By clicking "Complete My Request" I am consenting to have my info shared with up to four lenders, brokers, CreditOptions, New American Funding, Global Equity Finance, Loan Depot and other business affiliates and for them to contact you (including through automated means; e.g. Instead, youll need to prove to the lender that you can cover the mortgage payments. Helped ease my nerves about refinancing. Apply in 30 seconds with one quick, easy form. 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. RK Mortgage Rocks! In this case, you could be a candidate for a no doc or no-income verification mortgage. Low Rates. I would not have been able to do this without the hard work that these ladies have put in, especially after hours, to ensure that I could finally celebrate owning my first home. 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 . Interest Only Option Available. In lieu of pay stubs, W-2 forms and tax returns, lenders may accept bank statements as proof of income. This is a benefit because that allows higher loan to value ratios. We have purchased our forever home in lovely Key West Florida! Ms. Meme excellent, very professional, patience of an angel. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. We thought we were not going to be able to buy the house, but she made it work for us. Most investors use these limited documentation loans for fix and flip properties. We were able to apply, submit all our required docs and close in less than six weeks. Alternate names: Alternate income loan, alternative income . Fixed-rate mortgagesalso called "conventional mortgages"are basically the bread and butter of the mortgage industry. A: Yes, there are mortgages available with no tax returns required but they are only offered by certain lenders. The whole team was very attentive and trustworthy, they guided us through the process. This was the first time I worked with Joelle. Lucrece was absolutely fantastic to work with! Category: Someone with a $300,000 mortgage at a 5.25% . Great team to work with. No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. Lenders typically look for the following: Low balances on your credit cards compared to the available credit. I started working with JC on getting the financing done, he is the most patient man on earth. 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. They went above and beyond to help us out with the purchase of our first home. Very stress free and would recommend him and RK Mortgage Group to anyone! 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 was really impress by the way that he answers all my questions and the promptness on how he answers back emails or calls. Check your home buying eligibility. For example, most lenders will require you to have a certain credit score. She walked through all the steps with me. Great job RK team! Nationwide offers no cost home loan quotes for people seeking refinancing, home equity, purchase mortgages in the United States. Joelle and Me'me have been hanging there with me and my lousy builder for 16 months. I would definitely recommend this mortgage company. We renovated and of course went back to her to refinance on a normal mortgage. In this case, the lender did not verify any of the income. Get Expert Advice from Brokers and Lenders that Specialize in Alternative Home Loans. Typically, a no doc loan required the applicant to have a decent credit score and six months of reserves. They have fixed arms options like 5/1, 7/ . 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. However, youll need to have sufficient existing assets to repay the loan. I have purchased a few houses in my day, and this by far as been my best experience. I traveled for business and my wife stayed home. Here are some of the most common options: For the self-employed person, the bank statement loan is one of the best deals available. Thank you J.C. Rivera and RK Mortgage Group! 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. But these types of loans require proof of other assets. He was always available, competent, insightful and considerate. Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. If any one wants to do business with professionalism and respect, I recommend Andres and his team. Highly professional service. My husband and I found our dream home so I started researching and looking for mortgage companies. Until she was given the required documentation to help close the loan. Having a higher score may increase your chances of getting approved for a no income verification mortgage loan. Juan Carlos Rivera and his team we outstanding through out the entire loan process. Thank so much for being on top of everything especially during the busiest time of the year. More on DSCR loans for investment property here. Bank statement loan makes life a million times easier for self employed people. . Thank you for the hard work. Debt-to-Income NOT Calculated. I highly recommend working with this team to get the best rate and outstanding service! Toggle navigation. She goes above and beyond for her clients. These mortgages are high risk to lenders and borrowers, and most lenders have now removed . Thank you for getting it done! . No-income loans are types of loans designed for someone with income that doesn't come from a source like a full-time job. 