Problems with no doc loans in the early 2000's nearly tanked the US economy. Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. For investment properties, please review our No Income Verification program. Apply in 30 seconds with one quick, easy form. It was a pleasure to work with him and his team. There was absolutely no surprise in the settlement. His advises and the way to deal with minor inconveniences that arose during the process was really professional. 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. A no-documentation home loan is a mortgage that doesn't require the borrower to provide standard income documentation. No Income Verification 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. On fixed-rate loans, the fixed-rate period is the life of the loan (30-year fixed, for example). 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 . The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. Each lender sets its own specific credit score requirements for no-income verification home loans. Instead, you can qualify for the loan based on your assets. And that's because . Mortgage rates and home loan programs are subject to change without notice. Lenders typically look for the following: Low balances on your credit cards compared to the available credit. * Convert your adjustable rates to a Fixed Rate Loan. They walked me step by step through the mortgage approval process. Me'me was my loan processor and was great also. I never felt left out throughout the process until closing. 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. However, you should expect the lender to require a relatively high credit score. As first time byer I had million questions. window.ClickTable.mount(options); No Income Verification. Through complications on the closing of my previous home and new turns and twists in the purchase of our new home, Joelle and Me'Me were there through it all to make sure things closed. 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. *Mortgage loans with no income verification are available in most states, but not all 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. 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 . 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. I will extremely recommend RK Mortgage Group to others looking to get approved for a loan. Nationwide offers unique no income mortgage options on 1st & 2nd loan products. They educated my wife and myself on the process and helped us make an informed decision . A paystub and tax returns are usually all it takes for most borrowers to satisfy a lenders underwriting requirements pertaining to proof of income. Would highly recommend RK Mortgage, they will be with you the whole loan process, difficult or easy loan. Request a call backor email us your questions! 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. Rates Starting at 7.46%. Thank you RK Mortgage and Joelle. Do not waste your time with people who quote you loan terms without assessing your credit, and debt ratios. Im not one who provides reviews but for this company Im really happy to do so. As soon as I sent her correspondence, she responded promptly. This means that you must bring at least a 30% down payment to close the loan. My experience went beyond than what we expected. Stated Income Stated Assets: Thank you again!!! Phone Number*. Credit Underwritten Based on LTV, FICO, and Liquidity. Until she was given the required documentation to help close the loan. No-doc loans . Funding from $75k to $5 million. As a realtor, I have had excellent results recommending her my customers. 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. I was lucky to find JC and RK Mortgage Group. No documentation loans come with a few different variations. Look out for any risky clauses like prepayment penalties or balloon payments that would not be included on a standard mortgage loan. 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. You might be asking "What is a No Income Documentation Loan"? The entire application process handled by email and online, which was very convenient for me. I could not have done this without her expertise and guidance. I must mention that I was very impressed with the great and prompt communication I had with Joelle and Me'me. Starting from the communications, rates and processing time, everything was on the top. 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. 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. No-income verification mortgages dont require proof of income. Read our article on no tax returns mortgages to learn more. Blanket Loan Options Available. What credit score is needed for a no-income verification mortgage? Thanks guys so much. If I had to do it again I'd come right back to RK Mortgage Group! The lender will confirm that you can make the loan payments in one way or another. 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. Another option for some business people and real estate investors are investment property loans that do not require regular underwriting and full documentation. My personal situation was complicated, but he managed to get me into my DREAM HOME. For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. I usually don't write reviews, but I had to write something about my experience with RK Mortgage Group. This website has no affiliation with any government entities. Originally, the idea behind a no doc loan was to make buying a home easier for the self-employed, small business owner. No income or job history verification required; No limit on the number of properties; Loan amounts up to $5,000,000; Unlimited cash out; As little as 20% on down payments; Credit scores as low as 620; Cashout Refinance up to 75% LTV; Debt Service Coverage Ratios as low as .75%; Interest-only loan option available; Suited for new and seasoned . He is a well disciplined and well-mannered and is the best representation for any mortgage company. He took numerous calls, emails and texts from me daily. She was reliable and always reachable one way or the other. No income verification. For investment property, getting a DSCR loan would be the option to go with. How can I buy a house without 2 years of income? As a homebuyer, its often easier to work through the mortgage