He is a well disciplined and well-mannered and is the best representation for any mortgage company. I'd recommend them to anyone. Everyone I talked to was friendly and helpful. Stated Income Loan (See lenders for guidelines). If their payments were on time, their credit scores were still good enough to get approved for a stated income loan. A++++. No Income Verification Mortgage. Me'me was my loan processor and was great also. The fact is that no income check mortgage programs and reduced document loan programs can be configured to meet your needs if you have strong compensating factors. Process was simple, quick, and nothing left to chance. However, Nationwide continues to provide info on affordable reduced documentation home loans without income verification. They really work with you to get the best rates and to help you get into your own home. Instead, you can qualify for the loan based on your assets. Can I get a mortgage if I get paid in cash? For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. })(); Get the latest housing market news and expert analysis delivered straight to your inbox. I am glad we have chosen RK Mortgage Group. If you are refinancing, you need to find out what the fico score and loan to value requirements are before making a commitment. Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. Provide documentation that shows your assets and income. If you dont have a verifiable income stream, then youll need enough assets to support the mortgage payments. Its important to carefully consider the pros and cons of a no income verification mortgage loan before applying. Funding from $75k to $5 million. QMs meet specific requirements, including evaluating debt-to-income and monthly income for a potential borrower. Very professional and easy to work with. Sometimes lenders call these bank statement loans or stated income loans. And that's because . window.ClickTable.mount(options); Thank you! Having a higher score may increase your chances of getting approved for a no income verification mortgage loan. Rate and term refinance or debt consolidation refinance with no cash out proceeds. A no income verification mortgage loan is a type of mortgage that does not require borrowers to provide documentation of their income. Very easy happy close all the way!! Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . Thank you RK Mortgage! Specialties: NMLS #322945. While true no income verification mortgages no longer exist, lenders can qualify you based on almost any kind of cash flow. What should be your minimum income to buy a house? Fortunately, we were able to find RK Mortgage Group which first gave us a hope and then delivered as promised. We renovated and of course went back to her to refinance on a normal mortgage. She is very professional and asks questions to help you make the best financial decision available. Lucrece and her team were awesome! 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 . Highly professional service. * Convert your adjustable rates to a Fixed Rate Loan. No-income-verification mortgages are a type of nonqualified mortgage. See below some highlights of the program. I would not have my new home without her. This saved us a lot of time. Ms. Meme excellent, very professional, patience of an angel. Tips for Making the Best Garden Improvements for Your Home's Values. Start here (Jan 18th, 2023). I was lucky to find JC and RK Mortgage Group. Without her assistance and hard work none of this would have happened. The problem came in where people could easily borrow cash temporarily to show they had 'reserves,' and could pay bills by using credit cards. If any one wants to do business with professionalism and respect, I recommend Andres and his team. No Income Investor Loan Key Loan Features. Debt-To-Income (DTI) is Not Calculated. The mortgage company does verify that the applicant was in fact employed. Today we cover everything you need to know about getting approved for a no income verification home loan. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. I look forward to working with them again next year for my refinance. After that, your rate becomes variable. It was quite an experience with mixed feelings. This type of loan doesnt require standard income documents to finalize your loan. 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. They found the right program that fit my needs. I am very grateful for your quick and professional work! Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . Our Experience with RK Mortgage Group was superb. Thank you guys! Last Updated: November 15, 2022. This is our 2nd time working with them and each time they provided exceptional service. I highly recommend!!! And when you compare a 6% no doc mortgage interest rate with rates from decades ago, you still are doing pretty well financially. I traveled for business and my wife stayed home. Your dedicated Loan Specialist will work alongside your title company and stay involved from first call toclosing. 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. They answered all my questions and concerns in a nick of time. Or email us at gcho@gustancho.com. Many self-employed clients choose the no income loan options for home refinancing and house flipping loans. No income or job history verification required; No limit on the number of properties; Loan amounts up to $5,000,000; Unlimited cash out; As little as 20% on down payments; Credit scores as low as 620; Cashout Refinance up to 75% LTV; Debt Service Coverage Ratios as low as .75%; Interest-only loan option available; Suited for new and seasoned . As the CEO of a company, I would not hesitate to recommend RK Mortgage Group for their excellent performance in dealing with the clients. Another option for some business people and real estate investors are investment property loans that do not require regular underwriting and full documentation. They work well after hours to help get the paperwork done! Each lender sets its own specific credit score requirements for no-income verification home loans. Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) Nationwide offers unique no income mortgage options on 1st & 2nd loan products. Request a call backor email us your questions! Will definitely recommend! Related Articles. The lender will confirm that you can make the loan payments in one way or another. 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. Alternate names: Alternate income loan, alternative income . Thank you RK Mortgage Group Inc. We highly recommend them to anyone purchasing a home. Ms. Meme made our dreams of owning a home come true! Thanks again, and we definitely recommend Lucrece and her team! Privacy: No income verification mortgage loans allow borrowers to keep their financial information private. Meeting the strict underwriting requirements of most lenders can be daunting, but we have at MortgageDepot. 