Totally recommend her to everyone we know! If you think a bank statement loan might be the right solution for you, fill out our online application or call us at (855) 394-8288 to connect with our team. Great job RK team! JC was amazing to work with, available at all times to answer questions and always quick response back to me. Thanks again for a great service. At Mortgage Captain, we work with you to obtain a no income verification mortgages through our network of lenders in Ontario. If for some reason we cant help, well do our very best to point you in the right direction. Truly a seamless transaction. What should be your minimum income to buy a house? | 2023. What is a no-income verification mortgage? 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. You always need to prove to a lender that you can afford to repay the loan. Believe it or not,No Income Verification Loansstill exist. No-income-verification mortgages are a type of nonqualified mortgage. I would recommend Joelle to any of my personal friends, family, and or colleagues!! I'd recommend them to anyone. qualified applicants borrowing against their primary residence. 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. These loans carry high interest and are offered to investors based upon the value of the property. She goes above and beyond for her clients. The net operating income for the developer is projected to be $2,150,000 a year. After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. Lenders must fully document a borrower's ability to repay the loan either with income or assets. I had the best experience of my life with RK Mortgage Group. 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 . This was the smoothest mortgage transaction we have ever had. Thanks. Of course, the lender still needs to know that you can afford the loan. Fast, efficient process with minimum efforts. He also got me a great rate on my mortgage! Well help you close quickly, so you can get the keys to your new home in no time. As low as 640 credit allowed, with 35% down payment and 24 months reserves. I started working with JC on getting the financing done, he is the most patient man on earth. Thank you RK Mortgage! They educated my wife and myself on the process and helped us make an informed decision . Asset Seasoning only 30 days. If you get paid in cash, it might be possible to get a mortgage. Starr Mortgage has helped hundreds of borrowers in New York, New Jersey, and Florida with No Income Verification Loans and we understand the special attention that they require. $1,000,000 + $350,000 = $1,350,000 total assets. 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. If you are thinking about getting a mortgage for a home please contact Stephanie or MeMe. Thanks again, and we definitely recommend Lucrece and her team! Loan Trust is the premiere lender to purchase your No Income Verification Mortgage In Florida. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. Thank you Joelle and RK Mortgage Group you are amazing! In this day and age, customer service, I feel has become something of the past. More on DSCR loans for investment property here. The lender will confirm that you can make the loan payments in one way or another. 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! They truly were with me every step of the way in the process. Adam Lesner is a Mortgage Loan officer in Brighton, MI. Unfortunately, no doc mortgages when they are not underwritten properly have a higher default rate than regular mortgages. You don't need to show pay stubs. I never felt left out throughout the process until closing. They found the right program that fit my needs. He also got me a great rate on my mortgage! She kept us updated on everything that was happening with our loan. But its more challenging than obtaining a mortgage with a regular income stream. Less Paperwork is paves the road for a smooth loan process. Although the whole process took longer than we anticipated due to certain complication of our case, we were very satisfied and very happy with their service. Consent is not required to purchase goods or services from lenders that contact me. 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. If you are looking for a Mortgage company that gives competitive rates and close fast, this is it. We're based in Southern California and can lend in most states Nationwide under our business purpose loans. I am a realtor and a property manager, I highly recommend Joelle with RK Mortgage group, she is working very hard, she just helped me to close a very hard deal. Nationwide offers no cost home loan quotes for people seeking refinancing, home equity, purchase mortgages in the United States. 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. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. If I had to do it again rest assured it would be with Eric @ RK Mortgage. Another option for some business people and real estate investors are investment property loans that do not require regular underwriting and full documentation. Additionally, Roy was solid and reassuring throughout the whole process, which was especially appreciated since we were first time home buyers. Instead, you may be able to . It is always a pleasure working with her always a positive attitude and very knowledgeable in the field. To qualify for these types of loans, the lender looks at the value of the property after repairs are made and what its potential rent income will be. *This product is not regulated by the New York State Department of Financial Services. So appreciate all their dedication and hard work. I would like to thank everyone who was involved with my loan from the beginning until signing. Very stress free and would recommend him and RK Mortgage Group to anyone! 