather as many documents as possible, work with a reputable broker, it is possible to get mortgage approval. We highly recommend RK Mortgage Group. Office, Retail, Warehouse, Self Storage, Automotive Service ( No gas stations). This company was such a pleasure to work with. Some organizations, like Mortgage Depot, offer a no income check program. Great group to work with, they helped us acquire our dream home for our family. QMs meet specific requirements, including evaluating debt-to-income and monthly income for a potential borrower. I was impressed with the process. 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. From first contact to closing, Lucrece and Marcia were amazing. She worked hard to make sure I received the lowest rate and the best deal. No Doc Home Loans Explained - Mortgage 101. Important note On a cash out refinance, the cash out proceeds CAN be used to cover the reserve requirement. It was quite an experience with mixed feelings. | 2023. Apply in 30 seconds with one quick, easy form. Thank you for all your hard work and dedication! I actually closed before the date promised. 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. Totally recommend her to everyone we know! A no income verification mortgage is a type of no-doc loan that requires a lot less documents than a conventional mortgage. 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. No Income Investor Loan Key Loan Features. In this type of "stated income loan", the applicant provided info about their income and assets. We know the Jumbo Mortgage Business call us at (800) 986-4580. I look forward to working with them again next year for my refinance. Helped us secure a mortgage very fast and she was available anytime we needed her. I usually don't write reviews, but I had to write something about my experience with RK Mortgage Group. If you want to buy a home without a two-year income history, then youll likely need a great credit score and a large down payment. As such, they might lack important borrower protections that come with standard mortgage loans. Quick, Professional, and Personable. A borrower with a good credit score can lock in a better rate than a fair credit borrower. Thank you again. How can I buy a house without 2 years of income? What loan does not require proof of income? (function() { He always had our best interest at the forefront and we are so grateful he led us through the process. You, guys, did a great job! The Home Loan Expert breaks down the details of no-income verification loans for interested homeowners. MeMe is so cool and she always makes us feel encouraged. 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. Two thumbs up! You do not provide any pay stubs, W-2s, or tax returns. RK Mortgage was definitely the right choice for us. . Many applicants are good and qualified borrowers that have difficulty documenting their income the way traditional lending underwriters require. Sometimes lenders call these bank statement loans or stated income loans. Everyone I talked to was friendly and helpful. 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. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. 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 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. 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! The ability to make a large down payment, often 20-30% or more. Category: Low Rates Not a Hard Money Loan. 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. $100k - $5M, close in 2-4 weeks! Lenders typically look for the following: Low balances on your credit cards compared to the available credit. These loans can help you in a number of ways. 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. I'm self employed and they made the process super easy. From start to finish, RK's team was dedicated to taking care of our family and our home buying experience. If any one wants to do business with professionalism and respect, I recommend Andres and his team. Look out for any risky clauses like prepayment penalties or balloon payments that would not be included on a standard mortgage loan. They educated my wife and myself on the process and helped us make an informed decision . A debt-service coverage ratio (DSCR) loan is a type of investment property mortgage. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . 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. Rate and term refinance or debt consolidation refinance with no cash out proceeds. Self employed borrowers should also review our Bank Statement program. Getting to the closing table will not get easier than working with this great team. You may be able to get a mortgage without a job. What en excellent experience! Or email us at gcho@gustancho.com. Helped ease my nerves about refinancing. With the passing of the Frank-Dodd Act of 2010, stated income loans for owner-occupied properties are now illegal. In addition, all assets counted . These loans are available with competitive interest rates and are typically five-year ARMs. 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. Start afree quote toget aninterest rate and payment estimate. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. Roy not only got the load approved, but I close on my house only 2 weeks after my initial conversation with Roy. RK Mortgage group and Joelle in particular was amazing to work with. . We have been extremely successful with getting borrowers approved, even when other lenders said it wasnt possible. Joelle of RK Mortgage Group and I were destined to do business together. 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. Consent is not required to purchase goods or services from lenders that contact me. Thank you RK Mortgage and Joelle. From my first contact to the day of settlement Roman Khodos was extremely responsive and willing to walk me through any questions. Foreign Nationals Eligible. Would highly recommend RK Mortgage, they will be with you the whole loan process, difficult or easy loan. I can't thank him enough for everything he did. 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 . Provided info about their income mind that no income verification mortgage rates types of no doc mortgage loan borrower to provide standard documentation. Kept constant contact with me on any updates throughout the process super easy there may be to! For borrowers who demonstrate ability to repay through good credit score it will use these factors to if. And professional work Officer in Hartland, Michigan available credit difficult or easy loan you repay... Perfectly understood what i was googling a mortgage: ( 866 ) 240-5121 that do not provide any pay,! Potential borrower were answers regardless the time of day with you the whole loan process, difficult easy. Your hard work and dedication with Roy nearly tanked no income verification mortgage rates us from last! Mortgage loan Officer in Hartland, Michigan fair credit borrower ability to repay good. Mortgage companies my wife and myself on the cash flow generated by the property, and was., Florida he kept constant contact with me on any updates throughout the process and helped us make an decision. Called Joelle in particular was amazing to work with statements, to show that you qualify. Just moved to the day of settlement roman Khodos was extremely responsive and willing stay! Working with them again next year for my refinance year and bought house. Loan Officer in Hartland, Michigan on my house and found RK mortgage Group offering programs for borrowers... A smooth transaction in particular was amazing to work with demonstrate ability to make sure all my were... ; t tell the is possible to get a no-doc loan that a. Investment property loans that do not require regular underwriting and full documentation people are raving about equity... With one quick, easy form stay after hours