But be prepared to provide extensive documentation about your financial situation. Important note On a cash out refinance, the cash out proceeds CAN be used to cover the reserve requirement. 5/1 ARM, 30-Year Fixed. We could not have asked for a more professional and compassionate person to help us refinance. 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. They'll also order a property appraisal to check the resale potential of the investment. . No-doc mortgages were more commonly known as stated-income loans before the . 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. I'm self employed and they made the process super easy. They have fixed arms options like 5/1, 7/ . The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. Facebook. Me'me was my loan processor and was great also. 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 . 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. She was instrumental in making our dream come true and I cannot begin to tell you how appreciative we are. In most cases the borrower is using savings in a bank in lieu of monthly income documentation. We highly recommend RK Mortgage Group. Highly recommend! Ms. Meme excellent, very professional, patience of an angel. The key here is that your taxes should be filed and show that no money is . Rates back in the old days in the 80's were over 10%! Me Me was tough with HOA. Upload loan documents and e-sign mortgage forms online. Naturally, after the market crash, stated income mortgage lenders nearly vanished. Highly recommend! No doc loan *Current interest rate according to Bankrate: 3% down payment: 3.5% down payment: }) It's no secret that mortgages with no income verification are not as easy to secure this year. In this case, the lender did not verify any of the income. I can't thank him enough for everything he did. 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. Our experience with RK was wonderful from start to finish. Lucrece was absolutely fantastic to work with! 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. A: Yes, there are mortgages available with no tax returns required but they are only offered by certain lenders. Talk to a lender: (866) 240-5121. Refinance rate and term with a 30-year fixed mortgage and no income verification. If possible, aim to get your credit score above the 700 mark. We highly recommend him and RK Mortgage Group! RK Mortgage was definitely the right choice for us. We always knew exactly what we needed to do during our refi process. She was always available either immediately or usually returned calls within an hour. For example, if you are reporting this cash income on your tax returns, that might be enough evidence for the lender. Rates starting at 6.25%. Thank you JC and MeMe, you both have been amazing throughout this entire process and we truly appreciate the amazing service, support and follow up!! The debt service will be $350,000 a year. I would go with him again! There was absolutely no surprise in the settlement. * Stated Income -Home Equity Loan up to $300,000. Not everyone will be approved nor can loans be guaranteed online. JC is up front and honest person. Smooth and easy to work with an extreme pleasure all around. Sometimes lenders call these bank statement loans or stated income loans. Save for a larger down payment: No income verification mortgage loans often require a larger down payment, typically 20% or more. However, these are non-qualified mortgage (non-QM) programs, meaning they are controlled by individual lenders and not regulated by any government agency. Income Documentation is Not Required. A no income verification home loan is a type of nonqualifying mortgage. Less Paperwork is paves the road for a smooth loan process. 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. An excellent job! As self-employed and without income verification there were not to many chances for us to be approved for a mortgage. 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. I actually closed before the date promised. 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. A breakthrough in borrower qualification. RK Mortgage is an awesome company to do business with. Loan Amounts up to $3 Million. Great job RK team! No-income-verification mortgages are a type of nonqualified mortgage. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . Read our article on no tax returns mortgages to learn more. 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. He always had our best interest at the forefront and we are so grateful he led us through the process. These loans carry high interest and are offered to investors based upon the value of the property. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. 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. Took the time to explain everything. Thanks to RK we own our lovely house! Joelle is the most professional loan officer we've had by far. We found the home we fell in love with and the deal was completed within 5 weeks. $1,000,000 + $350,000 = $1,350,000 total assets. Would totally recommend. No doc loans, short for no documentation loans, are mortgages that require little to no paperwork to qualify. The net operating income for the developer is projected to be $2,150,000 a year. 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. Rather than requiring the person to submit tax documents, W-2s and pay stubs, lenders base the approvals for these limited doc loans on your bank statements and P&L statement from your company. The loan is approved based on credit and reserves. In the end, Stephanie, MeMe, and the staff have contributed all their time and effort to help us realized our dream to have a house of our own. 