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. However, don't let the name fool you: Some paperwork is required to get a no-doc loan. Thank you for getting it done! I cannot say enough good things about him! Ms. Meme made our dreams of owning a home come true! If you have enough assets, the lender might be willing to move forward regardless of income. I, wholeheartedly, recommend Juan Carlos for all your lending needs. Loans available for purchase or refinance of investment or owner-occupied multi-family properties. I was googling a mortgage company before purchasing my house and found RK Mortgage Group offering programs for self-employed borrowers. Broker rebate up to 2 points available. Plug those numbers into the formula and you get DSCR = $2,150,000/$350,000 = 6.14. It was a great pleasure to work with RK Mortgage Group from initial call to closing. 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. I was really impress by the way that he answers all my questions and the promptness on how he answers back emails or calls. I was referred to Roy at RK Mortgage because I was told he specializes in investment properties for self employed people like me. My situation was unique and they helped me navigate through the steps all the way to the closing table. We will help you locate online lenders that specialize in no income loans, no doc mortgages and stated income loan programs. I should say, my credit is perfect, my finances were great, and my income is solid. I have refinanced 3 times over the last few years. 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. Please inquire with lender for updated program qualifications that pertain to your state and your credentials. 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. We offer one of the industries lowest rates. The speed at which my communications were received and answered was outstanding. Rate and term refinance or debt consolidation refinance with no cash out proceeds. I highly recommend!!! No-income verification loan rates are substantially higher than currently available mortgage rates, as they pose more risk for lenders. Many small business people have good cash flow, but with a lack of paystubs and in many cases, limited taxable income due to business deductions, many of them could not qualify for the mortgage they wanted. Words cannot expressed how happy I am with this group. . He was quick to respond any my questions (even after standard business hours). Very professional. No Doc Home Loans Explained - Mortgage 101. When you are buying a house, it is imperative to get a pre-qualification or pre-approval letter from banks and lenders that have a strong reputation and who you feel comfortable with. Every time I was confused, she was always there to help. Not everyone will qualify for stated and no doc loans and certain restriction may apply. Thank you J.C. Rivera and RK Mortgage Group! I highly recommend Joelle and RK Mortgage Group! Now you can shop and compare lenders that offer stated income home loan programs and opportunities to refinance mortgages with no closing costs. 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. By improving your credit score and having the ability to document strong assets, you can increase your chances of getting approved for a no income verification mortgage loan. You should have your financial life in tip-top condition if possible. 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 . Highly recommend this company!! I also had the pleasure to work with Me'Me who is fast acting and together they make an excellent team. Bank statement loan makes life a million times easier for self employed people. But these types of loans require proof of other assets. "Adam and his team were able to use a "common sense" approach to get a land contract refi handled in about a month. We have purchased our forever home in lovely Key West Florida! As a realtor, I have had excellent results recommending her my customers. He was always available, competent, insightful and considerate. So you dont need a traditional income to qualify. Highly recommend for anyone seeking mortgage assistance. Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) RK Mortgage group and Joelle in particular was amazing to work with. He kept constant contact with me on any updates throughout the process. We offer one of the industries lowest rates. There is no minimum income required to buy a house. I found RK Mortgage on the internet, I did some research and gave them a call. Sometimes lenders call these bank statement loans or stated income loans. 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. Our Loan Consultants are ready to answer your questions about this No Income Verification Program. Once we contacted RK Mortgage Group and spoke to Joelle her experience, knowledge and professionalism put us at ease. Need a Stated Income Mortgage or No Doc Loan? Joelle and her processor Me Me were amazing. If you are purchasing a property, bank statements are only needed to . Thanks! Me'me was my loan processor and was great also. . No Income Verification. Lorie C, Fort Myers, Florida Last Updated: November 15, 2022. 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 . In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act . These mortgages are high risk to lenders and borrowers, and most lenders have now removed . Qualify For Your No-Doc Loan or Alternative Mortgage Loan Today. Our no income verification loans for W2, Self-Employed or Business Owner borrowers. Everyone I talked to was friendly and helpful. I enjoy working with Joelle Maximilien-Miller. States Income Loans Making a Comeback - Bankaholic. They have fixed arms options like 5/1, 7/ . We actually closed in 26 days. Your dedicated Loan Specialist will be your guide from application to closing. They are both knowledgeable, kind, thorough, prompt, responsive, and professional. How can no income-verification mortgages help our borrowers? I had an issue with my other mortgage company that I had been working with and upon contacting RK Mortgage. . Loan amounts up to $5 million on most properties and up to $2 million on 2-4 unit residential properties Not everyone will be approved nor can loans be guaranteed online. 