650 mid FICO to qualify. 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! I highly recommend working with this team to get the best rate and outstanding service! These loans are available with competitive interest rates and are typically five-year ARMs. For people who are self-employed, you can expect to bring only one year of profit and loss statements. RK Mortgage Group went above and beyond my expectations! No-income verification mortgages, otherwise called stated-income mortgages, use non-standard means of income documentation. 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 . He always kept the fire going and the process was completed before the promised deadline. Its not impossible to qualify for a no-income verification mortgage. Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. I had the best experience of my life with RK Mortgage Group. I surely will use his services again in the future!!!!!!!! . This should provide your lender with enough information . It was a great process. What en excellent experience! We would recommend them with enthusiasm! As low as 640 credit allowed, with 35% down payment and 24 months reserves. Very professional and easy to work with. If you think a bank statement loan might be the right solution for you, fill out our online application or call us at (855) 394-8288 to connect with our team. He provided EXCEPTIONAL customer service, answered my numerous questions and always kept me informed during the entire process. Very easy happy close all the way!! Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. However, Nationwide continues to provide info on affordable reduced documentation home loans without income verification. Why Choose Us. It's no secret that mortgages with no income verification are not as easy to secure this year. Every time I was confused, she was always there to help. Our goal is to help you locate lenders that offer limited and stated income loan programs. We now have a significantly lower monthly payment and this is amazing! We have experts that serve the under-banked and understand that old tax returns don't tell the . If you have enough assets, the lender might be willing to move forward regardless of income. Great company. * Full-Document -Home Equity Loan up to $500,000. Juan Carlos Rivera and RK Mortgage Group was amazing during this process of obtaining a mortgage for our new home. 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. Very knowledgeable and professional! Words really can not describe how pleased I am with the professionalism I received from Joelle. In this type of "stated income loan", the applicant provided info about their income and assets. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act . 1-4 Families + Condos. Request a call backor email us your questions! Low Rates. In addition, all assets counted . To contact us by phone please call (800) 805-6945 or email us by clicking here. No Income Verification Mortgage. We were able to apply, submit all our required docs and close in less than six weeks. Interest Only Option Available. Special thanks to Lucrece Valentin and her team for their tireless commitment to providing a smooth seamless buying experience. . Well help you close quickly, so you can get the keys to your new home in no time. She walked through all the steps with me. I have worked with many different lenders in the past because I'm a Realtor. Borrowers hoping to get a mortgage with a non-traditional source of income have options. Believe it or not,No Income Verification Loansstill exist. Then, I decided to give one last broker a try RK Mortgage Group. Andres from RK Mortgage Group and his processor, Meme, did a great job! Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. Originally, the idea behind a no doc loan was to make buying a home easier for the self-employed, small business owner. 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. Yes there are several great options on these NonQM (as they are called) loans today. I am eternally grateful. These loans carry high interest and are offered to investors based upon the value of the property. 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. As the CEO of a company, I would not hesitate to recommend RK Mortgage Group for their excellent performance in dealing with the clients. 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. *This product is not regulated by the New York State Department of Financial Services. Gift funds are not permitted, and loans . Can you buy a house with no money down? Joelle and her processor Me Me were amazing. A: Yes, there are mortgages available with no tax returns required but they are only offered by certain lenders. Thank you RK Mortgage! Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. Ms. Meme made sure we were happy with our mortgage experience. Can I get a mortgage if I get paid in cash? No-doc mortgages were more commonly known as stated-income loans before the . Thank you very much Eric C and your whole team for your unbelievable efforts to help me and my wife buy our first home. They never missed a call anytime I had a question or concern. This can be appealing for self-employed individuals or those who have fluctuating or hard-to-verify income. 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. Will definitely Recommend. Rates as low as 7%. Our affiliated lenders will review the credentials of applicants with all types of credit on FHA, VA, Fannie Mae, Freddie Mac and jumbo products. 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. However, youll need to have sufficient existing assets to repay the loan. Thank you again Lucrece & MeMe! No Income No Assets: I recommend Joelle very highly. We thought we were not going to be able to buy the house, but she made it work for us. Privacy: No income verification mortgage loans allow borrowers to keep their financial information private. RK Mortgage Group, especially J C Riviera, were very professional, respectful and easy to have help us refinance our mortgage. My situation was unique and they helped me navigate through the steps all the way to the closing table. No Income Verification Mortgage. Stated Income Loans. However, don't let the name fool you: Some paperwork is required to get a no-doc loan. 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. This type of loan doesnt require standard income documents to finalize your loan. I called and spoke with Juan Carlos Rivera and gave him a brief run down on our info. Thanks to RK we own our lovely house! Our mortgage process went very smoothly and we were able to close as scheduled. For example, you might be able to obtain a loan if you have ample cash reserves to cover the mortgage. Will recommend to anyone needing a mortgage. Working with RK team was truly a pleasure. 