Funding from $75k to $5 million. But being self- employed doe have its setbacks, and for me this was one of them. When others said no they kept pushing and found a way to get it done. No-income verification mortgages, otherwise called stated-income mortgages, use non-standard means of income documentation. Call 1-613-296-3892. As low as 640 credit allowed, with 35% down payment and 24 months reserves. After deciding to move forward everything from start to finish was easy and fast. Your dedicated Loan Specialist will be your guide from application to closing. The fact is that no income check mortgage programs and reduced document loan programs can be configured to meet your needs if you have strong compensating factors. We offer one of the industries lowest rates. . Important note On a cash out refinance, the cash out proceeds CAN be used to cover the reserve requirement. Contact one of ourloan consultantsto learn more about this program. From my first contact to the day of settlement Roman Khodos was extremely responsive and willing to walk me through any questions. No income verification. *This product is not regulated by the New York State Department of Financial Services. This saved us a lot of time. No Income Verification Mortgages From B-Lenders. We love her! If you don't have pay stubs due to self-employment and other situations, a No Income Verification Loan will not require them. Joelle of RK Mortgage Group and I were destined to do business together. I would definitely do business with RK Mortgage again! No-doc loans . No-doc mortgages were more commonly known as stated-income loans before the . Be Prudent when Shopping Online for No Income Verification Loan Programs: If you are buying a house, you need to ask the lender what the minimum credit score is, what the minimum down-payment requirement is and whether you will need to supply statements for the lender to verify assets. $100K - $5M. I started working with JC on getting the financing done, he is the most patient man on earth. From start to finish, RK's team was dedicated to taking care of our family and our home buying experience. At times, I became anxious about the process, but Juan Carlos did his best to put me at ease. Our company provides rare opportunities to connect with companies offering finance programs that most lending sources consider too risky. In this example, the real estate developer has more than six times the cash flow necessary to cover their debt obligations. They made it happen. From start to finish Joelle was there for us guiding us every step of the way. Every time I was confused, she was always there to help. Start here (Jan 18th, 2023). Words cannot expressed how happy I am with this group. Complete our simple and secure online form inminutes. Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. They are now required to make a good faith effort to determine if the borrower can repay the loan. 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. If you have the necessary funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage. Use your quality financial history to secure a loan. An excellent job! 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. . Her professionalism was like no other. Thank you all for your time and excellent customer service! RK Mortgage Group was recommended to me by one of my friends. Joelle is the most professional loan officer we've had by far. } We have experts that serve the under-banked and understand that old tax returns don't tell the . I couldn't be happier with Joelle and Me'Me. Refinancing is still possible for people that would rather not document their income. No-doc mortgages were more commonly known as stated-income loans before the . They do have a little higher rates and fees and down payment requirements. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. A no-income-verification mortgage is a home loan that doesn't require the documentation that standard loans typically require like pay stubs, W2s or tax returns. Read our article on no tax returns mortgages to learn more. They really work with you to get the best rates and to help you get into your own home. 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 could not have done this without her expertise and guidance. I recommend Joelle very highly. Interest rates continue to hover near record lows, but the availability for alternative financing, such as stated income mortgages is not always available, so don't miss out on these opportunities. Not everyone will be approved nor can loans be guaranteed online. This is what RK Mortgage Group is. Of course, the lender still needs to know that you can afford the loan. I was really impressed with technology. Start Online. Plug those numbers into the formula and you get DSCR = $2,150,000/$350,000 = 6.14. It is nice to have someone that cares and also has your best interest at heart. Bank statement loan makes life a million times easier for self employed people. 680 minimum credit score They truly were with me every step of the way in the process. 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. Entire process took about 30 days and I had access to my loan officers nearly 24/7. $100k - $5M, close in 2-4 weeks! 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. I would highly recommend this company. I never expected such a good rate given my self-employed situation. They never missed a call anytime I had a question or concern. I look forward to working with them again next year for my refinance. 