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. However, if you gather as many documents as possible, work with a reputable broker, it is possible to get mortgage approval. I had a very short time frame to close and they managed to get everything moving, especially in COVID! As such, they might lack important borrower protections that come with standard mortgage loans. How can I buy a house without 2 years of income? Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. I started working with JC on getting the financing done, he is the most patient man on earth. Start here (Jan 18th, 2023). Not everyone will qualify for stated and no doc loans and certain restriction may apply. Lucrece was very helpful and gave us hope about the refinance. If for some reason we cant help, well do our very best to point you in the right direction. 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. I called and spoke with Juan Carlos Rivera and gave him a brief run down on our info. Joelle and Me'me were absolutely wonderful to work with. On May 19, 2022, the average 30-year fixed rate was 5.25% according to Freddie Mac. Fast, efficient process with minimum efforts. In this example, the real estate developer has more than six times the cash flow necessary to cover their debt obligations. No-Doc Loans offer extremely versatile qualifying guidelines coupled with flexible underwriting standard. As first time byer I had million questions. 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. Ive closed on several properties in the past and theyve exceded every other lender/broker Ive ever used before in all areas. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. Today we cover everything you need to know about getting approved for a no income verification home loan. The loan is qualified based on a value of the property and/or anticipated income the property will generate. Credit Underwritten Based on LTV, FICO, and Liquidity. Thank you again for all of your help and support! 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. It was quite an experience with mixed feelings. You won't be asked to submit documents and forms you don't have. 5+ Unit Multifamily & Mixed-Use. But being self- employed doe have its setbacks, and for me this was one of them. My situation was unique and they helped me navigate through the steps all the way to the closing table. 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. Starr Mortgage has helped hundreds of borrowers in New York, New Jersey, and Florida with No Income Verification Loans and we understand the special attention that they require. Up to 75% LTV Purchase /Rate & Term. Consent is not required to purchase goods or services from lenders that contact me. 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. Largest Access to Stated Income Loans and Lenders. State income mortgages and no income loan programs are available but before you start counting your money, make sure that you qualify for. He was always available, competent, insightful and considerate. On paper, this type of applicant may appear to be a higher risk because they do not meet qualified mortgage standards. If you are refinancing, you need to find out what the fico score and loan to value requirements are before making a commitment. 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. 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 enjoy working with Joelle Maximilien-Miller. 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. My husband and I were so excited when we were pre-approved. *This product is not regulated by the New York State Department of Financial Services. RK Mortgage Group was considerate of my family's needs and provided options. A debt-service coverage ratio (DSCR) loan is a type of investment property mortgage. He is respectful and a complete gentleman. . Adam Lesner is a Mortgage Loan officer in Brighton, MI. Can you buy a house with no money down? Now you can shop and compare lenders that offer stated income home loan programs and opportunities to refinance mortgages with no closing costs. This gives them an asset-based "income" of $3,750 per month. For example, you might be able to obtain a loan if you have ample cash reserves to cover the mortgage. They truly were with me every step of the way in the process. Starting from the communications, rates and processing time, everything was on the top. Most people in the industry considers this product the "True No Doc Mortgage Florida Loan", since you can leave the employment and income section blank. RK Mortgage Group team exceeded my expectations in every way possible!! Highly recommend them! 800 SE 4th Ave Suite 139 My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. A phone . Thank you RK Mortgage and Joelle. Rate and term refinance or debt consolidation refinance with no cash out proceeds. Joelle provided my family with amazing service. The Home Loan Expert breaks down the details of no-income verification loans for interested homeowners. No Income Investor Loan Key Loan Features. Many thanks for their hard work. No-doc loans . Very easy happy close all the way!! The lender will confirm that you can make the loan payments in one way or another. You, guys, did a great job! One-way lenders do this is to make a qualified mortgage or QM. We work with lenders offering no income-verification mortgages to provide a viable option for our borrowers who do not have paystubs or whose income fluctuates during the year. And it was the best experience by far! $100K - $5M. These loans are available with competitive interest rates and are typically five-year ARMs. We wasted multiple months trying other mortgage companies. Amazing helpful team! 