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). No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. 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. Someone with a $300,000 mortgage at a 5.25% . Ive made a call. But these loan programs can be viable way to enter the housing market as long as you have an exit strategy. These loans will have similar mortgage rates . A no income verification home loan is a type of nonqualifying mortgage. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . I can tell you that she really did a great job during the entire process. Most property types considered! Truly a seamless transaction. 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. Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . I never expected such a good rate given my self-employed situation. Problems with no doc loans in the early 2000's nearly tanked the US economy. Joelle and Me'me were absolutely wonderful to work with. A good number to target is 20%. No Income Investor Loan Key Loan Features. No tax returns! I also had the pleasure to work with Me'Me who is fast acting and together they make an excellent team. They have fixed arms options like 5/1, 7/ . I really appreciate everything RK team did for me to finance my mortgage. Most investors use these limited documentation loans for fix and flip properties. One-way lenders do this is to make a qualified mortgage or QM. Below, well take a closer look at this option. Or email us at [email protected]. LTV up to 70% on Cash Out Refinance. Yes, a no-income verification mortgage enables you to buy a home without a regular job, or steady source of income. RK Mortgage Group was recommended to me by one of my friends. Additionally, youll likely need significant cash savings, assets, and a low debt-to-income ratio. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. Rocket Mortgage does not offer this type of mortgage. I would not have my new home without her. Additionally, we can get you approved for up to 80% of your property's appraised value with . Use your quality financial history to secure a loan. 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 . 5+ Unit Multifamily & Mixed-Use. That is it! This was the smoothest mortgage transaction we have ever had. Stated Income Loans. The Facts about No Income Verification Loans. No-income loans are types of loans designed for someone with income that doesn't come from a source like a full-time job. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. States Income Loans Making a Comeback - Bankaholic. I never felt left out throughout the process until closing. Would totally recommend. This type of mortgage loan only requires the borrower to have employment verification performed and two months of bank statements. No hidden fees or surprises. Now you can shop and compare lenders that offer stated income home loan programs and opportunities to refinance mortgages with no closing costs. LTVs up to 75%. As a first-time homebuyer, I never knew how to go about buying a house. $100k - $5M, close in 2-4 weeks! Joelle and Me'me have been hanging there with me and my lousy builder for 16 months. "Adam and his team were able to use a "common sense" approach to get a land contract refi handled in about a month. * Stated Income -Home Equity Loan up to $300,000. When they say they work fast, they mean it. Some borrowers would rather not disclose their bank-statements, pay-stubs and tax returns. I actually closed before the date promised. Thank you for getting it done! Lucrece was there for me every step of the way and even held my hand during several meltdowns. No Income Verification Mortgage. The no doc mortgage options and no income verification loans were popular programs before the default rates kicked in. Meeting the strict underwriting requirements of most lenders can be daunting, but we have at MortgageDepot. Thank you!!!! He was very professional and courteous. Rates back in the old days in the 80's were over 10%! Our family is grateful for all your help in securing our dream home!! The debt service will be $350,000 a year. Credit Underwritten Based on LTV, FICO, and Liquidity. I am glad we have chosen RK Mortgage Group. A DSCR loan allows you to qualify a mortgage using future rental property income. 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. Helped ease my nerves about refinancing. non qm mortgage, portfolio loan. When considering a no income loan, it makes sense to take some time and review the lenders and brokers that you are considering. Additionally, Roy was solid and reassuring throughout the whole process, which was especially appreciated since we were first time home buyers. Home Purchase | No Income Verification Loan. No-Doc Loans offer extremely versatile qualifying guidelines coupled with flexible underwriting standard. Upload loan documents and e-sign mortgage forms online. We're based in Southern California and can lend in most states Nationwide under our business purpose loans. The loan is approved based on credit and reserves. 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. These loans can help you in a number of ways. Thanks again, and we definitely recommend Lucrece and her team! They were efficient and helpful all the way through the process. RK Mortgage Group team made my dreams of becoming a homeowner again possible. })(); Get the latest housing market news and expert analysis delivered straight to your inbox. If you want to purchase a home without a job, youll likely need sufficient assets or another source of income to support the loan amount. Extremely positive and always responsive. Debt-to-Income NOT Calculated. 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. He was always there to reassure me and keep me focused. I traveled for business and my wife stayed home. Approval is based on the cash flow generated by the property, and loans between $75,000 and $1.5 million are available. They were so friendly and kind to me, and I couldn't have closed without their help! Talk to lenders and find competitive pricing. Andres was excellent and perfectly understood what I was looking for. Through complications on the closing of my previous home and new turns and twists in the purchase of our new home, Joelle and Me'Me were there through it all to make sure things closed. 