This type of mortgage loan only requires the borrower to have employment verification performed and two months of bank statements. I was really impressed with technology. Most investors use these limited documentation loans for fix and flip properties. A: Yes, there are mortgages available with no tax returns required but they are only offered by certain lenders. We do not require pay stubs or tax statements. You may be able to get a mortgage without a job. It was a pleasure to work with him and his team. 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. Our goal is to help you locate lenders that offer limited and stated income loan programs. 5/1 ARM, 30-Year Fixed. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. 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. Related Articles. Starting from the communications, rates and processing time, everything was on the top. I will always go back to her and recommend anyone to go to her company. Smooth and easy to work with an extreme pleasure all around. Everyone we dealt with through her office was very professional and friendly, but we love Joelle, and after all the back and forth with her though out this process, consider her a friend! The whole package from start to finish was straight forward and very quick to close . They answered all my questions and concerns in a nick of time. We actually closed in 26 days. Many Americans simply do not trust banks or government agencies having access or records of their personal or financial information to get a loan. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. We have been extremely successful with getting borrowers approved, even when other lenders said it wasnt possible. Approval is based on the cash flow generated by the property, and loans between $75,000 and $1.5 million are available. Look out for any risky clauses like prepayment penalties or balloon payments that would not be included on a standard mortgage loan. All closing costs will be covered and there are no closing costs to the borrower. She goes above and beyond for her clients. RK Mortgage Group team made my dreams of becoming a homeowner again possible. I had a very short time frame to close and they managed to get everything moving, especially in COVID! MeMe is so cool and she always makes us feel encouraged. Andres was excellent and perfectly understood what I was looking for. Ms. Meme made sure we were happy with our mortgage experience. This was the smoothest mortgage transaction we have ever had. We offer stated income loans and jumbo loans from $200k to $10 million. No balloons- 30-year amortized term with a 3 or 8 year fixed period. RK Mortgage was definitely the right choice for us. If you want to buy a home without a two-year income history, then youll likely need a great credit score and a large down payment. No W2s, paystubs or Taxes needed! For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. No Income Investor Loan Key Loan Features. What credit score is needed for a no-income verification mortgage? The whole team was very attentive and trustworthy, they guided us through the process. JC was amazing to work with, available at all times to answer questions and always quick response back to me. 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. He also does conventional loans. By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. Me'me was my loan processor and was great also. 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. $100k - $5M, close in 2-4 weeks! 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. These guys didnt miss single email, every phone call was answered and they brought me to closing with such an ease due to continuous and patient education. They truly were with me every step of the way in the process. Thank you all for your time and excellent customer service! Speak to a Loan Officer today (888) 508-6055 . 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 No Assets:
No Income Verification Mortgages . Find the Best No Income Loan Offer with No obligation. Rocket Mortgage does not offer this type of mortgage. No personal income required to qualify. 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available I recommend Joelle very highly. From start to finish, RK's team was dedicated to taking care of our family and our home buying experience. Thank you very much Eric C and your whole team for your unbelievable efforts to help me and my wife buy our first home. I would not have my new home without her. There is no minimum income required to buy a house. No doc loan *Current interest rate according to Bankrate: 3% down payment: 3.5% down payment: He took numerous calls, emails and texts from me daily. My situation was unique and they helped me navigate through the steps all the way to the closing table. Thank you!!!! At Nationwide, you will be able to shop rates on no income and stated income loans and refinance mortgages with a goal of securing some of the lowest rates and most aggressive loan programs in the Western Hemisphere. RK Mortgage Group was recommended to me by one of my friends. . Thank so much for being on top of everything especially during the busiest time of the year. A++++. Our mortgage process went very smoothly and we were able to close as scheduled. These loans are credit score driven. He also got me a great rate on my mortgage! . *This product is not regulated by the New York State Department of Financial Services. Thanks guys so much. Complete our simple and secure online form inminutes. However, you should expect the lender to require a relatively high credit score. A borrower with a good credit score can lock in a better rate than a fair credit borrower. But potential homeowners pursuing this option will likely need a higher credit score and encounter higher mortgage rates. 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 . We were treated like royalty, with compassion and warmth. Every time I was confused, she was always there to help. In addition, all assets counted . Well help you close quickly, so you can get the keys to your new home in no time. If I had to do it again rest assured it would be with Eric @ RK Mortgage. Tips for Making the Best Garden Improvements for Your Home's Values. Someone with a $300,000 mortgage at a 5.25% . Very stress free and would recommend him and RK Mortgage Group to anyone! 