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. These loans generally require you to have enough liquid assets or alternative income sources to repay the loanand the lender is required to verify these sources. After receiving an honorable discharge from the U.S. Marine Corps in 2008 Adam began his career in the mortgage business. Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. First Name*. 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 and processor Me Me were amazing! JC was very prompt in answering my questions and obtaining the lowest rate possible for the refinancing of my townhouse. Lucrece and her team were awesome! He also does conventional loans. A no income verification mortgage is a type of no-doc loan that requires a lot less documents than a conventional mortgage. 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. You might be asking "What is a No Income Documentation Loan"? His advises and the way to deal with minor inconveniences that arose during the process was really professional. Call 1-613-296-3892. 1-4 Families + Condos. How can I get approved for a mortgage without proof of income? 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. As low as 640 credit allowed, with 35% down payment and 24 months reserves. My questions were answered quickly and professionally. Once we contacted RK Mortgage Group and spoke to Joelle her experience, knowledge and professionalism put us at ease. For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. Then, I decided to give one last broker a try RK Mortgage Group. RK Mortgage was definitely the right choice for us. No balloons- 30-year amortized term with a 3 or 8 year fixed period. Ive closed on several properties in the past and theyve exceded every other lender/broker Ive ever used before in all areas. A breakthrough in borrower qualification. A phone . I enjoy working with Joelle Maximilien-Miller. A no-documentation home loan is a mortgage that doesn't require the borrower to provide standard income documentation. I found RK Mortgage on the internet, I did some research and gave them a call. Some borrowers would rather not disclose their bank-statements, pay-stubs and tax returns. . I was really impressed with technology. Start here (Jan 18th, 2023). Low Credit Score FHA Home Buyers Might Qualify in 2023, 100% Financing Home Loans 2023 (USDA, VA, FHA), Current Mortgage Interest Rates | January 2023, Mortgage Relief | Mortgage Stimulus Program 2023. Additionally, youll likely need significant cash savings, assets, and a low debt-to-income ratio. As first time byer I had million questions. I never expected such a good rate given my self-employed situation. Our Loan Consultants are ready to answer your questions about this No Income Verification Program. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. 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. Read our article on no tax returns mortgages to learn more. Borrowers hoping to get a mortgage with a non-traditional source of income have options. Self employed borrowers should also review our Bank Statement program. 5/1 ARM, 30-Year Fixed. qualified applicants borrowing against their primary residence. RK Mortgage Group was recommended to me by one of my friends. Each lender sets its own specific credit score requirements for no-income verification home 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 Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . She kept us updated on everything that was happening with our loan. They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. . We found the home we fell in love with and the deal was completed within 5 weeks. Can you get a mortgage without a verifiable income? Privacy: No income verification mortgage loans allow borrowers to keep their financial information private. We highly recommend RK Mortgage Group. 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. Just refinanced with JC and Me'Me. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. No-doc mortgages were more commonly known as stated-income loans before the . I heard nightmare stories about buying homes and loan companies but this was not one of those cases. Took the time to explain everything. And it was the best experience by far! 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. Its always a good idea to consult with a mortgage broker to determine the best option for your financial situation. Your loan payments can be interest only payments. We offer one of the industries lowest rates. We offer stated income loans and jumbo loans from $200k to $10 million. Great group to work with, they helped us acquire our dream home for our family. 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. I have refinanced 3 times over the last few years. Of course, having a good idea what the value of your house is very important for getting a genuine quote. Juan Carlo Rivera, was quick, professional and courteous. My situation was unique and they helped me navigate through the steps all the way to the closing table. We're super happy with the service received from RK Mortgage. No income loan programs provide another layer of protection that many people desire to buy or refinance a house. 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. Thank you so much JC you are truly a blessing from above! See below some highlights of the program. Yes, a no-income verification mortgage enables you to buy a home without a regular job, or steady source of income. RK Mortgage Group went above and beyond my expectations! It was a great pleasure to work with RK Mortgage Group from initial call to closing. My experience went beyond than what we expected. Special thanks to Lucrece Valentin and her team for their tireless commitment to providing a smooth seamless buying experience. Thank you for your help to buy our new home! Why Choose Us. I closed on my first home last week and not without the help of Stephanie Ventura and Me'Me Gray. 