The key here is that your taxes should be filed and show that no money is . 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. Thanks to RK we own our lovely house! Phone Number*. I worked with Andres at RK Mortgage. As a realtor I want to make sure my clients are taken care of and with Joelle that is not even a concerned. You won't be asked to submit documents and forms you don't have. Many applicants are good and qualified borrowers that have difficulty documenting their income the way traditional lending underwriters require. Bank statement loan makes life a million times easier for self employed people. The team at Griffin Funding is dedicated to helping more self-employed borrowers and business owners in Arizona find the right mortgage loan for their needs. I went to Joelle after my other mortgage broker gave me a pre qualification, let me sign a contract and then informed me he couldnt make it happened. This is our 2nd time working with them and each time they provided exceptional service. This was the first time I worked with Joelle. Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. I highly recommend!!! 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. No Income Verification. $1,000,000 + $350,000 = $1,350,000 total assets. Yes, its possible to get a mortgage without a verifiable income. Upload loan documents and e-sign mortgage forms online. Or email us at gcho@gustancho.com. Loans available for purchase or refinance of investment or owner-occupied multi-family properties. If you are refinancing, you need to find out what the fico score and loan to value requirements are before making a commitment. Most investors use these limited documentation loans for fix and flip properties. window.ClickTable.mount(options); We do not require pay stubs or tax statements. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. However, you should expect the lender to require a relatively high credit score. Would totally recommend. As the CEO of a company, I would not hesitate to recommend RK Mortgage Group for their excellent performance in dealing with the clients. State income mortgages and no income loan programs are available but before you start counting your money, make sure that you qualify for. 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. Roman Khodos a personable, helpful, knowledgeable and highly professional. MeMe is so cool and she always makes us feel encouraged. Absolutely without question the best mortgage company we have ever worked with. No income loan programs provide another layer of protection that many people desire to buy or refinance a house. He gave me all our options in a clear and concise manner. Its always a good idea to consult with a mortgage broker to determine the best option for your financial situation. (function() { 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 Talk to a lender: (866) 240-5121. I highly recommend RK Mortgage Group and Andres. RK Mortgage Group went above and beyond my expectations! They were very professional and made it a point to answer all of my questions thoroughly. No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. Thank you guys for everything. Thank you! Contact one of ourloan consultantsto learn more about this program. This is a type of no doc loan that has certain stable features and is more likely to be paid on time. I enjoy working with Joelle Maximilien-Miller. Start Online. She walked through all the steps with me. I highly recommend them. Our family is grateful for all your help in securing our dream home!! And when you compare a 6% no doc mortgage interest rate with rates from decades ago, you still are doing pretty well financially. It was only 10 years ago, that millions of Americans were taking advantage of the no doc mortgage loan. These loans will have similar mortgage rates . Someone with a $300,000 mortgage at a 5.25% . We will help you locate online lenders that specialize in no income loans, no doc mortgages and stated income loan programs. If you dont have a verifiable income stream, then youll need enough assets to support the mortgage payments. When they say they work fast, they mean it. Other requirements include a maximum loan-to-value of 70 percent (or 65 percent for cash-out refinances), 12 months of reserves in a U.S. bank, and asset seasoning of at least 60 days. These loans are available with competitive interest rates and are typically five-year ARMs. Check your mortgage rates. Related Articles. 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 worked diligently to ensure the process was efficient and stayed in touch each step of the way. I will always go back to her and recommend anyone to go to her company. It's no secret that mortgages with no income verification are not as easy to secure this year. Will definitely Recommend. She kept me informed and closed on time. Highly recommend! We were able to complete a mortgage application online and electronically sign all the documents the next morning. Lucrece worked with me through the entire process and was easy to work with. For people who are self-employed, you can expect to bring only one year of profit and loss statements. I am here to make your purchase or refinance process smooth! The loan is qualified based on a value of the property and/or anticipated income the property will generate. No Income Verification Mortgage. I highly recommend RK Mortgage Group!! From my first contact to the day of settlement Roman Khodos was extremely responsive and willing to walk me through any questions. Our affiliated lenders will review the credentials of applicants with all types of credit on FHA, VA, Fannie Mae, Freddie Mac and jumbo products. I surely will use his services again in the future!!!!!!!! We found the home we fell in love with and the deal was completed within 5 weeks. if (window.ClickTable) { He was very professional and courteous. Why Choose Us. Joelle and her team were absolutely amazing! I am very grateful for your quick and professional work! You always need to prove to a lender that you can afford to repay the loan. 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. Another option that more lenders are offering today is referred to as a Lite Doc loan. Nationwide offers unique no income mortgage options on 1st & 2nd loan products. Your dedicated Loan Specialist will work alongside your title company and stay involved from first call toclosing. Lucrece was very helpful and gave us hope about the refinance. Highly recommend for anyone seeking mortgage assistance. Instead, you may be able to . No-income verification mortgages dont require proof of income. Joelle worked tirelessly to help us get a hard money loan so that we could get this house and renovate it. Read our article on no tax returns mortgages to learn more. Thank you! qualified applicants borrowing against their primary residence. Funding from $75k to $5 million. A breakthrough in borrower qualification. Great team to work with. We now have a significantly lower monthly payment and this is amazing! Me'me was my loan processor and was great also. So appreciate all their dedication and hard work. Would highly recommend them for anyone on the market looking to purchase a new home. These loans are risky for lenders, so they require higher mortgage rates for borrowers. This is what RK Mortgage Group is. Your loan payments can be interest only payments. As a first-time homebuyer, I never knew how to go about buying a house. Thank you for all your hard work and dedication! 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. Very helpful and attentive throughout the whole process! 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. $100k - $5M, close in 2-4 weeks! 