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. Talk to a lender: (866) 240-5121. Of course, the lender still needs to know that you can afford the loan. MortgageDepot Sets Up a Blanket Loan with a Gift of Equity, Stated Income on Primary Residence Properties, Investors with passive losses that offset earnings, Workers with seasonal fluctuations in income. Most property types considered! 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. 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. 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. Extremely positive and always responsive. Believe it or not,No Income Verification Loansstill exist. Up to 75% LTV Purchase /Rate & Term. Thank you again Lucrece & MeMe! Once we contacted RK Mortgage Group and spoke to Joelle her experience, knowledge and professionalism put us at ease. Excellent service, Roy kept me informed each step of the way. Yes, it is possible to get a second mortgage without documenting your income. No W2s, paystubs or Taxes needed! 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. What credit score is needed for a no-income verification mortgage? But these types of loans require proof of other assets. 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. Some organizations, like Mortgage Depot, offer a no income check program. Check your mortgage rates. Great group to work with, they helped us acquire our dream home for our family. Thank you again for all of your help and support! They never missed a call anytime I had a question or concern. No Income Verification Mortgage Loans on Primary Residence, Second Homes and Investment Properties up to $3 Million., No income documentation Mortgages. It was nothing about trying to get money but just helping a family in needs of a place to call home. We have been extremely successful with getting borrowers approved, even when other lenders said it wasnt possible. I never expected such a good rate given my self-employed situation. 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. 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. He provided EXCEPTIONAL customer service, answered my numerous questions and always kept me informed during the entire process. After several unsuccessful attempts, We found Eric @ RK Mortgage. 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 husband and I have been trying to buy a home for a very long time. The analysis conducted from day one for the submission of the paper were always accurate. Our experience with RK was wonderful from start to finish. I had an issue with my other mortgage company that I had been working with and upon contacting RK Mortgage. Would totally recommend. This can be beneficial for borrowers who are self-employed or who have other sources of income that are difficult to document. Rates back in the old days in the 80's were over 10%! Foreign Nationals Eligible. Loan amounts up to $5 million on most properties and up to $2 million on 2-4 unit residential properties Thank you again for all of your help and support! 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. no doc mortgage, no doc home, with no income verification, mortgage with no income requirements, 100% no doc mortgage, no income verification refi, no documentation mortgage, no doc stated income Saatchi, Ogilvy amp Rosenthal today 39 fees once your school come together are entitled. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. Joelle is the most professional loan officer we've had by far. (Stated income loans still exist for real estate investors, however, because they aren't purchasing an owner-occupied home.) * Stated Income -Home Equity Loan up to $300,000. Typically, these loans charge higher interest rates than qualifying loans, but can be easier to get approved if you're self- or seasonally employed. The average 5/1 ARM rate, on the other hand, was just 4.08 percent. When you apply for a mortgage, the lender wants to ensure that you have the financial resources to repay the loan. No-doc loans . As a first-time homebuyer, I never knew how to go about buying a house. Do not waste your time with people who quote you loan terms without assessing your credit, and debt ratios. However, youll need to have sufficient existing assets to repay the loan. Last Name*. RK Mortgage Group went above and beyond my expectations! I was really impressed with technology. Stated Income Stated Assets: Thank you for the hard work. I would like to thank everyone who was involved with my loan from the beginning until signing. 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. * Full-Document -Home Equity Loan up to $500,000. After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. We have specialty programs such as no income verification, bank statement income verification for self employed borrowers (no taxes), interest only on investments, hard money loans, low fico . 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. No-income verification mortgages dont require proof of income. Great working with Roy & Me'Me, they were very professional, and answered all my questions before, during, and even after hours. 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. Have gone through the mortgage process a number of times, and this was by far the easiest! No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. Call for Terms and Pricing. We were buying a house that needed renovation in a neighborhood we loved. As self-employed and without income verification there were not to many chances for us to be approved for a mortgage. Working with Juan Carlos Rivera was great. On paper, this type of applicant may appear to be a higher risk because they do not meet qualified mortgage standards. You can improve your credit score by paying your bills on time, keeping your credit card balances low, and avoiding applying for too much new credit. First I want to express my deepest gratitude to Juan Carlos Riviera for his patience, courtesy and professionalism. She was reliable and always reachable one way or the other. There is no minimum income required to buy a house. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. If you want to purchase a home with no income, youll need a substantial net worth with enough assets to support repaying the loan. Great Job thank you. 