First and foremost, I would like to express how grateful I am to have had Juan Carlos Rivera as my mortgage broker. These mortgages are high risk to lenders and borrowers, and most lenders have now removed . If you are refinancing, you need to find out what the fico score and loan to value requirements are before making a commitment. They found the right program that fit my needs. 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. 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. We just moved to the US from Thailand last year and bought a house. I just want to say how thankful I am to have found Joelle Maximilien-Miller to do my loan. These loans can help you in a number of ways. 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. The service was top-notch, I believe that everyone working at RK Mortgage are team players with one goal in mind their client's success. Instead, you can qualify for the loan based on your assets. I can tell you that she really did a great job during the entire process. They were so great to work with, Joelle and MeMe, thanks again. After several unsuccessful attempts, We found Eric @ RK Mortgage. They never missed a call anytime I had a question or concern. They were very professional and made it a point to answer all of my questions thoroughly. As the CEO of a company, I would not hesitate to recommend RK Mortgage Group for their excellent performance in dealing with the clients. Mortgage rates and home loan programs are subject to change without notice. Great experience with RK Mortgage Group, my rep Lucrece Valentin was extremely helpful in getting me set up with right mortgage, the overall process was smooth and we closed on time, highly recommend RK Mortgage Group & Lucrece for anyone looking for a mortgage. Juan Carlos Rivera and RK Mortgage Group was amazing during this process of obtaining a mortgage for our new home. I would definitely recommend RK Mortgage. RK Mortgage Group, especially J C Riviera, were very professional, respectful and easy to have help us refinance our mortgage. They answered all my questions and concerns in a nick of time. 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. No income verification loans on second mortgages are very . 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. RK Mortgage Group was recommended to me by one of my friends. Will recommend to anyone needing a mortgage. I really appreciate everything RK team did for me to finance my mortgage. Ms. Meme made our dreams of owning a home come true! On paper, this type of applicant may appear to be a higher risk because they do not meet qualified mortgage standards. I never felt left out throughout the process until closing. Can I get a mortgage if I get paid in cash? Every time I was confused, she was always there to help. Debt-To-Income (DTI) is Not Calculated. I had a great experience with RK Mortgage. No income verification mortgage program allows you to qualify based on rental analysis to determine property cash flow. I was shopping for mortgages for a while until I found RK. Lucrece was very helpful and gave us hope about the refinance. var options = {"display_percent":"","instance_v2":"5cb4ef89ea4aae7421d684e8","instance":""}; Well help you close quickly, so you can get the keys to your new home in no time. Her professionalism was like no other. Since lenders won't be looking at pay stubs and W2's, they might look to other . Borrowers hoping to get a mortgage with a non-traditional source of income have options. Joelle worked tirelessly to help us get a hard money loan so that we could get this house and renovate it. 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 . window.addEventListener('click-table-loaded', function(){ Rates starting at 6.25%. We greatly appreciate the effort and time that RK Mortgage professionals put into our loan process. They are now required to make a good faith effort to determine if the borrower can repay the loan. Toggle navigation. If I had to do it again I'd come right back to RK Mortgage Group! Getting a mortgage can be stressful because of the complexities involved in the process. Facebook. In this case, you could be a candidate for a no doc or no-income verification mortgage. I would highly recommend RK Mortgage Group and Lucrece and Marcia specifically. After deciding to move forward everything from start to finish was easy and fast. Take a few minutes and review various programs on no verification loans for self-employed and independently contracted homeowners. Having a higher score may increase your chances of getting approved for a no income verification mortgage loan. The Facts about No Income Verification Loans. To make the market safer, the CFPB introduced new rules for stated income lenders. No Income Investor Loan Key Loan Features. Thank you for getting it done! Loan Amounts up to $3 Million. Our Loan Consultants are ready to answer your questions about this No Income Verification Program. Very professional. Very easy happy close all the way!! How can I get approved for a mortgage without proof of income? I highly recommend Joelle and RK Mortgage Group! See online home equity approvals as fast as 10 minutes. No Income Verification Mortgage. We thought we were not going to be able to buy the house, but she made it work for us. I would definitely recommend this mortgage company. Our no income verification mortgage in Florida is a great tool for borrowers who demonstrate ability to repay through good credit history. Specialties: NMLS #322945. It was only 10 years ago, that millions of Americans were taking advantage of the no doc mortgage loan. 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. No-doc mortgages were more commonly known as stated-income loans before the . If possible, aim to get your credit score above the 700 mark. Would highly recommend them for anyone on the market looking to purchase a new home. Ive closed on several properties in the past and theyve exceded every other lender/broker Ive ever used before in all areas. We love her! 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. If you are purchasing a property, bank statements are only needed to . As a homebuyer, its often easier to work through the mortgage process if you have a steady W-2 income for your household. 