5/1 ARM, 30-Year Fixed. I, wholeheartedly, recommend Juan Carlos for all your lending needs. I can tell you that she really did a great job during the entire process. I worked with Lucrece and she was excellent. I would not have my new home without her. He was always there to reassure me and keep me focused. This can be appealing for those who do not want to disclose their income or employment to a lender. If possible, aim to get your credit score above the 700 mark. He was very professional and courteous. Asset Seasoning only 30 days. RK Mortgage Group went above and beyond my expectations! 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 . I would highly recommend RK Mortgage Group and Lucrece and Marcia specifically. *Mortgage loans with no income verification are available in most states, but not all states. The problem came in where people could easily borrow cash temporarily to show they had 'reserves,' and could pay bills by using credit cards. Learn more about new bank statement home loans. They'll also order a property appraisal to check the resale potential of the investment. Check your mortgage rates. These mortgages are high risk to lenders and borrowers, and most lenders have now removed . Amazing helpful team! No balloons- 30-year amortized term with a 3 or 8 year fixed period. This can be appealing for self-employed individuals or those who have fluctuating or hard-to-verify income. My experience was stress-free. This is available on rate and term refinance as well as cash out refinance. As soon as I sent her correspondence, she responded promptly. For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. Shop with Reputable Companies: It is no secret that getting approved for a stated income loan for refinancing can be very challenging, so we suggest discussing your situation with experienced lenders. Very helpful and attentive throughout the whole process! No Income Verification Loans. Sarah Sharkey is a personal finance writer covering retirement, investing, debt, savings, credit cards, mortgages, and student loans. I heard nightmare stories about buying homes and loan companies but this was not one of those cases. No Income Verification up to 2 Million Investment Property Loans Qualifying Guidelines 80% Loan-to-Value with 680+ FICO Score Up to $2,000,000 Get A Rate Quote . Very knowledgeable and professional! Facebook. 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. Thank you for the seamless experience! I never felt left out throughout the process until closing. My questions were answered quickly and professionally. Just refinanced with JC and Me'Me. Fixed-rate mortgagesalso called "conventional mortgages"are basically the bread and butter of the mortgage industry. In this type of "stated income loan", the applicant provided info about their income and assets. Your dedicated Loan Specialist will work alongside your title company and stay involved from first call toclosing. For investment properties, please review our No Income Verification program. Highly recommend this company!! His knowledge was invaluable to us during this whole journey. Below, well take a closer look at this option. And when you compare a 6% no doc mortgage interest rate with rates from decades ago, you still are doing pretty well financially. You won't be asked to submit documents and forms you don't have. When you apply for a mortgage, the lender wants to ensure that you have the financial resources to repay the loan. Theyre extremely professional and great at what they do. Im not one who provides reviews but for this company Im really happy to do so. By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. Absolutely without question the best mortgage company we have ever worked with. to your inbox. Thanks again for a great service. Below are the highlights of this stated income program: Obtaining conventional financing for the purchase of a home, investment property or commercial real estate poses challenges for self-employed individuals or for people with fluctuating incomes. Highly recommend! I would like to thank everyone who was involved with my loan from the beginning until signing. It was nothing about trying to get money but just helping a family in needs of a place to call home. The definition of "Above and Beyond". Find Your No Doc Rate? 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. All closing costs will be covered and there are no closing costs to the borrower. Thank you again for all of your help and support! By saving for a larger down payment, you can make yourself a more attractive borrower to lenders and increase your chances of getting approved. I am very grateful for your quick and professional work! Thanks! We always knew exactly what we needed to do during our refi process. Additionally, Roy was solid and reassuring throughout the whole process, which was especially appreciated since we were first time home buyers. We have specialty programs such as no income verification, bank statement income verification for self employed borrowers (no taxes), interest only on investments, hard money loans, low fico . If I had to do it again rest assured it would be with Eric @ RK Mortgage. Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. I highly recommend RK Mortgage Group for refinancing issues. Of course, having a good idea what the value of your house is very important for getting a genuine quote. RK Mortgage and the staff were very supportive of our journey. But potential homeowners pursuing this option will likely need a higher credit score and encounter higher mortgage rates. When doing a debt consolidation loan, and not receiving any cash out proceeds from the loan, it can be considered a rate and term refinance. Her professionalism and strong work ethic make a big difference in the loan process. No Doc Home Loans Explained - Mortgage 101. 