All closing costs will be covered and there are no closing costs to the borrower. I heard nightmare stories about buying homes and loan companies but this was not one of those cases. The interest rate is typically 3% to 5% higher than conventional loans. RK Mortgage and the staff were very supportive of our journey. They went above and beyond to help us out with the purchase of our first home. For example, if you are reporting this cash income on your tax returns, that might be enough evidence for the lender. qualified applicants borrowing against their primary residence. | 2023. 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 . The key here is that your taxes should be filed and show that no money is . 650 mid FICO to qualify. I am here to make your purchase or refinance process smooth! As soon as I sent her correspondence, she responded promptly. No-income-verification mortgages are a type of nonqualified mortgage. By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. Why Choose Us. There is no minimum income required to buy a house. After deciding to move forward everything from start to finish was easy and fast. Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. The loan is approved based on credit and reserves. Look out for any risky clauses like prepayment penalties or balloon payments that would not be included on a standard mortgage loan. There is no application fee from participating lenders or banks. I recommend RK Mortgage Group as a first choice. Your dedicated Loan Specialist will be your guide from application to closing. They walked me step by step through the mortgage approval process. Typically, a no doc loan required the applicant to have a decent credit score and six months of reserves. I had the best experience of my life with RK Mortgage Group. Truly a seamless transaction. Thank so much for being on top of everything especially during the busiest time of the year. Nationwide offers no cost home loan quotes for people seeking refinancing, home equity, purchase mortgages in the United States. * Convert your adjustable rates to a Fixed Rate Loan. 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. She was always available to answer my questions, and she guided me through the entire process. I should say, my credit is perfect, my finances were great, and my income is solid. 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. Borrowers hoping to get a mortgage with a non-traditional source of income have options. Always available. RK team got everything taken care of quickly and made this a smooth transaction. 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 you don't have pay stubs due to self-employment and other situations, a No Income Verification Loan will not require them. . However, Nationwide continues to provide info on affordable reduced documentation home loans without income verification. I would highly recommend using RK Mortgage Group for all future loans. Thank you! Getting a mortgage can be stressful because of the complexities involved in the process. . They made it happen. No income loan programs provide another layer of protection that many people desire to buy or refinance a house. Toggle navigation. We thought we were not going to be able to buy the house, but she made it work for us. They educated my wife and myself on the process and helped us make an informed decision . Willing to pay substantially higher interest rates for the life of the mortgage loan. Loan was closed on time. People do not trust institutions to safely guard their data and many for good reason are terrified of identity theft. Would highly recommend them for anyone on the market looking to purchase a new home. No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. If their payments were on time, their credit scores were still good enough to get approved for a stated income loan. Will recommend to anyone needing a mortgage. Im not one who provides reviews but for this company Im really happy to do so. The mortgage company does verify that the applicant was in fact 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. Andres was excellent and perfectly understood what I was looking for. These loans are often referred to as hard money loans, and are usually offered by companies or individuals that lend to real estate investors. Fast, efficient process with minimum efforts. * Full-Document -Home Equity Loan up to $500,000. I closed on my first home last week and not without the help of Stephanie Ventura and Me'Me Gray. What credit score is needed for a no-income verification mortgage? 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 . When others said no they kept pushing and found a way to get it done. My experience was stress-free. Lorie C, Fort Myers, Florida Typically, applying for a mortgage requires you to share pay stubs or tax documents so the lender can verify your income and see that you earn enough to make your monthly mortgage payments. Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . 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. If you are purchasing a property, bank statements are only needed to . My husband and I have been trying to buy a home for a very long time. Need a Stated Income Mortgage or No Doc Loan? No Income Verification Loans. He always kept the fire going and the process was completed before the promised deadline. USDA vs FHA: Which low down payment loan is best for first-time home buyers? From start to finish he was courteous, responsive, specializes in no income verification mortgage loans, How to get a No Income Verification Mortgage Loan, 12 Month Bank Statement Mortgage | How to get Approved, How to get Approved for a VA Loan with Low Credit Score, Cash Out Refinance 500 Credit Score | How to Get Approved, DSCR Loan Program | Real Estate Investor Cash Flow Loan, 5 Ways to Get Approved for a Non QM Mortgage, Mortgage for Small Business Owner | 3 Ways to Get Approved, At least 20% down, with 740+ credit and 12 months reserves, As low as 640 credit allowed, with 35% down payment and 24 months reserves, Available on 30 year fixed and ARM options as well, Up to 80% loan to value ratio, with 740+ credit score, and 12 months reserves, As low as 640 credit score, with max of 65% loan to value ratio, and 24 months reserves, Up to 70% loan to value ratio, with 12 months reserves, As low as 660 credit score, with max loan to value ratio of 70%, with 24 months reserves. We were able to complete a mortgage application online and electronically sign all the documents the next morning. $100k - $5M, close in 2-4 weeks! . 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. Convenience: When youre not required to report employment or income history, the amount of documentation needed for approval is substantially reduced. If you are refinancing, you need to find out what the fico score and loan to value requirements are before making a commitment. Awesome job RK Mortgage Group! RK Mortgage Rocks! This option is for primary residence and 2nd homes, and can be used to purchase or refinance a property. Important note On a cash out refinance, the cash out proceeds CAN be used to cover the reserve requirement. 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. 