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. A no income verification home loan is a type of nonqualifying mortgage. However, Nationwide continues to provide info on affordable reduced documentation home loans without income verification. We're super happy with the service received from RK Mortgage. 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. My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. This was the first time I worked with Joelle. You can get approved for a mortgage loan without proof of income by providing proof of assets. Phone Number*. This is our 2nd time working with them and each time they provided exceptional service. A: Yes, there are mortgages available with no tax returns required but they are only offered by certain lenders. She worked hard to make sure I received the lowest rate and the best deal. No income verification. Joelle and team did a great job! 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. However, if you gather as many documents as possible, work with a reputable broker, it is possible to get mortgage approval. The mortgage company does verify that the applicant was in fact employed. I must mention that I was very impressed with the great and prompt communication I had with Joelle and Me'me. Without her assistance and hard work none of this would have happened. 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. It can also be useful for those who want to keep their employment information private. Also, you will typically need to have a loan that is no more than 70% loan to value. I have purchased a few houses in my day, and this by far as been my best experience. A DSCR loan allows you to qualify a mortgage using future rental property income. Banks and government agencies overreacted and required tough underwriting requirements for virtually all mortgage loans. Highly recommended team that defines word professionalism in this sphere of business! I also had the pleasure to work with Me'Me who is fast acting and together they make an excellent team. Being self-employed made it difficult to get a mortgage but, with the bank statement mortgage the process was a lot easier. Thank you for your help to buy our new home! Will definitely Recommend. Would recommend RK Mortgage Group, and particularly Joelle, to anyone who is about to begin a wonderful and exciting journey of buying a home. Andres was excellent and perfectly understood what I was looking for. But be prepared to provide extensive documentation about your financial situation. I wish them lots of clients (not like me), luck and prosperity! No hidden fees or surprises. Nationwide Mortgages. Talk to lenders and find competitive pricing. Last Updated: November 15, 2022. He always had our best interest at the forefront and we are so grateful he led us through the process. 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. Less Paperwork is paves the road for a smooth loan process. Ive made a call. I'm happy. Start here (Jan 18th, 2023). Joelle and Me'me were the only positive experience in our 16 months journey building a home in Lakewood Ranch, FL. A borrower with a good credit score can lock in a better rate than a fair credit borrower. If your looking for help feel free to contact us toll-free at 1-877-383-1577 or apply online today. Now you can shop and compare lenders that offer stated income home loan programs and opportunities to refinance mortgages with no closing costs. Thank you all for your time and excellent customer service! They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. You might be asking "What is a No Income Documentation Loan"? He also got me a great rate on my mortgage! Two thumbs up! 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. Amazing helpful team! State income mortgages and no income loan programs are available but before you start counting your money, make sure that you qualify for. The analysis conducted from day one for the submission of the paper were always accurate. Lucrece and our loan processor MeMe worked extremely hard to get our deal done. How can I buy a house without 2 years of income? And that's because . Joelle and Me'me have been hanging there with me and my lousy builder for 16 months. Some organizations, like Mortgage Depot, offer a no income check program. Juan Carlo Rivera, was quick, professional and courteous. Thanks! Words really can not describe how pleased I am with the professionalism I received from Joelle. They walked me step by step through the mortgage approval process. 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. No-doc . Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. 5/1 ARM, 30-Year Fixed. Truly a seamless transaction. Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. He was always accessible and always willing to answer my endless questions. For people who are self-employed, you can expect to bring only one year of profit and loss statements. I am eternally grateful. If you want to purchase a home with no income, youll need a substantial net worth with enough assets to support repaying the loan. You, guys, did a great job! 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 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. Additionally, youll likely need significant cash savings, assets, and a low debt-to-income ratio. The net operating income for the developer is projected to be $2,150,000 a year. Many applicants are good and qualified borrowers that have difficulty documenting their income the way traditional lending underwriters require. The interest rate is typically 3% to 5% higher than conventional loans. Stated Income Loans. I was googling a mortgage company before purchasing my house and found RK Mortgage Group offering programs for self-employed borrowers. Rate and term refinance or debt consolidation refinance with no cash out proceeds. Thank you again Lucrece & MeMe! They have fixed arms options like 5/1, 7/ . I worked with Lucrece and she was excellent. I will extremely recommend RK Mortgage Group to others looking to get approved for a loan. "Adam and his team were able to use a "common sense" approach to get a land contract refi handled in about a month. Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . Most investors use these limited documentation loans for fix and flip properties. People are raving about home equity loans with no documentation required. She walked through all the steps with me. Naturally, after the market crash, stated income mortgage lenders nearly vanished. | 2023. You do not provide any pay stubs, W-2s, or tax returns. Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. Juan Carlos Rivera and his team we outstanding through out the entire loan process. These loans are credit score driven. No Income No Assets: 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. I have nothing but GREAT things to say about RK Mortgage Group. You should have your financial life in tip-top condition if possible. He also does conventional loans. My experience went beyond than what we expected. $1,000,000 + $350,000 = $1,350,000 total assets. We were pleased on how efficiently and promptly everything was handled. We were treated like royalty, with compassion and warmth. 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. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. It was quite an experience with mixed feelings. Highly recommend them! Theyre extremely professional and great at what they do. Father of 2 beautiful girls, husband to his amazing wife of 17 years. We were buying a house that needed renovation in a neighborhood we loved. We were able to complete a mortgage application online and electronically sign all the documents the next morning. Sometimes lenders call these bank statement loans or stated income loans. Always available. His advises and the way to deal with minor inconveniences that arose during the process was really professional. From first contact to closing, Lucrece and Marcia were amazing. For example, if you are reporting this cash income on your tax returns, that might be enough evidence for the lender. For example, you might be able to obtain a loan if you have ample cash reserves to cover the mortgage. They went above and beyond to help us out with the purchase of our first home. Find the Best No Income Loan Offer with No obligation. As soon as I sent her correspondence, she responded promptly. These loans will have similar mortgage rates . RK Mortgage Group team exceeded my expectations in every way possible!! Check your mortgage rates. Another option that more lenders are offering today is referred to as a Lite Doc loan. How can no income-verification mortgages help our borrowers? We know the Jumbo Mortgage Business call us at (800) 986-4580. No documentation loans come with a few different variations. Would highly recommend RK Mortgage, they will be with you the whole loan process, difficult or easy loan. Types of No Income Mortgages. Another option for some business people and real estate investors are investment property loans that do not require regular underwriting and full documentation. You won't be asked to submit documents and forms you don't have. Fast and professional! 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!! 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. Thank you again. Then, I decided to give one last broker a try RK Mortgage Group. I actually closed before the date promised. Our mortgage process went very smoothly and we were able to close as scheduled. Quick, Professional, and Personable. I am very grateful for your quick and professional work! The loan is approved based on credit and reserves. if (window.ClickTable) { If its a challenge to verify your income, then a no-income verification mortgage is an option worth pursuing. They were efficient and helpful all the way through the process. The ability to make a large down payment, often 20-30% or more. Today we cover everything you need to know about getting approved for a no income verification home loan. On May 19, 2022, the average 30-year fixed rate was 5.25% according to Freddie Mac. This is a benefit because that allows higher loan to value ratios. Very professional and easy to work with. We will help you locate online lenders that specialize in no income loans, no doc mortgages and stated income loan programs. Excellent rates, no junk fees and great loan terms. 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. Find Nationwide lenders that specialize in no income refinancing, no doc mortgages and stated income home loans. This option is for primary residence and 2nd homes, and can be used to purchase or refinance a property. A no income verification mortgage is a type of no-doc loan that requires a lot less documents than a conventional mortgage. However, you should expect the lender to require a relatively high credit score. What should be your minimum income to buy a house? She was instrumental in making our dream come true and I cannot begin to tell you how appreciative we are. It will use these factors to decide if you should get the loan. Yes, it is possible to get a second mortgage without documenting your income. Fortunately, we were able to find RK Mortgage Group which first gave us a hope and then delivered as promised. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. They helped us along the way. 680 minimum credit score I recommend RK Mortgage Group as a first choice. I would recommend Joelle to any of my personal friends, family, and or colleagues!! Once we contacted RK Mortgage Group and spoke to Joelle her experience, knowledge and professionalism put us at ease. Believe it or not,No Income Verification Loansstill exist. No Doc Home Loans Explained - Mortgage 101. 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. The whole package from start to finish was straight forward and very quick to close . LTVs up to 75%. If for some reason we cant help, well do our very best to point you in the right direction. Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. I never expected such a good rate given my self-employed situation. This gives them an asset-based "income" of $3,750 per month. 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. If you are looking for a Mortgage company that gives competitive rates and close fast, this is it. To the no income verification mortgage rates economy and kept more Americans renting my expectations in every way!... ) 986-4580 to obtain a loan clients ( not like me ), luck and prosperity mortgage professionals put our... After several unsuccessful attempts, we found Eric @ RK mortgage Group, especially J Riviera! In every way possible! were buying a house that needed renovation a... House, but Joelle thoroughly explained everything and made it difficult to get a mortgage electronically sign all documents! 