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. I'm writing this review in my new house and Im thankful to RK Mortgage Group for this. We really didn't think we would be able to refinance but these guys were able to make it happen. He gave me all our options in a clear and concise manner. But these types of loans require proof of other assets. Originally, the idea behind a no doc loan was to make buying a home easier for the self-employed, small business owner. To contact us by phone please call (800) 805-6945 or email us by clicking here. We are a Top Leading Mortgage Broker that Specializes in No IncomeVerification Loans. Whether you need an equity loan, purchase mortgage or refinance, Nationwide will help you find companies that continue to offer alternative lending with no income verification programs for qualified applicants. The analysis conducted from day one for the submission of the paper were always accurate. Talk to lenders and find competitive pricing. 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. Or email us at gcho@gustancho.com. They had all the needed documentation ready on time for the closing. * Convert your adjustable rates to a Fixed Rate Loan. 30 Year Fixed Rates Available. 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. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. 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 My husband and I have been trying to buy a home for a very long time. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. 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 was referred to Roy at RK Mortgage because I was told he specializes in investment properties for self employed people like me. If you dont have a verifiable income stream, then youll need enough assets to support the mortgage payments. While common before the 2008 financial crisis, no-income verification loans also sometimes called non-QM loans are no longer widely available to homebuyers. These loans can help you in a number of ways. No income verification No tax returns 30-year terms. Would highly recommend RK Mortgage, they will be with you the whole loan process, difficult or easy loan. My situation was unique and they helped me navigate through the steps all the way to the closing table. Very easy happy close all the way!! Truly a seamless transaction. I have worked with many different lenders in the past because I'm a Realtor. I was applying for mortgages for my dream home in Florida. What is a no-income verification mortgage? We can help you find stated income mortgage lenders that finance loan programs that do not require any income verification for good people who do not want to document their employment, assets or taxable income. I should say, my credit is perfect, my finances were great, and my income is solid. RK Mortgage Group team made my dreams of becoming a homeowner again possible. I would definitely recommend RK Mortgage. You will need a minimum 20% down payment. I traveled for business and my wife stayed home. 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. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. They were attentive to my specific needs, very professional and a joy to work with. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. These loans are available with competitive interest rates and are typically five-year ARMs. 2000-2019 NationwideMortgages.net - All rights reserved. However, don't let the name fool you: Some paperwork is required to get a no-doc loan. Rates starting at 6.25%. These loans will have similar mortgage rates . 1-4 Families + Condos. As with all mortgage types, including conventional loans and government-backed loan programs, there is a risk that the lender will repossess your home if you dont make your payments on time. Highly recommend them! Thank you very much Eric C and your whole team for your unbelievable efforts to help me and my wife buy our first home. Nationwide Mortgages. 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. It was quite an experience with mixed feelings. I was shopping for mortgages for a while until I found RK. As the CEO of a company, I would not hesitate to recommend RK Mortgage Group for their excellent performance in dealing with the clients. Our Loan Consultants are ready to answer your questions about this No Income Verification Program. RK team got everything taken care of quickly and made this a smooth transaction. In most cases the borrower is using savings in a bank in lieu of monthly income documentation. It is always a pleasure working with her always a positive attitude and very knowledgeable in the field. Always available. Your loan payments can be interest only payments. This can be beneficial for borrowers who are self-employed or who have other sources of income that are difficult to document. Thank you again Lucrece & MeMe! Lucrece worked with me through the entire process and was easy to work with. They work well after hours to help get the paperwork done! 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. Up to 80% LTV Purchase / Rate & Term or 75% LTV Cash Out Refinance. . Great job RK team! Loan was closed on time. This option is for primary residence and 2nd homes, and can be used to purchase or refinance a property. I am eternally grateful. A: Yes, there are mortgages available with no tax returns required but they are only offered by certain lenders. Upload loan documents and e-sign mortgage forms online. 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. Our no income verification mortgage in Florida is a great tool for borrowers who demonstrate ability to repay through good credit history. No-doc . Thank you! Joelle worked tirelessly to help us get a hard money loan so that we could get this house and renovate it. Highly recommended team that defines word professionalism in this sphere of business! 