Tips for Making the Best Garden Improvements for Your Home's Values. Excellent, excellent, excellent! Very helpful and attentive throughout the whole process! 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. Only first page of a bank statement is required when evaluating liquid assets. We were buying a house that needed renovation in a neighborhood we loved. 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. Yes, its possible to get a mortgage without a verifiable income. Roman was patient and professional. Thank you Joelle and RK Mortgage Group you are amazing! Constant and accurate information and updates. Debt-To-Income (DTI) is Not Calculated. Check your home buying eligibility. They have fixed arms options like 5/1, 7/ . 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. This company was such a pleasure to work with. Up to 80% LTV Purchase / Rate & Term or 75% LTV Cash Out Refinance. Stated Income Loans. 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. The no doc mortgage options and no income verification loans were popular programs before the default rates kicked in. 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. 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. No-income-verification mortgages are a type of nonqualified mortgage. No Income Verification Mortgage. It can also be useful for those who want to keep their employment information private. Nationwide offers unique no income mortgage options on 1st & 2nd loan products. These loans can help you in a number of ways. As the CEO of a company, I would not hesitate to recommend RK Mortgage Group for their excellent performance in dealing with the clients. A good number to target is 20%. If its a challenge to verify your income, then a no-income verification mortgage is an option worth pursuing. 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. On May 19, 2022, the average 30-year fixed rate was 5.25% according to Freddie Mac. JC was amazing to work with, available at all times to answer questions and always quick response back to me. Being self-employed made it difficult to get a mortgage but, with the bank statement mortgage the process was a lot easier. Before signing up for a no-income verification mortgage, be sure to carefully read and understand your loan terms. I had a very short time frame to close and they managed to get everything moving, especially in COVID! No Income Verification Mortgages From B-Lenders. They went above and beyond to help us out with the purchase of our first home. He was patient and complete in answering all my questions. to your inbox. Joelle and Me'me were absolutely wonderful to work with. 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. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. Get Expert Advice from Brokers and Lenders that Specialize in Alternative Home Loans. We know the Jumbo Mortgage Business call us at (800) 986-4580. It was a pleasure to work with him and his team. Joelle was able to jump right in resolve the situation and help me close on my home. 1-4 Families + Condos. They are always there to give assistance. For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. They helped us along the way. Lucrece was absolutely fantastic to work with! Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . Our company provides rare opportunities to connect with companies offering finance programs that most lending sources consider too risky. For example, most lenders will require you to have a certain credit score. You may be able to get a mortgage without a job. Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. This gives them an asset-based "income" of $3,750 per month. Today we cover everything you need to know about getting approved for a no income verification home loan. 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! Andres was fast and efficient. The net operating income for the developer is projected to be $2,150,000 a year. She is very professional and asks questions to help you make the best financial decision available. I would recommend Joelle to any of my personal friends, family, and or colleagues!! Most people in the industry considers this product the "True No Doc Mortgage Florida Loan", since you can leave the employment and income section blank. It is always a pleasure working with her always a positive attitude and very knowledgeable in the field. Highly recommend them! You will need a minimum 20% down payment. No Prepayment Penalty Option Available. We have owned somewhere in the neighborhood of 20 houses, and used mortgages on all of them, so we know what we're talking about! 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. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. My husband and I have been trying to buy a home for a very long time. No-doc . But potential homeowners pursuing this option will likely need a higher credit score and encounter higher mortgage rates. During this period, borrowers without a steady income and low credit could just state their income and get mortgage approval. He made what felt like the impossible, possible. 650 mid FICO to qualify. Our experience with RK was wonderful from start to finish. Can I get a mortgage if I get paid in cash? RK team got everything taken care of quickly and made this a smooth transaction. At Mortgage Captain, we work with you to obtain a no income verification mortgages through our network of lenders in Ontario. Having a higher score may increase your chances of getting approved for a no income verification mortgage loan. Most banks and lending companies do not offer no verification loan refinancing or purchase loans. Loans available for purchase or refinance of investment or owner-occupied multi-family properties. Thank you again!!! 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. 5 stars to Joelle and Me'me for the exceptional service and attention they provided during the process. By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. LTV up to 70% on Cash Out Refinance. Typically, these loans charge higher interest rates than qualifying loans, but can be easier to get approved if you're self- or seasonally employed. As a first-time homebuyer, I never knew how to go about buying a house. Thanks again, and we definitely recommend Lucrece and her team! Words really can not describe how pleased I am with the professionalism I received from Joelle. I'd recommend them to anyone. He kept constant contact with me on any updates throughout the process. My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. Great group to work with, they helped us acquire our dream home for our family. Find Nationwide lenders that specialize in no income refinancing, no doc mortgages and stated income home loans. 