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. My questions were answered quickly and professionally. Joelle and processor Me Me were amazing! You should have your financial life in tip-top condition if possible. Thank you so much JC you are truly a blessing from above! Home Purchase | No Income Verification Loan. In this type of "stated income loan", the applicant provided info about their income and assets. These loans are credit score driven. A no-income-verification mortgage does not require the borrower to provide the lender standard proof of income documents, such as pay stubs, W-2 forms and tax returns. RK Mortgage Rocks! $1,350,000 / 360 months = $3,750 monthly income. They were very professional and made it a point to answer all of my questions thoroughly. Standard income documentation is not required, Its possible to qualify with assets only, Most lenders offset the risk with a higher interest rate, A change to your income wont impact your application, Most lenders require a top-notch credit score. Very knowledgeable and professional! In some cases, you can even use the projected rental income of a property to qualify for the mortgage. If you have enough assets, the lender might be willing to move forward regardless of income. Your loan payments can be interest only payments. If you are thinking about getting a mortgage for a home please contact Stephanie or MeMe. Fixed rates/Adjustable. I worked with Andres at RK Mortgage. Loan Amounts to $10M. Apply in 30 seconds with one quick, easy form. 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. These mortgages are high risk to lenders and borrowers, and most lenders have now removed . We offer one of the industries lowest rates. You do not provide any pay stubs, W-2s, or tax returns. Would highly recommend RK Mortgage, they will be with you the whole loan process, difficult or easy loan. Our Loan Consultants are ready to answer your questions about this No Income Verification Program. In this example, the real estate developer has more than six times the cash flow necessary to cover their debt obligations. I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. Plug those numbers into the formula and you get DSCR = $2,150,000/$350,000 = 6.14. This type of mortgage loan only requires the borrower to have employment verification performed and two months of bank statements. Largest Access to Stated Income Loans and Lenders. We are truly blessed to be first time homeowners! Lenders don't have to consider tax documents like W2s or tax returns but can accept bank statements as a sufficient form of proof of income. Amazing helpful team! A borrower with a good credit score can lock in a better rate than a fair credit borrower. I cannot say enough good things about him! Andres from RK Mortgage Group and his processor, Meme, did a great job! 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. People are raving about home equity loans with no documentation required. Adam Lesner NMLS 198818 is a licensed mortgage Loan Officer in Hartland, Michigan. 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. Highly recommended team that defines word professionalism in this sphere of business! Thank you so much Joelle for your service. 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. Truly a seamless transaction. He also does conventional loans. He also got me a great rate on my mortgage! She was always available to answer my questions, and she guided me through the entire process. We just moved to the US from Thailand last year and bought a house. I will always go back to her and recommend anyone to go to her company. 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 lender accepts other items, such as bank statements, as proof you can repay the mortgage. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. I would definitely recommend RK Mortgage. Unfortunately, no doc mortgages when they are not underwritten properly have a higher default rate than regular mortgages. Highly recommend! Working with RK team was truly a pleasure. Im not one who provides reviews but for this company Im really happy to do so. This is available on rate and term refinance as well as cash out refinance. So you dont need a traditional income to qualify. 650 mid FICO to qualify. We have experienced loan officers who specialize in no income-verification financing to provide guidance and advice to borrowers about this and other mortgage programs offered by MortgageDepot. Florida Mortgage Rate Quote Start Your Florida Mortgage Pre-Approval Fidelity Home Group 4700 Millenia Blvd Suite 175, Orlando, FL 32839. *Mortgage loans with no income verification are available in most states, but not all states. However, you should expect the lender to require a relatively high credit score. Approval is based on the cash flow generated by the property, and loans between $75,000 and $1.5 million are available. Its always a good idea to consult with a mortgage broker to determine the best option for your financial situation. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. These loans can help you in a number of ways. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. What en excellent experience! I would highly recommend this company. Thank you all for your time and excellent customer service! Office, Retail, Warehouse, Self Storage, Automotive Service ( No gas stations). 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. Thank you for getting it done! No-income verification loan rates are substantially higher than currently available mortgage rates, as they pose more risk for lenders. Additionally, Roy was solid and reassuring throughout the whole process, which was especially appreciated since we were first time home buyers. A high score can get you a low interest rate, while a low score can result in higher rates. For example, if you are reporting this cash income on your tax returns, that might be enough evidence for the lender. I heard nightmare stories about buying homes and loan companies but this was not one of those cases. Certain state restrictions and requirements may apply. You will need a minimum 20% down payment. Thank you again. 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 Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. They were so great to work with, Joelle and MeMe, thanks again. Thanks for getting me to the finish line. We now have a significantly lower monthly payment and this is amazing! You won't be asked to submit documents and forms you don't have. This means that you must bring at least a 30% down payment to close the loan. 800 SE 4th Ave Suite 139 Lorie C, Fort Myers, Florida Additionally, we can get you approved for up to 80% of your property's appraised value with . No doc loans, short for no documentation loans, are mortgages that require little to no paperwork to qualify. The loan is approved based on credit and reserves. 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. He kept constant contact with me on any updates throughout the process.