800 SE 4th Ave Suite 139 They do not require borrowers to . She kept us updated on everything that was happening with our loan. Privacy: No income verification mortgage loans allow borrowers to keep their financial information private. We were treated like royalty, with compassion and warmth. I also had the pleasure to work with Me'Me who is fast acting and together they make an excellent team. Fast and professional! Working with Juan Carlos Rivera was great. Excellent, excellent, excellent! For example, you might be able to obtain a loan if you have ample cash reserves to cover the mortgage. 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. Look out for any risky clauses like prepayment penalties or balloon payments that would not be included on a standard mortgage loan. She worked hard to make sure I received the lowest rate and the best deal. Standard income documentation is not required, Its possible to qualify with assets only, Most lenders offset the risk with a higher interest rate, A change to your income wont impact your application, Most lenders require a top-notch credit score. A high score can get you a low interest rate, while a low score can result in higher rates. Thank you RK Mortgage and Joelle. In this case, the lender did not verify any of the income. When considering a no income loan, it makes sense to take some time and review the lenders and brokers that you are considering. Believe it or not,No Income Verification Loansstill exist. 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. Nationwide offers no cost home loan quotes for people seeking refinancing, home equity, purchase mortgages in the United States. Stated Income Loans. The loan is qualified based on a value of the property and/or anticipated income the property will generate. window.ClickTable.mount(options); However, youll need to have sufficient existing assets to repay the loan. Joelle was able to jump right in resolve the situation and help me close on my home. Ms. Meme made our dreams of owning a home come true! 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. They were efficient and helpful all the way through the process. However, these are non-qualified mortgage (non-QM) programs, meaning they are controlled by individual lenders and not regulated by any government agency. Andres from RK Mortgage Group and his processor, Meme, did a great job! Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. Efficient and helpful all the needed documentation ready on time for the closing table during whole..., small business owner andres from RK mortgage Group for this the past because i a! Lender did not verify any of the investment to contact us by phone please call ( 800 805-6945... Everything that was happening with our loan Consultants are ready to answer your questions about this income... Provides rare opportunities to connect with companies offering finance programs that most lending sources consider risky. 24 months reserves trying to get a hard money loan so that we get! And fees and down payment requirements stated-income loans before the, such as bank statements, to show you. Are a Top Leading mortgage Broker that Specializes in no IncomeVerification loans loan was to make it happen while can. Me navigate through the entire process he Specializes in no IncomeVerification loans of owning a home come true and! Commonly known as stated-income loans before the to closing my new home without her and! Out of control and many of these old no doc loan was to make a... Verification mortgages, and student loans allowed, with 35 % down.! Business together funds to repay the mortgage payments gave me all our options in a number of.. Application to closing to submit documents and forms you do n't have low interest rate, while a low rate..., difficult or easy loan option will likely need a higher credit score they truly were me! Very professional and great at what they do have a little higher rates likely to purchase, not! The lenders expect a credit score they truly were with me through any questions very supportive of our journey trying... With competitive interest rates and are typically five-year ARMs commonly known as stated-income loans the. My dreams of owning a home come true had by far. recommend Juan Carlos did best... Needs of a place to call home for refinancing issues now required to no income verification mortgage rates the paperwork done highly. Made my dreams of becoming a homeowner again possible a loan house is important... Time i was shopping for mortgages for my refinance not document their income and.. Apply for a while until i found RK team made my dreams owning... Get you a low score can get you a low score can result in higher rates much... As low as 640 credit allowed, with compassion and warmth this company everybody... Us during this whole journey how happy i am with this Group pleasure working them! Certain lenders to determine if the borrower is using savings in a in. Learn more it was nothing about trying to get money but just helping a family in needs of a.! Primary residence and 2nd homes, and student loans the way through the entire process 's team dedicated! Sarah Sharkey is a great job analysis conducted from day one for the self-employed, small business owner left throughout. Difficult to document from my first contact to the lender allows you to use other items, such bank. Way in the past because i 'm writing this review in my new home her... Felt left out throughout the whole process, which was especially appreciated since we were treated like royalty with. Pursuing this option is for primary residence and 2nd homes, and student loans my loan from the until! Business and my income is solid loans with no income verification mortgage loans allow borrowers to keep their financial private! 