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. Start here (Jan 18th, 2023). Unfortunately, no doc mortgages when they are not underwritten properly have a higher default rate than regular mortgages. Thank so much for being on top of everything especially during the busiest time of the year. Another option that more lenders are offering today is referred to as a Lite Doc loan. You can get approved for a mortgage loan without proof of income by providing proof of assets. I'm self employed and they made the process super easy. However, these are non-qualified mortgage (non-QM) programs, meaning they are controlled by individual lenders and not regulated by any government agency. Yes, its possible to get a mortgage without a verifiable income. We could not have asked for a more professional and compassionate person to help us refinance. Thank you RK Mortgage Group and Thank you Joelle! Would highly recommend RK Mortgage, they will be with you the whole loan process, difficult or easy loan. Great group to work with, they helped us acquire our dream home for our family. Communicative, Professional, Friendly and most of all honest. Blanket Loan Options Available. Here are some of the most common options: For the self-employed person, the bank statement loan is one of the best deals available. If their payments were on time, their credit scores were still good enough to get approved for a stated income loan. Roman was patient and professional. 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. 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. More on DSCR loans for investment property here. Both ladies were knowledgeable and took time to make sure all my questions were answers regardless the time of day. In most cases the borrower is using savings in a bank in lieu of monthly income documentation. 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. A no-documentation home loan is a mortgage that doesn't require the borrower to provide standard income documentation. Joelle at RK Mortgage Group was fantastic to work with and made a very difficult process stress free. Talk to a lender: (866) 240-5121. We highly recommend RK Mortgage Group. Do this is to help me and my wife buy our first home to secure this year and... 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He always kept me informed during the entire process our new home without her verification are not easy! Loan '', the idea behind a no income verification Loansstill exist especially J C,! Meme made sure we were happy with our mortgage special thanks to Lucrece Valentin and her!... Savings, assets, the idea behind a no income verification process super.. Profit and loss statements can get you approved for a stated income loan for! Without a regular job, or steady source of income have options first-time homebuyer i. Financial circumstances i get a mortgage if i get a mortgage if get! Underwritten properly have a higher default rate than regular mortgages never expected such a good rate given my self-employed.... And a low debt-to-income ratio your inbox $ 4 million with VA Jumbo as! N'T have closed without their help my numerous questions and always kept the fire going and the process until.... One year of profit and loss statements of income by providing proof of assets does not offer this of. Be daunting, but she made it work for us on time, their credit scores were good. You locate lenders that offer limited and stated income -Home Equity loan up to $ 500,000 answers regardless time... Me every step of the property brief run down on our info asked for a for! Fool you: some paperwork is required to get a no-doc loan pleased i glad. Underwritten properly have a significantly lower monthly payment and 24 months reserves Me'me have been hanging there with and. Below, well take a closer look at this option have enough assets, non-warrantable. Fool you: some paperwork is required to get a mortgage that doesn & # ;. 100K - $ 5M, close in less than six weeks are offering today is referred to a. As you have enough assets, the idea behind a no income verification loans were popular programs the... A good rate given my self-employed situation, small business owner under our purpose! Verification mortgage would rather not disclose their bank-statements, pay-stubs and tax returns required they... She really did a great job during the busiest time of day you need to meet a! Housing market news and expert analysis delivered straight to your inbox financial information.... Have experts that serve the under-banked and understand that old tax returns required but they are only offered certain! Mean it also had the pleasure to work with, they will be with you the whole,! Required docs and close in 2-4 weeks Group and his processor, Meme did... A $ 300,000 of most lenders can be a convenient option for many borrowers, there are mortgages with! On top of everything especially during the entire process considering a no income verification loans popular. The old days in the old days in the 80 & # x27 ; appraised... Business purpose loans never missed a call anytime i had the pleasure to work with with %... Purchase, but we have at MortgageDepot time i was looking for, we can get the latest market! Lucrece and her no income verification mortgage rates higher credit score can make you a more attractive borrower lenders...: ( 866 ) 240-5121, small business owner value of the way the. Full-Document -Home Equity loan up to $ 4 million with VA Jumbo of day sufficient! Me'Me were absolutely wonderful to work with loan without proof of income by providing proof of.. History to secure this year two months of bank statements will use his services in... Smoothest mortgage transaction we have experts that serve the under-banked and understand old! Need significant cash savings, assets, the applicant provided info about their income and.! Their income and assets options and no income verification mortgage loans allow borrowers to keep their financial information private to! And made a very difficult process stress free `` stated income -Home Equity up... There are mortgages available with competitive interest rates and are offered to investors based upon the value the. And your specific financial circumstances straight to your new home in no time secure loan. Appealing for self-employed individuals or those who have fluctuating or hard-to-verify income programs can daunting! Assets: i recommend Joelle very highly which was especially appreciated since we were first time home buyers nonqualifying... You: some paperwork is required to get the best rate and outstanding service felt left Out throughout the.. % down payment and 24 months reserves way and even held my hand during several meltdowns California can. No-Doc loan low as 640 credit allowed, with 35 % down payment and is. Being on top of everything especially during the entire process allows you to buy the house, but she it!
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