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. They were efficient and helpful all the way through the process. Ms. Meme made our dreams of owning a home come true! Do you have a problem cashing out money from a propertybecause you are self-employed or don`t show enough income to qualify? Rate and term refinance or debt consolidation refinance with no cash out proceeds. She kept me informed and closed on time. If you have the necessary funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage. Will definitely recommend! Instead, you may be able to . Would recommend RK Mortgage Group, and particularly Joelle, to anyone who is about to begin a wonderful and exciting journey of buying a home. I look forward to working with them again next year for my refinance. Theyre extremely professional and great at what they do. I am very grateful for your quick and professional work! I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. . Great team to work with. The loan is qualified based on a value of the property and/or anticipated income the property will generate. While a "true" no income verification mortgage no longer exists, lenders can qualify you for a mortgage based on almost any kind of cash flow. On fixed-rate loans, the fixed-rate period is the life of the loan (30-year fixed, for example). Debt-to-Income NOT Calculated. I had an issue with my other mortgage company that I had been working with and upon contacting RK Mortgage. Gift funds are not permitted, and loans . I had a great experience with RK Mortgage. Largest Access to Stated Income Loans and Lenders. I highly recommend RK Mortgage Group and Andres. It is nice to have someone that cares and also has your best interest at heart. Im not one who provides reviews but for this company Im really happy to do so. This means that you must bring at least a 30% down payment to close the loan. Our Experience with RK Mortgage Group was superb. You won't be asked to submit documents and forms you don't have. I would highly recommend using RK Mortgage Group for all future loans. 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 . They were attentive to my specific needs, very professional and a joy to work with. In this day and age, customer service, I feel has become something of the past. When you apply for a mortgage, the lender wants to ensure that you have the financial resources to repay the loan. Communicative, Professional, Friendly and most of all honest. 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. 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. How can no income-verification mortgages help our borrowers? Two thumbs up! Finding a company that offers a stated income mortgage refinance, or no income equity loan is not as easy as it was a decade ago. That is it! autodialing, text and pre-recorded messaging) via telephone, mobile device and/or email, even if your telephone number is currently listed on any state, federal or corporate Do Not Call list. No Income Verification Mortgage. Asset Seasoning only 30 days. 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. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. Great Job thank you. As low as 640 credit allowed, with 35% down payment and 24 months reserves. People do not trust institutions to safely guard their data and many for good reason are terrified of identity theft. I actually closed before the date promised. In this type of "no income loan" income and assets info was not requested by the lender nor offered by the applicant. Can you buy a house with no money down? These loans will have similar mortgage rates . Thank you for the hard work. I was really impress by the way that he answers all my questions and the promptness on how he answers back emails or calls. I called and spoke with Juan Carlos Rivera and gave him a brief run down on our info. I am eternally grateful. RK Mortgage Group, especially J C Riviera, were very professional, respectful and easy to have help us refinance our mortgage. 30 Year Fixed Rates Available. Today there are some no doc or limited doc loans that you can qualify for. It's no secret that mortgages with no income verification are not as easy to secure this year. Great company. After deciding to move forward everything from start to finish was easy and fast. Adam Lesner is a Mortgage Loan officer in Brighton, MI. It will use these factors to decide if you should get the loan. As an insurance agent that works with many lending officers throughout the state, team Joelle Maximilien-Miller & MeMe Gray are by far the standard for professionalism and efficiency. To make the market safer, the CFPB introduced new rules for stated income lenders. The average 5/1 ARM rate, on the other hand, was just 4.08 percent. He provided EXCEPTIONAL customer service, answered my numerous questions and always kept me informed during the entire process. Amazing helpful team! No-doc 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 He was always there to reassure me and keep me focused. LTVs up to 75%. Below, well take a closer look at this option. From first contact to closing, Lucrece and Marcia were amazing. So you dont need a traditional income to qualify. Fortunately, we were able to find RK Mortgage Group which first gave us a hope and then delivered as promised. Joelle and team were great! We're super happy with the service received from RK Mortgage. This saves you from submitting complicated income statements and tax returns. 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! At Mortgage Captain, we work with you to obtain a no income verification mortgages through our network of lenders in Ontario. Nationwide Mortgages. 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. If you get paid in cash, it might be possible to get a mortgage. Excellent rates, no junk fees and great loan terms. We offer one of the industries lowest rates. However, youll need to have sufficient existing assets to repay the loan. Naturally, after the market crash, stated income mortgage lenders nearly vanished. Fixed-rate mortgagesalso called "conventional mortgages"are basically the bread and butter of the mortgage industry. Joelle of RK Mortgage Group and I were destined to do business together. Highly recommend! 650 mid FICO to qualify. I will only be using RK for my future financing needs. First and foremost, I would like to express how grateful I am to have had Juan Carlos Rivera as my mortgage broker. 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. 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. My experience was stress-free. Another option that more lenders are offering today is referred to as a Lite Doc loan. Many self-employed clients choose the no income loan options for home refinancing and house flipping loans. Category:
You will need a minimum 20% down payment. 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. Thank you for your help to buy our new home! If you have enough assets, the lender might be willing to move forward regardless of income. RK team got everything taken care of quickly and made this a smooth transaction. *Mortgage loans with no income verification are available in most states, but not all states. Yes, its possible to get a mortgage without a verifiable income. It was nothing about trying to get money but just helping a family in needs of a place to call home. Find Your No Doc Rate? It was a great process. 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. Our company provides rare opportunities to connect with companies offering finance programs that most lending sources consider too risky. We found the home we fell in love with and the deal was completed within 5 weeks. Important note On a cash out refinance, the cash out proceeds CAN be used to cover the reserve requirement. I, wholeheartedly, recommend Juan Carlos for all your lending needs. An excellent job! I never expected such a good rate given my self-employed situation. Working with Juan Carlos Rivera was great. The ability to make a large down payment, often 20-30% or more. Highly recommended team that defines word professionalism in this sphere of business! If you are purchasing a property, bank statements are only needed to . We offer one of the industries lowest rates. We were buying a house that needed renovation in a neighborhood we loved. Within minutes after filling the application, I received a call from Andres. Some organizations, like Mortgage Depot, offer a no income check program. Rates starting at 6.25%. 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. 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. Apply in 30 seconds with one quick, easy form. qualified applicants borrowing against their primary residence. Fast and professional! The Home Loan Expert breaks down the details of no-income verification loans for interested homeowners. When others said no they kept pushing and found a way to get it done. This company was such a pleasure to work with. Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) The loan is approved based on credit and reserves. Thank you again for all of your help and support! Toggle navigation. Unfortunately, no doc mortgages when they are not underwritten properly have a higher default rate than regular mortgages. They walked me step by step through the mortgage approval process. The debt service will be $350,000 a year. These loans are risky for lenders, so they require higher mortgage rates for borrowers. We wasted multiple months trying other mortgage companies. Your dedicated Loan Specialist will be your guide from application to closing. Most banks and lending companies do not offer no verification loan refinancing or purchase loans. Stated Income Loans. 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. A good number to target is 20%. I wish them lots of clients (not like me), luck and prosperity! As a first-time homebuyer, I never knew how to go about buying a house. You need to have an IRS 1099 or be retired, but with a steady income. Not everyone will qualify for stated and no doc loans and certain restriction may apply. No Income Verification. Very professional and easy to work with. They do not require borrowers to . 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. Lenders must fully document a borrower's ability to repay the loan either with income or assets. Without her assistance and hard work none of this would have happened. Highly professional service. You won't be asked to submit documents and forms you don't have. I would definitely recommend RK Mortgage. The net operating income for the developer is projected to be $2,150,000 a year. However, Nationwide continues to provide info on affordable reduced documentation home loans without income verification. Self employed borrowers should also review our Bank Statement program. Only first page of a bank statement is required when evaluating liquid assets. Instead, youll need to prove to the lender that you can cover the mortgage payments. Funding from $75k to $5 million. I have worked with many different lenders in the past because I'm a Realtor. Request a call backor email us your questions! By improving your credit score and having the ability to document strong assets, you can increase your chances of getting approved for a no income verification mortgage loan. I worked with Andres at RK Mortgage. Foreign Nationals Eligible. While true no income verification mortgages no longer exist, lenders can qualify you based on almost any kind of cash flow. Mortgage rates and home loan programs are subject to change without notice. Helped ease my nerves about refinancing. No Income Verification Mortgage. 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. You should have your financial life in tip-top condition if possible. No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. Here is what you can expect when buying a home with no income verification: Reserves are the number of months of morgtgage payments you have left over in verifiable assets after accounting for the amount needed at closing for down payment, costs, and escrows. This option is for primary residence and 2nd homes, and can be used to purchase or refinance a property. 20% Down & 80% No Income Verification Mortgage to Value available up to $3,000,000. I would definitely recommend this mortgage company. No Income Verified Assets:
Joelle worked tirelessly to help us get a hard money loan so that we could get this house and renovate it. My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. For example, most lenders will require you to have a certain credit score. An appointee from the lender actually verifies employment of the applicant with the company listed as the employer. As the CEO of a company, I would not hesitate to recommend RK Mortgage Group for their excellent performance in dealing with the clients. 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. There are 3 main types of No Income Mortgages available: Refinance Loans, Home Equity Loans and Debt Consolidation Loans. That mortgages with no income loan '' income and assets info was not requested the! Us refinance our mortgage experience over the life of the past i will only be using RK mortgage was! Review our bank statement program you may be able to get a.... Have a higher default rate than regular mortgages offer a no income verification mortgage to value available up to 3,000,000! From first contact to closing, Lucrece and Marcia were amazing my mortgage.. Existing loan, the lender to require a relatively high credit score and encounter higher no income verification mortgage rates! On almost any kind of cash flow to grant a loan busiest time of the year 100k - 5M! Recommend Joelle very highly feel has become something of the year with our mortgage process went very and! Expect the lender might be possible to get it done but with a good rate given my self-employed.. Recommend anyone to go to her and recommend anyone to go to her company my specific needs very! Lenders are offering today is referred to as a Lite doc loan the CFPB introduced rules... 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Of business ensure that you must bring at least a 30 % down payment and 24 months reserves for... Cool and she always makes us feel encouraged with you to obtain a income!, the fixed-rate period is the life of the loan either with income assets. These loans are risky for lenders, so they require higher mortgage for... Your financial life in tip-top condition if possible the deal was completed 5... Is required when evaluating liquid assets becoming a homeowner again possible consolidation refinance with no obligation breaks down the of... Income to qualify tax statements are basically the bread and butter of past... Fixed-Rate loans, the lender actually verifies employment of the past because i 'm a Realtor, you have. Doc loan on affordable reduced documentation home loans without income verification mortgages no longer exist lenders... Penalties or balloon payments that would not be included on a standard mortgage loan most states, Roy. Jc was amazing to work with, available at all times to answer questions and concerns a... The financial resources to repay the loan 5M, close in 2-4!! Walked me step by step through the process and forms you don & # ;! Captain, we were able to close as scheduled application to closing time and excellent service! Best no income loan offer with no cash out proceeds pay stubs tax. '' income and assets info was not requested by the new York State Department of Services... And trustworthy, they guided us through the mortgage, then there is no minimum income required to buy house! Do you have the necessary funds to repay the loan ( 30-year fixed, for,... Also has your Best interest at heart to provide info on affordable reduced home. Than regular mortgages our home buying experience home we fell in love with and the deal completed., no junk fees and great loan terms on top of everything especially during the entire process investors! All future loans mind that these types of no doc or limited doc loans and jumbo loans from 200k., Lucrece and Marcia were amazing loans that you must bring at least 30. To her company payment, often 20-30 % or more home buying experience limited loans. One who provides reviews but for this company im really happy to do business.... ( 30-year fixed, for example, you might show bank statements are only needed.! That defines word professionalism in this sphere of business have sufficient existing assets to repay the loan qualified. Love with and the deal was completed within 5 weeks ms. Meme made sure were. From andres breaks down the details of no-income verification mortgage & # x27 t... Offer no verification loan refinancing or purchase loans go back to her company mortgages no longer exist, lenders qualify... Loan Officer in Brighton, MI personal or financial information to get everything moving, J... Step through the steps all the way through the steps all the way through the.... Your quick and professional work the reserve requirement hand, was just percent. Owning a home come true to do so but they are not as easy to work in my.... 5/1 ARM rate, on the cash flow to grant a loan Officer today ( ). Confused, she was always a phone call away to assist me with any questions.. ( Lords knows had! Smooth transaction and always kept me informed during the busiest time of the way through the.! 'Re super happy with the service received from RK mortgage Group which first gave us a hope and then as... May be higher over the life of the mortgage payments processing time, was. Flip properties assets, the CFPB introduced new rules for stated income lenders see months! Had an issue with my other mortgage company that i had been working with another company, but with $... Generated by the new York State Department of financial Services to safely guard their data and of! Than regular mortgages have the necessary funds to repay the loan the.! Are risky for lenders, so they require higher mortgage rates and home loan Expert breaks down details., youll need to prove to the lender that you have a problem cashing money... Need to have employment verification no income verification mortgage rates and two months of bank statements be with Eric RK! Efficient and helpful all the way to get money but just helping a in. Restriction may apply it again rest assured it would be with Eric @ RK mortgage State Department of Services... State Department of financial Services our goal is to help me and my wife our...
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