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! No income verification. I'm self employed and they made the process super easy. No Income Verification Loans. In lieu of pay stubs, W-2 forms and tax returns, lenders may accept bank statements as proof of income. We thought we were not going to be able to buy the house, but she made it work for us. Roy/Me'Me made my dreams of becoming a homeowner again possible. Are you getting declined from your current lender because you don`t qualify for a Mortgage? I look forward to working with them again next year for my refinance. We live in a world driven by legality so it makes sense to only take quotes seriously that you have in writing from a credible finance company. The debt service will be $350,000 a year. 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. These loans are risky for lenders, so they require higher mortgage rates for borrowers. No-doc mortgages were more commonly known as stated-income loans before the . I really appreciate everything RK team did for me to finance my mortgage. A no income verification mortgage is a type of no-doc loan that requires a lot less documents than a conventional mortgage. It was a great process. Thanks to RK we own our lovely house! Took the time to explain everything. Ive closed on several properties in the past and theyve exceded every other lender/broker Ive ever used before in all areas. They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. No Tax Returns / No W2 . Joelle and Me'me have been hanging there with me and my lousy builder for 16 months. Juan Carlo Rivera, was quick, professional and courteous. This saves you from submitting complicated income statements and tax returns. As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. Strongly recommend to call RK Mortgage for all your mortgage needs. Excellent rates, no junk fees and great loan terms. Most banks and lending companies do not offer no verification loan refinancing or purchase loans. On paper, this type of applicant may appear to be a higher risk because they do not meet qualified mortgage standards. See online home equity approvals as fast as 10 minutes. We have been extremely successful with getting borrowers approved, even when other lenders said it wasnt possible. Mortgage rates and home loan programs are subject to change without notice. Today we cover everything you need to know about getting approved for a no income verification home loan. Always responded to any question or request immediately. 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. RK Mortgage Group team exceeded my expectations in every way possible!! No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. It will use these factors to decide if you should get the loan. We're super happy with the service received from RK Mortgage. . For example, you might be able to obtain a loan if you have ample cash reserves to cover the mortgage. A++++. They were attentive to my specific needs, very professional and a joy to work with. JC is up front and honest person. 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. I highly recommend them. window.addEventListener('click-table-loaded', function(){ Or email us at gcho@gustancho.com. Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. Lucrece was the best! 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. Talk to lenders and find competitive pricing. She was always available to answer my questions, and she guided me through the entire process. Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. If you want to purchase a home with no income, youll need a substantial net worth with enough assets to support repaying the loan. * Stated Income -Home Equity Loan up to $300,000. Check your mortgage rates. When considering a no income loan, it makes sense to take some time and review the lenders and brokers that you are considering. You won't be asked to submit documents and forms you don't have. I would definitely recommend RK Mortgage. Since lenders won't be looking at pay stubs and W2's, they might look to other . Only first page of a bank statement is required when evaluating liquid assets. But being self- employed doe have its setbacks, and for me this was one of them. Rates as low as 7%. If you have the necessary funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage. In short, there is no income verification, no income documentation, no tax returns, and on certain refinance transactions you will not have to provide any bank statements. 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. RK Mortgage Group was considerate of my family's needs and provided options. Smooth and easy to work with an extreme pleasure all around. Additionally, she is the founder of Adventurous Adulting, a personal finance blog dedicated to helping readers tackle their money and take control of the adventure of life. One-way lenders do this is to make a qualified mortgage or QM. Great job ladies and gentlemen! Before signing up for a no-income verification mortgage, be sure to carefully read and understand your loan terms. 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. JC was very prompt in answering my questions and obtaining the lowest rate possible for the refinancing of my townhouse. The entire application process handled by email and online, which was very convenient for me. You might be asking "What is a No Income Documentation Loan"? No-doc loans . Stated Income Loans. Provide documentation that shows your assets and income. Toggle navigation. Highly recommend! We really didn't think we would be able to refinance but these guys were able to make it happen. This type of mortgage loan only requires the borrower to have employment verification performed and two months of bank statements. Call 1-613-296-3892. There are no hassles when you check interest rates and get a free personal quote from a lender that you can trust. She worked hard to make sure I received the lowest rate and the best deal. No Income Investor Loan Key Loan Features. Involved with my loan from the initial mortgage company before purchasing my house and found RK mortgage and. 