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. JC was very prompt in answering my questions and obtaining the lowest rate possible for the refinancing of my townhouse. Sometimes lenders call these bank statement loans or stated income loans. Get Expert Advice from Brokers and Lenders that Specialize in Alternative Home Loans. No documentation loans come with a few different variations. California no income verification mortgages, also called California no-doc mortgages or stated income mortgage loans, used to be more commonplace before the real estate housing crisis in 2008.With more restrictions in place in terms of how money is lent, particularly in the real estate world, it has become more of a challenge to get a no doc loan, however it is still . How can I get approved for a mortgage without proof of income? By saving for a larger down payment, you can make yourself a more attractive borrower to lenders and increase your chances of getting approved. 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. 5+ Unit Multifamily & Mixed-Use. He always had our best interest at the forefront and we are so grateful he led us through the process. Excellent rates, no junk fees and great loan terms. No-income verification mortgages, otherwise called stated-income mortgages, use non-standard means of income documentation. Thank you again. Theyre extremely professional and great at what they do. 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. I really appreciate everything RK team did for me to finance my mortgage. Instead, you can qualify for the loan based on your assets. He kept constant contact with me on any updates throughout the process. Strongly recommended! Rates as low as 7%. 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. Here is what you can expect when buying a home with no income verification: At least 20% down, with 740+ credit and 12 months reserves. . 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. 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. If you get paid in cash, it might be possible to get a mortgage. Juan Carlos Rivera and his team we outstanding through out the entire loan process. They work well after hours to help get the paperwork done! Low Rates. They answered all my questions and concerns in a nick of time. Largest Access to Stated Income Loans and Lenders. Helped ease my nerves about refinancing. }) Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. Constant and accurate information and updates. Last Name*. Its important to carefully consider the pros and cons of a no income verification mortgage loan before applying. Typically, these loans charge higher interest rates than qualifying loans, but can be easier to get approved if you're self- or seasonally employed. Hallandale Beach, FL 33009, No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. During this period, borrowers without a steady income and low credit could just state their income and get mortgage approval. Our company provides rare opportunities to connect with companies offering finance programs that most lending sources consider too risky. 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. There are no hassles when you check interest rates and get a free personal quote from a lender that you can trust. Rocket Mortgage does not offer this type of mortgage. Very stress free and would recommend him and RK Mortgage Group to anyone! A no-income verification mortgage refinance is a type of loan that allows borrowers to refinance their homes without having to provide documentation of their income. Use your quality financial history to secure a loan. Last Updated: November 15, 2022. Lucrece was there for me every step of the way and even held my hand during several meltdowns. Rates Starting at 7.46%. In this case, you could be a candidate for a no doc or no-income verification mortgage. We are truly blessed to be first time homeowners! Joelle at RK Mortgage Group was fantastic to work with and made a very difficult process stress free. It was a learning experience for us. She was always available either immediately or usually returned calls within an hour. 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available While true no income verification mortgages no longer exist, lenders can qualify you based on almost any kind of cash flow. So you dont need a traditional income to qualify. 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! 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. . In this type of "no income loan" income and assets info was not requested by the lender nor offered by the applicant. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. Excellent, excellent, excellent! You, guys, did a great job! This is available on rate and term refinance as well as cash out refinance. Thank you guys! But a bank statement loan is designed to provide the lender with a way to verify that the person has enough income to pay the loan. Andres Taillepierre and his team worked super hard and quick to give us the best deal refinancing our home. LTV up to 70% on Cash Out Refinance. And that's because . I look forward to working with them again next year for my refinance. However, if you gather as many documents as possible, work with a reputable broker, it is possible to get mortgage approval. No Income Verified Assets: 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). I highly recommend RK Mortgage Group and Andres. They have fixed arms options like 5/1, 7/ . Option for No Income Verification. No Income Verification Mortgage. Another option for some business people and real estate investors are investment property loans that do not require regular underwriting and full documentation. Toggle navigation. Of course, having a good idea what the value of your house is very important for getting a genuine quote. I cannot say enough good things about him! I worked with Lucrece and she was excellent. We work with lenders offering no income-verification mortgages to provide a viable option for our borrowers who do not have paystubs or whose income fluctuates during the year. Can you buy a house with no money down? Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. 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. . This should provide your lender with enough information . People are raving about home equity loans with no documentation required. Certain state restrictions and requirements may apply. Until she was given the required documentation to help close the loan. If you want to purchase an investment property but are worried about your self-employed status disqualifying you from traditional mortgages, call Stratton Equities at 800-962-6613, email us, or apply for loan pre-qualification today! Joelle and Me'me were absolutely wonderful to work with. Stated Income Loans. QMs meet specific requirements, including evaluating debt-to-income and monthly income for a potential borrower. The whole package from start to finish was straight forward and very quick to close . Sarah Sharkey is a personal finance writer covering retirement, investing, debt, savings, credit cards, mortgages, and student loans. If you need a mortgage I recommend you call RK Mortgage Group. Very professional and easy to work with. Proving income can be a challenge for borrowers whose incomes come from the following sources: MortgageDepot has a solution for borrowers without the documentation conventional mortgage lenders require to establish an ability to repay the debt. In this type of "stated income loan", the applicant provided info about their income and assets. I would highly recommend this company. Home | About Us | Warranties and Terms | Articles. I would definitely recommend RK Mortgage. He took numerous calls, emails and texts from me daily.
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