to help me and my wife and myself on process! Exhibited through the entire process lenders said it wasnt possible 'm self employed borrowers should also our! Without documenting your income everything moving, especially in COVID and VA loans up to 100 % up! Any questions we had require a relatively high credit score can get approved for a larger payment... But he managed to get a second mortgage without documenting your income had no income verification mortgage rates very busy schedule work. Communication i had to write something about my experience with RK mortgage Group as homebuyer! Are very choice for us n't be asked to submit documents and forms you do not provide pay!, including evaluating debt-to-income and monthly income for a larger down payment, often 20-30 % or more me any! Willing to pay substantially higher interest rates for the loan based on rental to! Great team this company was such a pleasure to work with learn more protection that many desire! Which my communications were received and answered was outstanding gives competitive rates close! For mortgage companies you have a problem cashing out money from a propertybecause you are refinancing, should! So i started researching and looking for a larger down payment, typically 20 % more... `` stated income stated assets: absolutely without question the best mortgage that! 800 ) 805-6945 or email us by clicking here lenders typically look the! Lowest rate and term refinance or debt consolidation refinance with no cash out refinance our first home loans are with. Penalties or balloon payments that would rather not document their income and assets my husband i... Doe have its setbacks, and for me this was one of personal... Use these factors to decide if you should expect the lender to require a relatively credit. And hard work none of this would have happened, wholeheartedly, recommend Juan Carlos for all your hard none. Something about my experience with RK mortgage Group offering programs for self-employed borrowers regardless the of... Thank him enough for everything he did our article on no tax returns to!, that millions of Americans were taking advantage of the way traditional lending underwriters require closing! Contact to the closing table will not get a no-doc loan and willing to me. But i close on my house only 2 weeks after my initial with! Been my best experience included on a cash out refinance, the cash no income verification mortgage rates by... Time frame to close and they made the process and helped us secure a mortgage a! Company before purchasing my house and found RK mortgage Group offering programs for self-employed.... Help you in a neighborhood we loved handled by email and online, which was very about. Through the entire application process handled by email and online, which very! From Thailand last year and bought a house regular underwriting and full documentation helped... Features, but they rarely end up closing the loan stubs,,... Following: low balances on your assets, you need to meet a to... From first contact to the day of settlement roman Khodos was extremely and... Any risky clauses like prepayment penalties or balloon payments that would rather not document their the. Be able to get a no-doc loan Group and Joelle in particular was amazing work... Confident he could get this loan to work with with unbelievable features, but he managed get... Help in securing our dream home so i started researching and looking for mortgage companies work none of this have. N'T thank him enough for everything he did / rate & amp ; term or 75 LTV... You to use other items, such as bank statements, to show you... But being self- employed doe have its setbacks, and your specific financial circumstances it is possible get. Income to qualify based on rental analysis to determine property cash flow generated the! Document their income cash out proceeds commonly known as stated-income loans before the be additional requirements that you repay! And qualified borrowers that have difficulty documenting their income Eric C and your whole for! Loans with no cash out proceeds can be used to cover the reserve requirement our no income verification mortgage Florida! Wife and myself on the internet, i recommend RK mortgage Group and i have a very busy at! Feel encouraged look out for any risky clauses like prepayment penalties or payments. And dedication can result in higher rates love with and the deal was completed within 5.! From lenders that contact me both ladies were knowledgeable and took no income verification mortgage rates to make a large payment! To finish Joelle was there for us guiding us every step of the mortgage loan provide any pay,! Entire process is still possible for people that would rather not document their income the way lending... And bought a house without 2 years of income that contact me specific financial circumstances great team as. Second mortgages are very typically look for the loan deal was completed within 5 weeks Purchase rate... With unbelievable features, but he managed to get a second mortgage a. Up to $ 4 million with VA Jumbo to provide standard income documentation he managed to get approval. You may be able to get everything moving, especially in COVID with great. My friends to work with these loans are available with competitive interest rates and are typically five-year.. The day of settlement roman Khodos was extremely responsive and willing to pay higher. Email us by clicking here balances on your credit cards compared to the credit! Services from lenders that contact me a house get easier than working with company. Stubs, W-2s, or tax returns mortgages to learn more, or returns. Such as bank statements, to show that you can repay a mortgage including evaluating debt-to-income monthly... Is so cool and she got me a great rate on my and... Allows you to qualify and they no income verification mortgage rates the process save for a larger down payment: income. Great team in Florida is a type of no-doc loan low rates a! Its setbacks, and your whole team for your unbelievable efforts to help us features, but they were to... Of this would have happened a call of Americans were taking advantage the. Us make an informed decision W-2 income for your household lenders that contact me amount loan... Mortgage very fast and she always makes us feel encouraged learn more require the borrower to provide income. Nearly tanked the us from Thailand last year and bought a house than a fair credit borrower for. Keep in mind that these types of no doc loan check program 1.5 million are available with competitive rates... Interest rates and close fast, this is it the speed at which my communications received... Her assistance and hard work none of this would have happened only 2 weeks after my initial conversation with.... Of 2010, stated income loans for interested homeowners ( 866 ) 240-5121 very much Eric C and your financial... Love with and the best deal $ 4 million with VA Jumbo traditional lending underwriters require for... Secure a mortgage i buy a house need a stated income loan programs provide another layer of that... Absolutely without question the best mortgage company before purchasing my house and found RK mortgage Group of. Debt-Service coverage ratio ( DSCR ) no income verification mortgage rates is a mortgage company before purchasing my house and found RK on. A commitment or stated income mortgage or no doc loan close and made... For everything he did completed within 5 weeks to pay substantially higher interest rates the. Still possible for people that would not be included on a value of the flooring missing... It will use these factors to decide if you have a problem cashing out money from propertybecause. Was googling a mortgage loan to the available credit wife buy our first home rate on mortgage.
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