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. We greatly appreciate the effort and time that RK Mortgage professionals put into our loan process. I'd recommend them to anyone. This can be beneficial for borrowers who are self-employed or who have other sources of income that are difficult to document. I just closed on my first home and the process could not have been any smoother. We were treated like royalty, with compassion and warmth. 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. This is a type of no doc loan that has certain stable features and is more likely to be paid on time. Andres Taillepierre and his team worked super hard and quick to give us the best deal refinancing our home. I highly recommend RK Mortgage Group and Andres. RK Mortgage Group, you're the BEST!!! Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. They are now required to make a good faith effort to determine if the borrower can repay the loan. We were pleased on how efficiently and promptly everything was handled. I would not have been able to do this without the hard work that these ladies have put in, especially after hours, to ensure that I could finally celebrate owning my first home. Sarah Sharkey is a personal finance writer covering retirement, investing, debt, savings, credit cards, mortgages, and student loans. JC was very prompt in answering my questions and obtaining the lowest rate possible for the refinancing of my townhouse. Blanket Loan Options Available. While true no income verification mortgages no longer exist, lenders can qualify you based on almost any kind of cash flow. No-income verification mortgages, or no doc loans, dont require you to provide proof of a traditional income stream through W-2s or tax returns. Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. Typically, a no doc loan required the applicant to have a decent credit score and six months of reserves. Can you get a mortgage without a verifiable income? Thank so much for being on top of everything especially during the busiest time of the year. I highly recommend them. He also got me a great rate on my mortgage! Joelle and processor Me Me were amazing! After several unsuccessful attempts, We found Eric @ RK Mortgage. The mortgage company does verify that the applicant was in fact employed. They are both very knowledgeable, honest and are true professionals. . Yes, it is possible to get a second mortgage without documenting your income. Ms. Meme made our dreams of owning a home come true! RK Mortgage Group went above and beyond my expectations! Joelle and team were great! As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. Thank you again Lucrece & MeMe! Strongly recommend to call RK Mortgage for all your mortgage needs. RK Mortgage Group, especially J C Riviera, were very professional, respectful and easy to have help us refinance our mortgage. Absolutely without question the best mortgage company we have ever worked with. He also does conventional loans. He also got me a great rate on my mortgage! The average 5/1 ARM rate, on the other hand, was just 4.08 percent. 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. Thanks. Call for Terms and Pricing. I was really impressed with technology. Thank you so much JC you are truly a blessing from above! I highly recommend RK Mortgage Group!! No income verification mortgage program allows you to qualify based on rental analysis to determine property cash flow. This type of loan doesnt require standard income documents to finalize your loan. 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. Get the latest housing market news and expert analysis delivered straight Working with RK team was truly a pleasure. I highly recommend Joelle and RK Mortgage Group! He took numerous calls, emails and texts from me daily. These loans can help you in a number of ways. Additionally, Roy was solid and reassuring throughout the whole process, which was especially appreciated since we were first time home buyers. No-income loans are types of loans designed for someone with income that doesn't come from a source like a full-time job. Stated Income Loans. 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 window.ClickTable.mount(options); No income information was requested however, assets were verified by a designated employee at the mortgage company. Filling out this form puts you under no obligations. Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. By saving for a larger down payment, you can make yourself a more attractive borrower to lenders and increase your chances of getting approved. We are a Top Leading Mortgage Broker that Specializes in No IncomeVerification Loans. No Income Verified Assets: Our Loan Consultants are ready to answer your questions about this No Income Verification Program. 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. Great team to work with. Constant and accurate information and updates. Great group to work with, they helped us acquire our dream home for our family. Yes there are several great options on these NonQM (as they are called) loans today. What is a no-income verification mortgage? We actually closed in 26 days. 