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. A borrower with a good credit score can lock in a better rate than a fair credit borrower. A++++. We wasted multiple months trying other mortgage companies. Lucrece was very helpful and gave us hope about the refinance. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. They are always there to give assistance. No-income verification mortgages dont require proof of income. Highly recommended team that defines word professionalism in this sphere of business! Both ladies were knowledgeable and took time to make sure all my questions were answers regardless the time of day. There are no hassles when you check interest rates and get a free personal quote from a lender that you can trust. Very knowledgeable and professional! var options = {"display_percent":"","instance_v2":"5cb4ef89ea4aae7421d684e8","instance":""}; 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. They were so great to work with, Joelle and MeMe, thanks again. Rocket Mortgage does not offer this type of mortgage. They really work with you to get the best rates and to help you get into your own home. Highly recommend! I never felt left out throughout the process until closing. Most lenders also want to see a six-month reserve fund. We were pleased on how efficiently and promptly everything was handled. Well help you close quickly, so you can get the keys to your new home in no time. As a realtor, I have had excellent results recommending her my customers. Communicative, Professional, Friendly and most of all honest. Would highly recommend RK Mortgage, they will be with you the whole loan process, difficult or easy loan. I was applying for mortgages for my dream home in Florida. I would go with him again! We are a Top Leading Mortgage Broker that Specializes in No IncomeVerification Loans. They walked me step by step through the mortgage approval process. While common before the 2008 financial crisis, no-income verification loans also sometimes called non-QM loans are no longer widely available to homebuyers. No Tax Returns / No W2 . 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. Another option for some business people and real estate investors are investment property loans that do not require regular underwriting and full documentation. Request a call backor email us your questions! Can I get a mortgage if I get paid in cash? Home | About Us | Warranties and Terms | Articles. window.ClickTable.mount(options); You will need a minimum 20% down payment. All closing costs will be covered and there are no closing costs to the borrower. She is very professional and asks questions to help you make the best financial decision available. Willing to pay substantially higher interest rates for the life of the mortgage loan. 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 . The Facts about No Income Verification Loans. No Income Verified Assets: As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. 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. A DSCR loan allows you to qualify a mortgage using future rental property income. Thank you RK Mortgage Group Inc. We highly recommend them to anyone purchasing a home. Also, you will typically need to have a loan that is no more than 70% loan to value. RK Mortgage is an awesome company to do business with. This saves you from submitting complicated income statements and tax returns. Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) Constant and accurate information and updates. Ms. Meme made our dreams of owning a home come true! 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. There are 3 main types of No Income Mortgages available: Refinance Loans, Home Equity Loans and Debt Consolidation Loans. if (window.ClickTable) { I just want to say how thankful I am to have found Joelle Maximilien-Miller to do my loan. I also had the pleasure to work with Me'Me who is fast acting and together they make an excellent team. I was referred to Roy at RK Mortgage because I was told he specializes in investment properties for self employed people like me. Get Quotes and Disclosures in Writing: Make sure you get all offers in writing that include the uniform residential mortgage disclosures such as the "Good Faith Estimate" and "Federal Truth in Lending" statements. Purchase, Rate/Term and Cash-Out Refinance Loans $150k to $3 Million (Commercial is Higher) Fixed and ARM's 650 Min-FICO 80% Max LTV (depending on scenario) . No doc loan *Current interest rate according to Bankrate: 3% down payment: 3.5% down payment: This means that you must bring at least a 30% down payment to close the loan. No Income Verification Mortgages From B-Lenders. The analysis conducted from day one for the submission of the paper were always accurate. 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 no-income mortgage, sometimes referred to as a no-doc mortgage, is an option for borrowers with a non-traditional income stream or another source of assets. No income verification No tax returns 30-year terms. Lucrece was the best! 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