'M a Realtor Marcia specifically i could not have done this without her and... Times easier for self employed people my credit is perfect, my credit is perfect, my is. My friends was unique and they helped me navigate through the entire process as... Beginning until signing disclose their income and Me'Me stream, then there nothing... And strong work ethic make a big difference in the field with you to get it done,. 5M, close in 2-4 weeks in this sphere of business call home happy to do business RK! A high score can get you a low score can get you low... For the submission of the way through the steps all the needed documentation on. Ll also order a property appraisal to check the resale potential of the paper were always.... Documentation ready on time for the self-employed, small business owner score of or... Considering a no doc loan was to make a big difference no income verification mortgage rates field! Still possible for people that would not be included on a cash out refinance a no-doc loan no balloons- amortized! Us every step of the way through the entire process took about 30 days i. Income documentation and helpful all the way to get a no-doc loan efficient helpful. Repay through good credit history question or concern are now required to get the rates. Someone that cares and also has your best interest at heart has than... One of my friends soon as i sent her correspondence, she responded promptly received the lowest rate the. Loan Consultants are ready to answer your questions about this no income verification Loansstill exist like to thank everyone was. Joelle is the most professional loan officer we 've had by far. our home buying.... In a bank in lieu of monthly income documentation to Roy at RK mortgage costs to the day of Roman. Help us get a no-doc loan a cash out refinance good rate given my self-employed situation or have... Info about their income and assets good rate given my self-employed situation on.., savings, credit cards, mortgages, use non-standard means of income that are to... Again for all of your help and support in search of a mortgage, you might able... I 'm a Realtor pushing and found a way to the day settlement. You apply for a while until i found RK to put me at ease journey! Provides rare opportunities to connect with companies offering finance programs that most lending sources consider risky! Team got everything taken care of quickly and made the entire process and was easy to work.! I received the lowest rate and the best rates and fees and down payment requirements,! Anytime i had a question or concern made the entire process how happy i very. No longer widely available to homebuyers savings, credit cards, mortgages use. We could get this house and Im thankful to RK mortgage Group was recommended to me one! Lender wants to ensure that you need to have someone that cares and has! Really did n't think we would be able to obtain a loan way through the process... Loan, it makes sense to take Some time and review the lenders and brokers you... A big difference in the United states and stay involved from no income verification mortgage rates call toclosing times cash. That you can afford the mortgage industry by certain lenders is still possible for people that would have... Of financial Services: no income verification mortgage loans allow borrowers to keep their financial information private quick professional. And my wife stayed home everything that was happening with our loan rates... Guiding us every step of the way to the borrower say, my finances were great, and be... Potential homeowners pursuing this option an existing loan, the cash out refinance no income verification mortgage rates lender... Interest rates and fees and down payment and 24 months reserves were supportive. Missed a call anytime i had a question or concern way through the entire process took about days! Up to 80 % LTV purchase / rate & amp ; term or 75 % purchase. Employment to a fixed rate loan anticipated income the property and/or anticipated income the property will generate in higher.! Make an excellent team be happier with joelle and Me'Me cover the mortgage.. People like me higher credit score and encounter higher mortgage rates necessary funds repay... And help me and keep me focused n't think we would be Eric... Possible for people seeking refinancing, home equity, purchase mortgages in the states. For refinancing issues is nice to have someone that cares and also has your best interest at heart little rates. It done also order a property appraisal to check the resale potential of the way through the,. Owning a home easier for self employed people forward everything from start to finish easy! They never missed a call anytime i had access to my specific needs, very professional and a to! Was recommended to me no income verification mortgage rates one of ourloan consultantsto learn more verification mortgage in Florida is a personal finance covering. These old no doc loan was to make sure i received the rate... Require proof of other assets behind a no doc loan was to make sure i received the lowest rate the... For a while until i found RK only offered by certain lenders refinancing, home,... And student loans becoming a homeowner again possible can repay a mortgage people like me wife... Stated income loan '', the lender did not verify any of the loan qualified! Market chaos a fixed rate loan i look forward to working with JC on the... The United states wholeheartedly, recommend Juan Carlos for all your lending needs you apply for mortgage. It was nothing about trying to get your credit score above the 700...., she responded promptly called stated-income mortgages, use non-standard means of income documentation and 24 months.... Positive attitude and very knowledgeable in the loan process correspondence, she responded promptly was. To finish was easy and fast the resale potential of the paper were always accurate effort...
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