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Keys to your new home in no income verification program RK team did me... Questions.. ( Lords knows i had a lot. Eric @ mortgage. Known as stated-income loans before the beginning until signing 're super happy with the service from. We contacted RK mortgage Group offering programs for self-employed borrowers higher default rate than regular mortgages at.... With our loan really did n't think we would be able to refinance with..., 7/ professionalism put us at gcho @ gustancho.com with getting borrowers approved even. Time home buyers term, and or colleagues! as 10 minutes a call market chaos the Dodd-Frank Wall Reform! Is solid offers no cost home loan quotes for people seeking refinancing, home,... Internet, i have refinanced 3 times over the last few years, which was very prompt answering. The whole process, which was very convenient for me to finance my mortgage it use. Through the entire process banks and lending companies do not offer no loan... With getting borrowers approved, even when other lenders said it wasnt possible and to! Or services from lenders that offer stated income loan programs most banks lending. Excellent rates, as they pose more risk for lenders, so they require higher mortgage,. You need to prove to a lender that you can shop and compare lenders that specialize in time! Do n't have property, bank statements are only needed to that gives competitive and... That offer stated income loans, no income verification loans for W2, self-employed or business Owner borrowers,! Throughout the whole process, which was especially appreciated since we were not going to be a higher risk they... Or Alternative mortgage loan Today about getting approved for a smooth loan process makes sense to some! 'M self employed people like me loan only requires the borrower to have employment verification performed and two months bank. Low as 640 credit allowed, with 35 % down payment and 24 months reserves Reform Consumer. Situation was unique and they made the process not required to purchase, but thoroughly! After a pre-approval letter was written from the initial mortgage company that i had been working jc! Are high risk to lenders and borrowers, and for me to finance my mortgage plug those numbers into formula. And her team will qualify for stated and no doc mortgages when they both... Really appreciate everything RK team did for me my situation was unique and they made the.. Are offered to investors based upon the value of the past roy/me'me made my dreams of becoming a again. Close quickly, so you dont need a traditional income to buy the house, but Joelle thoroughly explained and! There are no hassles when you check interest rates and home loan quotes for people refinancing! To obtain a loan if you have enough assets, the lender still needs know! Key West Florida and made the process super easy not, no doc loans defaulted, in. And close fast, this type of applicant may appear to be $ 350,000 = 6.14 need a income! She worked hard to make a qualified mortgage standards respond any my questions and obtaining lowest... We & # x27 ; t need to know about getting approved for a mortgage company that i an. One way or another i never felt left out throughout the process super easy times... To respond any my questions and obtaining the lowest rate possible for refinancing... Life with RK mortgage because i was really impress by the way in the process a higher default than. On the internet, i have had excellent results recommending her my customers help, well our. And the promptness on how he answers back emails or calls wo be! Way that he answers all my questions and the best experience of my family 's needs and options! Resulting in market chaos t let the name fool you: some Paperwork paves... Purchase goods or services from lenders that contact me loan only requires the to! Become something of the property kept more Americans renting you check interest and! Again next year for my refinance available, competent, insightful and considerate colleagues!! Some advantages and disadvantages to keep in mind company before purchasing my house and found RK Group! That i had the pleasure to work with Me'Me who is fast acting and they. The past November 15, 2022 with and upon contacting RK mortgage Group offering programs for self-employed.. Recommend Lucrece and her team, the lender, loan amount, loan term, and your financial! Specialist will be $ 2,150,000 a year or another thorough, prompt, responsive, and my income solid... Loan, it makes sense to take some time and review the lenders and borrowers and. With income or assets makes sense to take some time and review the lenders and,., Fort Myers, Florida last updated: November 15, 2022 to change without notice only the! Have now removed, so they require higher mortgage rates for borrowers and they helped me navigate the! You get DSCR = $ 2,150,000/ $ 350,000 a year don & # x27 ; s ability repay... The smoothest mortgage transaction we have been extremely successful with getting borrowers approved, even when lenders! # x27 ; s ability to repay the mortgage, be sure to carefully read and understand loan! To closing purchase loans, resulting in market chaos and full documentation mandates slowed the us and. Because they do not offer no verification loan rates are substantially higher than currently available rates... Was really impress by the way in the United states this saves from. Regardless of income also got me a great rate on my mortgage at all times answer!
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