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 . As a foreigner, it was not easy at all to get a refinance with reasonable interest rates After getting tired of either being rejected by well-known lenders or getting quoted with outrageously unaffordable interest rates, we were about to give up our renovation plan to upgrade our new house. This is not a commitment to lend. Below, well take a closer look at this option. At times, I became anxious about the process, but Juan Carlos did his best to put me at ease. . They were efficient and helpful all the way through the process. Specialties: NMLS #322945. Thank you so much Joelle for your service. Last Name*. He gave me all our options in a clear and concise manner. Consent is not required to purchase goods or services from lenders that contact me. Joelle and team were great! I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. Rate and term refinance or debt consolidation refinance with no cash out proceeds. Yes, a no-income verification mortgage enables you to buy a home without a regular job, or steady source of income. For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. Call 1-613-296-3892. Rates Starting at 7.46%. A no income verification home loan is a type of nonqualifying mortgage. Start afree quote toget aninterest rate and payment estimate. Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. Now you can shop and compare lenders that offer stated income home loan programs and opportunities to refinance mortgages with no closing costs. 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. Provide documentation that shows your assets and income. Lucrece was the best! Without her assistance and hard work none of this would have happened. I usually don't write reviews, but I had to write something about my experience with RK Mortgage Group. I highly recommend working with this team to get the best rate and outstanding service! Less Paperwork is paves the road for a smooth loan process. RK Mortgage group you are the best! No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. No-income verification mortgages dont require proof of income. Also, you will typically need to have a loan that is no more than 70% loan to value. I could not have done this without her expertise and guidance. 20% Down & 80% No Income Verification Mortgage to Value available up to $3,000,000. This type of mortgage loan only requires the borrower to have employment verification performed and two months of bank statements. They never missed a call anytime I had a question or concern. Fast and professional! By saving for a larger down payment, you can make yourself a more attractive borrower to lenders and increase your chances of getting approved. In this example, the real estate developer has more than six times the cash flow necessary to cover their debt obligations. Additionally, youll likely need significant cash savings, assets, and a low debt-to-income ratio. This company was such a pleasure to work with. Thank you J.C. Rivera and RK Mortgage Group! Working with RK Mortgage Group made the entire process almost stress free. I highly recommend RK Mortgage Group and Andres. A borrower with a good credit score can lock in a better rate than a fair credit borrower. A no income verification mortgage loan is a type of mortgage that does not require borrowers to provide documentation of their income. They found the right program that fit my needs. He also got me a great rate on my mortgage! Talk to lenders and find competitive pricing. Process was simple, quick, and nothing left to chance. Great team to work with. After several unsuccessful attempts, We found Eric @ RK Mortgage. Up to 80% LTV. 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. 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. You always need to prove to a lender that you can afford to repay the loan. Here are a few scenarios when this type of mortgage makes sense: If you want to pursue a no-income verification mortgage, here are the steps youll need to take: In general, its relatively challenging to qualify for a no-income verification mortgage. Thanks again for a great service. I highly recommend RK Mortgage Group for refinancing issues. Up to 80% LTV Purchase / Rate & Term or 75% LTV Cash Out Refinance. Joelle and Me'me were absolutely wonderful to work with. Helped ease my nerves about refinancing. However, today things have changed and there are alternative stated income loans available for people who have a need for a limited or no doc mortgage. He was always available, competent, insightful and considerate. We have been extremely successful with getting borrowers approved, even when other lenders said it wasnt possible. Thank you again. There are 3 main types of No Income Mortgages available: Refinance Loans, Home Equity Loans and Debt Consolidation Loans. Joelle and her team were absolutely amazing! If its a challenge to verify your income, then a no-income verification mortgage is an option worth pursuing. We just moved to the US from Thailand last year and bought a house. He always had our best interest at the forefront and we are so grateful he led us through the process. The lender accepts other items, such as bank statements, as proof you can repay the mortgage. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. Always responded to any question or request immediately. We're forever Thankful for her. Constant and accurate information and updates. And that's because . Today there are some no doc or limited doc loans that you can qualify for. First Name*. A DSCR loan allows you to qualify a mortgage using future rental property income. Having a higher score may increase your chances of getting approved for a no income verification mortgage loan. We were able to apply, submit all our required docs and close in less than six weeks. Approval is based on the cash flow generated by the property, and loans between $75,000 and $1.5 million are available. 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. 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. Thank you RK Mortgage! Asset Seasoning only 30 days. Thank you for your help to buy our new home! These loans are available with competitive interest rates and are typically five-year ARMs. As a realtor, I have had excellent results recommending her my customers. 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. Have gone through the mortgage process a number of times, and this was by far the easiest! My questions were answered quickly and professionally. Lucrece was there for me every step of the way and even held my hand during several meltdowns. Rates as low as 7%. Sometimes lenders call these bank statement loans or stated income loans. Highly recommend! Just refinanced with JC and Me'Me. 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. I actually closed before the date promised. Credit Underwritten Based on LTV, FICO, and Liquidity. They work well after hours to help get the paperwork done! Its important to carefully consider the pros and cons of a no income verification mortgage loan before applying. window.ClickTable.mount(options); 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! Excellent rates, no junk fees and great loan terms. Our company provides rare opportunities to connect with companies offering finance programs that most lending sources consider too risky. You won't be asked to submit documents and forms you don't have. He kept constant contact with me on any updates throughout the process. Ms. Meme made sure we were happy with our mortgage experience. Many brokers and banks offer mortgages with unbelievable features, but they rarely end up closing the loan. Get the latest housing market news and expert analysis delivered straight Many Americans simply do not trust banks or government agencies having access or records of their personal or financial information to get a loan. Time, their credit scores were still good enough to get it.. Way through the mortgage payments returns, that might be enough evidence for the life the! Safely guard their data and many for good reason are terrified of identity theft brokers and offer. As bank statements down payment and other underwriting considerations may apply depending upon the type of loan. Market chaos below, well take a closer look at this option is for primary residence and 2nd,! Questions, and this was not one who provides reviews but for this was! 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