I highly recommend RK Mortgage! A breakthrough in borrower qualification. Within minutes after filling the application, I received a call from Andres. It was quite an experience with mixed feelings. Refinance rate and term with a 30-year fixed mortgage and no income verification. They were so great to work with, Joelle and MeMe, thanks again. This option is for primary residence and 2nd homes, and can be used to purchase or refinance a property. Thank you for the hard work. $100K - $5M. } Always available. 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. The definition of "Above and Beyond". Meeting the strict underwriting requirements of most lenders can be daunting, but we have at MortgageDepot. Funding from $75k to $5 million. 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 look forward to working with them again next year for my refinance. No doc loan *Current interest rate according to Bankrate: 3% down payment: 3.5% down payment: Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. They answered all my questions and concerns in a nick of time. If you are looking for a Mortgage company that gives competitive rates and close fast, this is it. There is no minimum income required to buy a house. Stated Income Loans. Find Your No Doc Rate? 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. This type of loan doesnt require standard income documents to finalize your loan. However, youll need to have sufficient existing assets to repay the loan. Great team to work with. As soon as I sent her correspondence, she responded promptly. We had an unusual condo purchase that most banks would not touch. They had all the needed documentation ready on time for the closing. Specialties: NMLS #322945. No personal income required to qualify. Home Purchase | No Income Verification Loan. Do you have a problem cashing out money from a propertybecause you are self-employed or don`t show enough income to qualify? Joelle is the most professional loan officer we've had by far. I highly recommend RK Mortgage Group and Andres. However, don't let the name fool you: Some paperwork is required to get a no-doc loan. My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. A: Yes, there are mortgages available with no tax returns required but they are only offered by certain lenders. The whole package from start to finish was straight forward and very quick to close . Sometimes lenders call these bank statement loans or stated income loans. What credit score is needed for a no-income verification mortgage? Rate and term refinance or debt consolidation refinance with no cash out proceeds. This is not an advertisement for credit. Have gone through the mortgage process a number of times, and this was by far the easiest! 5+ Unit Multifamily & Mixed-Use. First and foremost, I would like to express how grateful I am to have had Juan Carlos Rivera as my mortgage broker. Very easy happy close all the way!! Less Paperwork is paves the road for a smooth loan process. When others said no they kept pushing and found a way to get it done. No Income Verification Loans. Borrowers could get stated-income stated asset loans (SISA), also referred to as no income-no asset loans (NINA) and other no-doc mortgages. I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. * Stated Income -Home Equity Loan up to $300,000. We renovated and of course went back to her to refinance on a normal mortgage. A paystub and tax returns are usually all it takes for most borrowers to satisfy a lenders underwriting requirements pertaining to proof of income. A no income verification mortgage is a type of no-doc loan that requires a lot less documents than a conventional mortgage. Stated Income Loans. The no income check program is available in 46 states, so please contact us either by phone (800) 220-LOAN or email us at noincome@mortgagedepot.com to find out what states are eligible for the no income check program and what other requirements need to be met for this program. 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. 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. I called and spoke with Juan Carlos Rivera and gave him a brief run down on our info. Contact one of ourloan consultantsto learn more about this program. The Facts about No Income Verification Loans. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. These loans carry high interest and are offered to investors based upon the value of the property. No Income Verification Mortgages . options.element = document.getElementById('click_table_63c85089d9189'); I had a very short time frame to close and they managed to get everything moving, especially in COVID! This was the first time I worked with Joelle. 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. No Income No Assets: The loan is approved based on credit and reserves. She worked hard to make sure I received the lowest rate and the best deal. 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. She was always available either immediately or usually returned calls within an hour. Great job RK team! This saved us a lot of time. Up to 80% LTV Purchase / Rate & Term or 75% LTV Cash Out Refinance. We always knew exactly what we needed to do during our refi process. Most property types considered! no doc home, 100% no doc mortgage, no doc mortgage, with no income verification, no income verification refi, no doc stated income, mortgage with no income requirements, no documentation mortgage Moolah is readily available now understand a slight scratched scissors. What loan does not require proof of income? He also got me a great rate on my mortgage! We just moved to the US from Thailand last year and bought a house. As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. Highly recommend! No-income loans are types of loans designed for someone with income that doesn't come from a source like a full-time job. Another option for some business people and real estate investors are investment property loans that do not require regular underwriting and full documentation. This is not a commitment to lend. 1-4 Families + Condos. Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) Rates as low as 7%. If you want to purchase a home with no income, youll need a substantial net worth with enough assets to support repaying the loan. Interest Only Option Available. RK team got everything taken care of quickly and made this a smooth transaction. Consent is not required to purchase goods or services from lenders that contact me. To make the market safer, the CFPB introduced new rules for stated income lenders. I am here to make your purchase or refinance process smooth! Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. We love her! Joelle and team were great! No-income verification mortgages, otherwise called stated-income mortgages, use non-standard means of income documentation. I will extremely recommend RK Mortgage Group to others looking to get approved for a loan. Great company. They have fixed arms options like 5/1, 7/ . My husband and I found our dream home so I started researching and looking for mortgage companies. For example, most lenders will require you to have a certain credit score. window.addEventListener('click-table-loaded', function(){ Lucrece was the best! Ive closed on several properties in the past and theyve exceded every other lender/broker Ive ever used before in all areas. Can I get a mortgage if I get paid in cash? I was working with Roy and Me'Me. From start to finish, RK's team was dedicated to taking care of our family and our home buying experience. That is it! Just refinanced with JC and Me'Me. From the minute I applied for my bank statement only mortgage to the day I closed Joelle and Sheenaqua have gone above and beyond to make this happen. While it was good that some of the most reckless no doc loans were banned, going too far in the other direction is also not good. We actually closed in 26 days. Many applicants are good and qualified borrowers that have difficulty documenting their income the way traditional lending underwriters require. 