But be prepared to provide extensive documentation about your financial situation. *Mortgage loans with no income verification are available in most states, but not all states. Provide documentation that shows your assets and income. He also got me a great rate on my mortgage! If possible, aim to get your credit score above the 700 mark. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. Me Me was tough with HOA. Joelle and her team were absolutely amazing! Up to 75% LTV Purchase /Rate & Term. He kept constant contact with me on any updates throughout the process. I have refinanced 3 times over the last few years. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. There was absolutely no surprise in the settlement. I can't thank him enough for everything he did. In this day and age, customer service, I feel has become something of the past. She was instrumental in making our dream come true and I cannot begin to tell you how appreciative we are. Helped ease my nerves about refinancing. They had all the needed documentation ready on time for the closing. Lucrece was there for me every step of the way and even held my hand during several meltdowns. Additionally, youll likely need significant cash savings, assets, and a low debt-to-income ratio. As the CEO of a company, I would not hesitate to recommend RK Mortgage Group for their excellent performance in dealing with the clients. Your loan payments can be interest only payments. RK Mortgage Group was considerate of my family's needs and provided options. Helped us secure a mortgage very fast and she was available anytime we needed her. Thank you for all your hard work and dedication! No-documentation mortgage loans, also called no-income verification loans, make it possible to buy real estate without providing things like W-2s or pay stubs to prove your income. 30 Year Fixed Rates Available. Thanks. Many brokers and banks offer mortgages with unbelievable features, but they rarely end up closing the loan. Start afree quote toget aninterest rate and payment estimate. This should provide your lender with enough information . No-income verification loan rates are substantially higher than currently available mortgage rates, as they pose more risk for lenders. Problems with no doc loans in the early 2000's nearly tanked the US economy. Contact one of ourloan consultantsto learn more about this program. These loans are often referred to as hard money loans, and are usually offered by companies or individuals that lend to real estate investors. Roy not only got the load approved, but I close on my house only 2 weeks after my initial conversation with Roy. For people who are self-employed, you can expect to bring only one year of profit and loss statements. I never felt left out throughout the process until closing. Joelle at RK Mortgage Group was fantastic to work with and made a very difficult process stress free. Yes, its possible to get a mortgage without a verifiable income. Starting from the communications, rates and processing time, everything was on the top. Here are some of the most common options: For the self-employed person, the bank statement loan is one of the best deals available. If you are looking for a Mortgage company that gives competitive rates and close fast, this is it. Thank you for your help to buy our new home! Most lenders also want to see a six-month reserve fund. RK Mortgage Group, you're the BEST!!! As self-employed and without income verification there were not to many chances for us to be approved for a mortgage. As low as 640 credit allowed, with 35% down payment and 24 months reserves. We found the home we fell in love with and the deal was completed within 5 weeks. An appointee from the lender actually verifies employment of the applicant with the company listed as the employer. Highly recommend! Extremely positive and always responsive. Took the time to explain everything. Its always a good idea to consult with a mortgage broker to determine the best option for your financial situation. Thank you! Since lenders won't be looking at pay stubs and W2's, they might look to other . Quick, Professional, and Personable. He was very professional and courteous. The net operating income for the developer is projected to be $2,150,000 a year. It was a great process. 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. 650 mid FICO to qualify. The Home Loan Expert breaks down the details of no-income verification loans for interested homeowners. Thanks! Credit Underwritten Based on LTV, FICO, and Liquidity. I have nothing but GREAT things to say about RK Mortgage Group. 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. (function() { Excellent service, Roy kept me informed each step of the way. no doc mortgage, no doc home, with no income verification, mortgage with no income requirements, 100% no doc mortgage, no income verification refi, no documentation mortgage, no doc stated income Saatchi, Ogilvy amp Rosenthal today 39 fees once your school come together are entitled. As a realtor, I have had excellent results recommending her my customers. We were pleased on how efficiently and promptly everything was handled. For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. No-income loans are types of loans designed for someone with income that doesn't come from a source like a full-time job. An excellent job! It's no secret that mortgages with no income verification are not as easy to secure this year. Instead, youll need to prove to the lender that you can cover the mortgage payments. Would highly recommend them for anyone on the market looking to purchase a new home. This saves you from submitting complicated income statements and tax returns. He is respectful and a complete gentleman. Lucrece was absolutely fantastic to work with! During this period, borrowers without a steady income and low credit could just state their income and get mortgage approval. Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. Our Experience with RK Mortgage Group was superb. No tax returns, no paystubs, no bank statements, no 4506 required. 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. Thanks again, and we definitely recommend Lucrece and her team! Why Choose Us. 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. I highly recommend them. If for some reason we cant help, well do our very best to point you in the right direction. This option is for primary residence and 2nd homes, and can be used to purchase or refinance a property. You do not provide any pay stubs, W-2s, or tax returns. Her professionalism and strong work ethic make a big difference in the loan process. 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. 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. 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) . Important note On a cash out refinance, the cash out proceeds CAN be used to cover the reserve requirement. Truly a seamless transaction. Communicative, Professional, Friendly and most of all honest. On paper, this type of applicant may appear to be a higher risk because they do not meet qualified mortgage standards. Every time I was confused, she was always there to help. They found the right program that fit my needs. I would definitely do business with RK Mortgage again! It is always a pleasure working with her always a positive attitude and very knowledgeable in the field. 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! Stated Income Stated Assets: Im not one who provides reviews but for this company Im really happy to do so. We greatly appreciate the effort and time that RK Mortgage professionals put into our loan process. 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. In this type of "stated income loan", the applicant provided info about their income and assets. I recommend Joelle very highly. Will definitely recommend! Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. window.ClickTable.mount(options); Stated Income Loans. We actually closed in 26 days. 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. Home | About Us | Warranties and Terms | Articles. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. Less Paperwork is paves the road for a smooth loan process. Joelle and Me'me have been hanging there with me and my lousy builder for 16 months. Amazing helpful team! States Income Loans Making a Comeback - Bankaholic. Do not waste your time with people who quote you loan terms without assessing your credit, and debt ratios. While true no income verification mortgages no longer exist, lenders can qualify you based on almost any kind of cash flow. The analysis conducted from day one for the submission of the paper were always accurate. 5+ Unit Multifamily & Mixed-Use. USDA vs FHA: Which low down payment loan is best for first-time home buyers? This type of mortgage loan only requires the borrower to have employment verification performed and two months of bank statements. Largest Access to Stated Income Loans and Lenders. Toggle navigation. At times, I became anxious about the process, but Juan Carlos did his best to put me at ease. Lenders typically look for the following: Low balances on your credit cards compared to the available credit. We really appreciate that. 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. No Income Verification Loans. Joelle provided my family with amazing service. 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. Ms. Meme made our dreams of owning a home come true! I am very grateful for your quick and professional work! Andres was excellent and perfectly understood what I was looking for. The definition of "Above and Beyond". . Andres Taillepierre and his team worked super hard and quick to give us the best deal refinancing our home. Theyre extremely professional and great at what they do. *This product is not regulated by the New York State Department of Financial Services. Specialties: NMLS #322945. After several unsuccessful attempts, We found Eric @ RK Mortgage. By saving for a larger down payment, you can make yourself a more attractive borrower to lenders and increase your chances of getting approved. It was quite an experience with mixed feelings. 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. You won't be asked to submit documents and forms you don't have. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. Joelle worked tirelessly to help us get a hard money loan so that we could get this house and renovate it. Before signing up for a no-income verification mortgage, be sure to carefully read and understand your loan terms. 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