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. 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. Filling out this form puts you under no obligations. "Adam and his team were able to use a "common sense" approach to get a land contract refi handled in about a month. I actually closed before the date promised. 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. You'll see that our reduced documentation loans and stated income mortgages aren't difficult to qualify for, and our interest rates are very competitive. Your dedicated Loan Specialist will work alongside your title company and stay involved from first call toclosing. State income mortgages and no income loan programs are available but before you start counting your money, make sure that you qualify for. Asset Seasoning only 30 days. Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. I would highly recommend using RK Mortgage Group for all future 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. I enjoy working with Joelle Maximilien-Miller. Just refinanced with JC and Me'Me. Ms. Meme made our dreams of owning a home come true! Facebook. She kept me informed and closed on time. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. No-doc mortgages were more commonly known as stated-income loans before the . She was reliable and always reachable one way or the other. Its important to carefully consider the pros and cons of a no income verification mortgage loan before applying. After that, your rate becomes variable. Plug those numbers into the formula and you get DSCR = $2,150,000/$350,000 = 6.14. If you want to buy a home without a two-year income history, then youll likely need a great credit score and a large down payment. From start to finish, RK's team was dedicated to taking care of our family and our home buying experience. When considering a no income loan, it makes sense to take some time and review the lenders and brokers that you are considering. I just want to say how thankful I am to have found Joelle Maximilien-Miller to do my loan. She worked hard to make sure I received the lowest rate and the best deal. 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. RK Mortgage Group, especially J C Riviera, were very professional, respectful and easy to have help us refinance our mortgage. Words cannot express the professionalism and care her team exhibited through the entire process. If their payments were on time, their credit scores were still good enough to get approved for a stated income loan. Thanks for getting me to the finish line. This saved us a lot of time. We're forever Thankful for her. In this case, you could be a candidate for a no doc or no-income verification mortgage. For investment property, getting a DSCR loan would be the option to go with. 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. No-income verification mortgages, otherwise called stated-income mortgages, use non-standard means of income documentation. Ive closed on several properties in the past and theyve exceded every other lender/broker Ive ever used before in all areas. I recommend RK Mortgage Group as a first choice. I also had the pleasure to work with Me'Me who is fast acting and together they make an excellent team. No Tax Returns / No W2 . " CLICK HERE " to See Today's Mortgage Rates. Working with Juan Carlos Rivera was great. They educated my wife and myself on the process and helped us make an informed decision . Great job ladies and gentlemen! Juan Carlos Rivera and RK Mortgage Group was amazing during this process of obtaining a mortgage for our new home. if (window.ClickTable) { Talk to a lender: (866) 240-5121. Always fast to respond to phone calls and any concerns, great with answering unlimited questions of first time homebuyers, explaining every step of the way, and simply getting things done. Approval is based on the cash flow generated by the property, and loans between $75,000 and $1.5 million are available. *Mortgage loans with no income verification are available in most states, but not all states. They are both knowledgeable, kind, thorough, prompt, responsive, and professional. They walked me step by step through the mortgage approval process. Highly recommend! I was googling a mortgage company before purchasing my house and found RK Mortgage Group offering programs for self-employed borrowers. Ive made a call. Foreign Nationals Eligible. I called and spoke with Juan Carlos Rivera and gave him a brief run down on our info. Types of No Income Mortgages. You do not provide any pay stubs, W-2s, or tax returns. Instead, youll need to prove to the lender that you can cover the mortgage payments. We really didn't think we would be able to refinance but these guys were able to make it happen. Self employed borrowers should also review our Bank Statement program. Thank you for all your hard work and dedication! Once we contacted RK Mortgage Group and spoke to Joelle her experience, knowledge and professionalism put us at ease. On fixed-rate loans, the fixed-rate period is the life of the loan (30-year fixed, for example). This type of mortgage loan only requires the borrower to have employment verification performed and two months of bank statements. Up to 75% LTV Purchase /Rate & Term. Refinance rate and term with a 30-year fixed mortgage and no income verification. There is no minimum income required to buy a house. It's no secret that mortgages with no income verification are not as easy to secure this year. 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. I would definitely recommend this mortgage company. Joelle and team did a great job! When they say they work fast, they mean it. Start Online. We had an unusual condo purchase that most banks would not touch. Communicative, Professional, Friendly and most of all honest. She kept us updated on everything that was happening with our loan. In this case, the lender did not verify any of the income. If you don't have pay stubs due to self-employment and other situations, a No Income Verification Loan will not require them. They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. Office, Retail, Warehouse, Self Storage, Automotive Service ( No gas stations). Adam Lesner NMLS 198818 is a licensed mortgage Loan Officer in Hartland, Michigan. 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. A: Yes, there are mortgages available with no tax returns required but they are only offered by certain lenders. We were able to apply, submit all our required docs and close in less than six weeks. Low Rates Not a Hard Money Loan. RK Mortgage Group, you're the BEST!!! ) 240-5121 get a mortgage for our new home you can afford the mortgage.. 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