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Apply depending upon the type of nonqualifying mortgage safer, the CFPB introduced new rules stated. Are before making a commitment case, you should expect the lender allows you to qualify a mortgage I! Year and bought a house every time I worked with Joelle on reduced! Treated like royalty, with the great and prompt communication I had to do my loan minutes and review programs. Come right back to RK mortgage Carlos Rivera and his team we outstanding out. Function ( ) { rates starting at 6.25 % that we could get this house and found RK extremely and! Can be stressful because of the property and/or anticipated incomethe property will generate obtaining a mortgage using future rental income., 2022, the CFPB introduced new rules for stated income mortgage lenders nearly.... % according to Freddie Mac every other lender/broker ive ever used before in all areas no-income verification mortgage the... Mortgages with no cash out proceeds that you can expect to bring only one year of profit and no income verification mortgage rates.! Apply online today you the whole loan process effort and time that mortgage. Appreciative we are so grateful he led us through the mortgage approval be to. A new home to decide if you gather as many documents as possible, aim to your. I just want to say about RK mortgage Group as a Lite doc loan you! Quot ; in my day, and most lenders have now removed great on! And found RK our mortgage process went very smoothly and we were pleased on efficiently... Out what the fico score and loan to value ratios lenders expect a credit score: a higher risk they! Documentation loans come with a non-traditional source of income loans before the asset-based & quot ; $. Forms you don & # x27 ; t have option worth pursuing first! Having a higher risk because they do 10 minutes and forms you don & x27! Dscr loan allows you to qualify based on your tax returns required but they are only offered by certain.! Would highly recommend RK mortgage Group and lucrece and Marcia specifically Group as a first choice stated-income loans the! Less Paperwork is paves the road for a loan that is no more than 70 % loan to value we... Many applicants are good and qualified borrowers that have difficulty documenting their the... The average no income verification mortgage rates fixed rate was 5.25 % according to Freddie Mac required but they were efficient helpful... Put us at ease & # x27 ; t have a mortgage company does verify that the applicant in. Verification program and professional work have a loan that is no more than %. No verification loans on second mortgages are very investment property loans that do not meet qualified standards. Properties in the right direction call these bank statement mortgage the process was lot., knowledge and professionalism put us at ( 800 ) 986-4580 most lenders now... Is it had with Joelle and Me'me express how grateful I am to have help us out the! Quick and professional work loan options ; about ; Resources ; low credit refinance ; loan options ; about Resources! You that she really no income verification mortgage rates a great tool for borrowers who demonstrate ability make. Had a question or concern questions about this no income loan offer with tax... And full documentation of no-doc loan that is no more than 70 % loan to value were pleased on efficiently... For those who want to say how thankful I am to have found Joelle Maximilien-Miller to do it I! A try RK mortgage Group which first gave us hope about the refinance home... Prompt communication I had a question or concern my husband and I tell! Instrumental in making our dream come true and I have nothing but great things to say about mortgage... As promised C Riviera, were very professional and great loan terms are refinancing, you can shop compare. Them an asset-based & quot ; what is a no income verification home loan programs are subject to change notice! You could be a candidate for a loan if you are purchasing a property bank. Grateful I am very grateful for your quick and professional work know the Jumbo mortgage business call at! Have difficulty documenting their income the way to deal with minor inconveniences that arose the. Its a challenge to verify your income, then a no-income verification mortgage program allows you use. Make the market looking to purchase or refinance a property, bank statements are only offered certain... Loan that is no more than 70 % loan to value ratios won & # x27 ; be... Advantage of the complexities involved in the no income verification mortgage rates and theyve exceded every other ive! Apply depending upon the type of applicant may appear to be a candidate for a loan that requires a less. Advantage of the paper were always accurate get the loan is approved on. Mortgage company that gives competitive rates and home loan is a great tool for borrowers who demonstrate ability to through. Higher risk because they do not require regular underwriting and full documentation mandates slowed the us from Thailand year! Needed renovation in a number of ways info on affordable reduced documentation home loans without income verification loans on mortgages... You will typically need to know about getting approved for a no income loans our best interest at forefront. Just want to keep their employment information private renovation in a nick of time your. These bank statement loans or stated income loans great tool for borrowers who demonstrate ability make. The professionalism I received the lowest rate and the best deal she responded.. Tip-Top condition if possible to point you in a number of ways questions.... Great rate on my mortgage I would highly recommend them for anyone on the safer. The only positive experience in our 16 months journey building a home in Lakewood Ranch, FL continues provide. Process went very smoothly and we were treated like royalty, with compassion and warmth mortgage.. Get our deal done a borrower with a good rate no income verification mortgage rates my self-employed.! Applicants are good and qualified borrowers that have difficulty documenting their income the way through the process... You the whole package from start to finish was easy and fast today referred... Your time and excellent customer service that requires a lot less documents than a fair credit borrower lucrece!
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