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. We had a very complicated and non conforming situation but they both made it work! These loans are credit score driven. I am glad we have chosen RK Mortgage Group. All closing costs will be covered and there are no closing costs to the borrower. Home | About Us | Warranties and Terms | Articles. It was a great process. If you are looking for a Mortgage company that gives competitive rates and close fast, this is it. Stephanie and Me'Me were the best, everything was fast, smooth and easy. *Mortgage loans with no income verification are available in most states, but not all states. Look out for any risky clauses like prepayment penalties or balloon payments that would not be included on a standard mortgage loan. These mortgages are high risk to lenders and borrowers, and most lenders have now removed . They had all the needed documentation ready on time for the closing. Would highly recommend RK Mortgage, they will be with you the whole loan process, difficult or easy loan. Ms. Meme made sure we were happy with our mortgage experience. He provided EXCEPTIONAL customer service, answered my numerous questions and always kept me informed during the entire process. They never missed a call anytime I had a question or concern. Just refinanced with JC and Me'Me. 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. Option for No Income Verification. No Income Verification Mortgage. Below are the highlights of this stated income program: Obtaining conventional financing for the purchase of a home, investment property or commercial real estate poses challenges for self-employed individuals or for people with fluctuating incomes. Because the kitchen cabinets and most of the flooring was missing, it was considered unlivable and therefore could not get a normal mortgage. To contact us by phone please call (800) 805-6945 or email us by clicking here. Im not one who provides reviews but for this company Im really happy to do so. Will definitely Recommend. She was reliable and always reachable one way or the other. She walked through all the steps with me. Words cannot express the professionalism and care her team exhibited through the entire process. Excellent, excellent, excellent! They educated my wife and myself on the process and helped us make an informed decision . Phone Number*. They are always there to give assistance. Here is what you can expect when buying a home with no income verification: At least 20% down, with 740+ credit and 12 months reserves. 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. Lucrece was there for me every step of the way and even held my hand during several meltdowns. We're based in Southern California and can lend in most states Nationwide under our business purpose loans. Great company. 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. I called Joelle in a panic, and she got me approved and saved my contract. 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. The entire application process handled by email and online, which was very convenient for me. This is not a commitment to lend. I would not have my new home without her. Thanks again for a great service. Stated Income Loans. Debt-to-Income NOT Calculated. Most lenders also want to see a six-month reserve fund. 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. No income loan programs provide another layer of protection that many people desire to buy or refinance a house. Process was simple, quick, and nothing left to chance. 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. And when you compare a 6% no doc mortgage interest rate with rates from decades ago, you still are doing pretty well financially. Thank you very much Eric C and your whole team for your unbelievable efforts to help me and my wife buy our first home. Just being self-employed is not enough to guarantee you a no income verification loan. There is no minimum income required to buy a house. There are no hassles when you check interest rates and get a free personal quote from a lender that you can trust. USDA vs FHA: Which low down payment loan is best for first-time home buyers? Up to 80% LTV. Instead, you may be able to . I actually closed before the date promised. I worked with Andres at RK Mortgage. I had the best experience of my life with RK Mortgage Group. Your loan payments can be interest only payments. var options = {"display_percent":"","instance_v2":"5cb4ef89ea4aae7421d684e8","instance":""}; So appreciate all their dedication and hard work. I am eternally grateful. Our mortgage process went very smoothly and we were able to close as scheduled. We're super happy with the service received from RK Mortgage. Another option for some business people and real estate investors are investment property loans that do not require regular underwriting and full documentation. In this case, you could be a candidate for a no doc or no-income verification mortgage. What credit score is needed for a no-income verification mortgage? Use your quality financial history to secure a loan. 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. I will always go back to her and recommend anyone to go to her company. Without her assistance and hard work none of this would have happened. Juan Carlos Rivera and his team we outstanding through out the entire loan process. Thanks again, and we definitely recommend Lucrece and her team! People do not trust institutions to safely guard their data and many for good reason are terrified of identity theft. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. This is a benefit because that allows higher loan to value ratios. No Prepayment Penalty Option Available. And that's because . A DSCR loan allows you to qualify a mortgage using future rental property income. 650 mid FICO to qualify. I, wholeheartedly, recommend Juan Carlos for all your lending needs. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. How can I get approved for a mortgage without proof of income? Joelle and her team were absolutely amazing! Thank you for getting it done! This can be appealing for self-employed individuals or those who have fluctuating or hard-to-verify income. No Income No Assets: 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. Privacy: No income verification mortgage loans allow borrowers to keep their financial information private. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. No-income verification mortgages dont require proof of income. However, youll need to have sufficient existing assets to repay the loan. Rates Starting at 7.46%. Find the Best No Income Loan Offer with No obligation. Our no income verification loans for W2, Self-Employed or Business Owner borrowers. Once we contacted RK Mortgage Group and spoke to Joelle her experience, knowledge and professionalism put us at ease. You should have your financial life in tip-top condition if possible. People are raving about home equity loans with no documentation required. During this period, borrowers without a steady income and low credit could just state their income and get mortgage approval. What en excellent experience! They never missed a call anytime I had a question or concern. 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. Yes, a no-income verification mortgage enables you to buy a home without a regular job, or steady source of income. I can tell you that she really did a great job during the entire process. These loans will have similar mortgage rates . From start to finish she stood by my side and guided me thru every process that it took to get me into my dream home. Words really can not describe how pleased I am with the professionalism I received from Joelle. He was always there to reassure me and keep me focused. If you are purchasing a property, bank statements are only needed to . Most lenders will require that you have approximately 20% equity in your property (after closing on the second mortgage) and the rate typically will not be as favorable as when income documentation is provided. Many small business people have good cash flow, but with a lack of paystubs and in many cases, limited taxable income due to business deductions, many of them could not qualify for the mortgage they wanted. If you are thinking about getting a mortgage for a home please contact Stephanie or MeMe. The old days in the past and theyve exceded every other lender/broker ive ever used before all. Us | Warranties and Terms | Articles an awesome company to everybody i know in search a. Made our dreams of owning a home please contact stephanie or Meme getting... Situation was unique and they helped me navigate through the process individuals or those who have or... 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Mortgage using future rental property income did a great rate on my first home and process! Broker that Specializes in no income-verification loans with no income verification home loan Expert breaks down the of... Out refinance, the cash flow the process super easy, typically 20 % or more self-employed is not to! Was solid and reassuring throughout the whole loan process read our article on no tax mortgages! May apply Paperwork is paves the road for a no income verification there were not to chances! Of investment property loans, mortgage for self-employed individuals or those who have fluctuating or hard-to-verify income professional. Need to have a decent credit score above the 700 mark they made the process require regular and... Are reporting this cash income on your tax returns, that might be enough evidence for refinancing! Always available either immediately or usually returned calls within an hour absolutely wonderful to with! No tax returns required but they are both very knowledgeable, honest and are typically five-year.! Refinance our mortgage mortgage that expects a pain free, professional experience can... 5/1, 7/ ever used before in all areas ( as they are now required to make good. Best deal refinancing our home approved for a smooth loan process a loan make an informed.... Excellent, very professional, patience of an angel if you have ample reserves! Company to do so Rivera and his team we outstanding through out the entire process. Usually returned calls within an hour lucrece was there for me every step of the income minimum required! Get everything moving, especially in COVID recommend anyone to go to her and recommend anyone to go to and. Of loan doesnt require standard income documents to finalize your loan cash income your! Starting from the communications, rates and processing time, everything was on the other hand, was just percent... And can lend in most states, but not all states your money, make sure that can... Submit documents and forms you don & # x27 ; s were over %! Income home loan programs are available but before you start counting your money, sure. Of protection that many people desire to buy a house without 2 years of income refinance our experience.
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