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. Thank you again for all of your help and support! 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. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. I recommend RK Mortgage Group as a first choice. Start here (Jan 18th, 2023). Totally recommend her to everyone we know! They walked me step by step through the mortgage approval process. Rates back in the old days in the 80's were over 10%! Since lenders won't be looking at pay stubs and W2's, they might look to other . Loans available for purchase or refinance of investment or owner-occupied multi-family properties. Then, I decided to give one last broker a try RK Mortgage Group. Andres Taillepierre and his team worked super hard and quick to give us the best deal refinancing our home. A no income verification home loan is a type of nonqualifying mortgage. I was lucky to find JC and RK Mortgage Group. Option for No Income Verification. More on DSCR loans for investment property here. 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. I highly recommend RK Mortgage Group and Andres. I would highly recommend RK Mortgage Group and Lucrece and Marcia specifically. Its not impossible to qualify for a no-income verification mortgage. They walked me step by step through the mortgage approval process. Words really can not describe how pleased I am with the professionalism I received from Joelle. Im not one who provides reviews but for this company Im really happy to do so. If you are thinking about getting a mortgage for a home please contact Stephanie or MeMe. Highly recommend them! No income verification No tax returns 30-year terms. 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 . 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. Joelle provided my family with amazing service. Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Pocket (Opens in new window), Click to email a link to a friend (Opens in new window). Would highly recommend them for anyone on the market looking to purchase a new home. During this period, borrowers without a steady income and low credit could just state their income and get mortgage approval. We were buying a house that needed renovation in a neighborhood we loved. Thank so much for being on top of everything especially during the busiest time of the year. 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 you are purchasing a property, bank statements are only needed to . Your dedicated Loan Specialist will work alongside your title company and stay involved from first call toclosing. No-doc mortgages were more commonly known as stated-income loans before the . For example, you might be able to obtain a loan if you have ample cash reserves to cover the mortgage. 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 have been told you do not qualify for a mortgage due to your income or employment history, this will be the be the option to consider. Loans to $2 Million. Being self-employed made it difficult to get a mortgage but, with the bank statement mortgage the process was a lot easier. I worked with Lucrece and she was excellent. LTV up to 70% on Cash Out Refinance. I really appreciate everything RK team did for me to finance my mortgage. I would not have my new home without her. Roman Khodos a personable, helpful, knowledgeable and highly professional. Lorie C, Fort Myers, Florida They are always there to give assistance. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . I was referred to Roy at RK Mortgage because I was told he specializes in investment properties for self employed people like me. 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. Office, Retail, Warehouse, Self Storage, Automotive Service ( No gas stations). 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. . I had an issue with my other mortgage company that I had been working with and upon contacting RK Mortgage. No hidden fees or surprises. RK Mortgage was definitely the right choice for us. Thanks! Thank you RK Mortgage Group Inc. We highly recommend them to anyone purchasing a home. It is always a pleasure working with her always a positive attitude and very knowledgeable in the field. Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. Once we contacted RK Mortgage Group and spoke to Joelle her experience, knowledge and professionalism put us at ease. Starting from the communications, rates and processing time, everything was on the top. After deciding to move forward everything from start to finish was easy and fast. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. The last thing you want to do is to get involved with a predatory lender, so make sure you are shopping loans from companies that have a solid record in delivering the type of home loan products you are searching for. No Prepayment Penalty Option Available. Or email us at gcho@gustancho.com. He gave me all our options in a clear and concise manner. Can you get a mortgage without a verifiable income? Privacy: No income verification mortgage loans allow borrowers to keep their financial information private. She walked through all the steps with me. Process was simple, quick, and nothing left to chance. Adam Lesner is a Mortgage Loan officer in Brighton, MI. This is a benefit because that allows higher loan to value ratios. Andres was excellent and perfectly understood what I was looking for. No Doc Home Loans Explained - Mortgage 101. Apply in 30 seconds with one quick, easy form. *This product is not regulated by the New York State Department of Financial Services. I enjoy working with Joelle Maximilien-Miller. No income verification loans on second mortgages are very . I will always go back to her and recommend anyone to go to her company. Adam Lesner NMLS 198818 is a licensed mortgage Loan Officer in Hartland, Michigan. Our company provides rare opportunities to connect with companies offering finance programs that most lending sources consider too risky. Ms. Meme excellent, very professional, patience of an angel. Thanks to RK we own our lovely house! I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. Learn more about new bank statement home loans. 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. Joelle worked tirelessly to help us get a hard money loan so that we could get this house and renovate it. Theyre extremely professional and great at what they do. Related Articles. He also does conventional loans. My questions were answered quickly and professionally. There was absolutely no surprise in the settlement. The average 5/1 ARM rate, on the other hand, was just 4.08 percent. Joelle and processor Me Me were amazing! My experience was stress-free. They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. No-doc . After receiving an honorable discharge from the U.S. Marine Corps in 2008 Adam began his career in the mortgage business. Up to 75% LTV Purchase /Rate & Term. non qm mortgage, portfolio loan. Having a higher score may increase your chances of getting approved for a no income verification mortgage loan. From first contact to closing, Lucrece and Marcia were amazing. Always responded to any question or request immediately. It was a great process. 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available Alternate names: Alternate income loan, alternative income . These loans are credit score driven. My situation was unique and they helped me navigate through the steps all the way to the closing table. Speak to a Loan Officer today (888) 508-6055 . 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