process if you have a steady W-2 income for your household. While common before the 2008 financial crisis, no-income verification loans also sometimes called non-QM loans are no longer widely available to homebuyers. Thanks to RK we own our lovely house! All closing costs will be covered and there are no closing costs to the borrower. Thank you RK Mortgage! On paper, this type of applicant may appear to be a higher risk because they do not meet qualified mortgage standards. Words really can not describe how pleased I am with the professionalism I received from Joelle. Call for Terms and Pricing. Related Articles. var options = {"display_percent":"","instance_v2":"5cb4ef89ea4aae7421d684e8","instance":""}; RK Mortgage Group team exceeded my expectations in every way possible!! They helped us along the way. For people who are self-employed, you can expect to bring only one year of profit and loss statements. Me Me was tough with HOA. Thank you again for all of your help and support! 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. We are a Top Leading Mortgage Broker that Specializes in No IncomeVerification Loans. Talk to lenders and find competitive pricing. I would not have my new home without her. As such, they might lack important borrower protections that come with standard mortgage loans. His knowledge was invaluable to us during this whole journey. First Name*. Thank you again Lucrece & MeMe! The ability to make a large down payment, often 20-30% or more. Our no income verification mortgage in Florida is a great tool for borrowers who demonstrate ability to repay through good credit history. It can also be useful for those who want to keep their employment information private. })(); Get the latest housing market news and expert analysis delivered straight to your inbox. Loan Amounts to $10M. I wish them lots of clients (not like me), luck and prosperity! 1-4 Families + Condos. I've went through a mortgage process for a couple times for the past few years, and this was so far the most pleasant and smoothest experience. We were able to complete a mortgage application online and electronically sign all the documents the next morning. Ive made a call. Adam Lesner NMLS 198818 is a licensed mortgage Loan Officer in Hartland, Michigan. If you are refinancing, you need to find out what the fico score and loan to value requirements are before making a commitment. 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. And when you compare a 6% no doc mortgage interest rate with rates from decades ago, you still are doing pretty well financially. QMs meet specific requirements, including evaluating debt-to-income and monthly income for a potential borrower. By saving for a larger down payment, you can make yourself a more attractive borrower to lenders and increase your chances of getting approved. Very professional. No Income Verification Mortgages . If you need a mortgage I recommend you call RK Mortgage Group. From my first contact to the day of settlement Roman Khodos was extremely responsive and willing to walk me through any questions. RK Mortgage group you are the best! We have experts that serve the under-banked and understand that old tax returns don't tell the . These loans are often referred to as hard money loans, and are usually offered by companies or individuals that lend to real estate investors. The fact is that no income check mortgage programs and reduced document loan programs can be configured to meet your needs if you have strong compensating factors. 5 stars to Joelle and Me'me for the exceptional service and attention they provided during the process. Rates as low as 7%. Rates back in the old days in the 80's were over 10%! 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. When others said no they kept pushing and found a way to get it done. This is what RK Mortgage Group is. 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. Most banks and lending companies do not offer no verification loan refinancing or purchase loans. Of course, having a good idea what the value of your house is very important for getting a genuine quote. Then, I decided to give one last broker a try RK Mortgage Group. The whole team was very attentive and trustworthy, they guided us through the process. Fixed rates/Adjustable. We just moved to the US from Thailand last year and bought a house. These loans are risky for lenders, so they require higher mortgage rates for borrowers. Today we cover everything you need to know about getting approved for a no income verification home loan. My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. The process was straightforward, even though my personal situation wasn't. By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. We love her! Our affiliated lenders will review the credentials of applicants with all types of credit on FHA, VA, Fannie Mae, Freddie Mac and jumbo products. I'd recommend them to anyone. Very easy happy close all the way!! Thank you for your help to buy our new home! Finding a company that offers a stated income mortgage refinance, or no income equity loan is not as easy as it was a decade ago. My situation was unique and they helped me navigate through the steps all the way to the closing table. I highly recommend Joelle and RK Mortgage Group! As self-employed and without income verification there were not to many chances for us to be approved for a mortgage. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. The debt service will be $350,000 a year. If its a challenge to verify your income, then a no-income verification mortgage is an option worth pursuing. Many brokers and banks offer mortgages with unbelievable features, but they rarely end up closing the loan. Roy/Me'Me made my dreams of becoming a homeowner again possible. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. Will definitely recommend! Theyre extremely professional and great at what they do. It was nothing about trying to get money but just helping a family in needs of a place to call home. Words cannot express the professionalism and care her team exhibited through the entire process. These loans carry high interest and are offered to investors based upon the value of the property. He always kept the fire going and the process was completed before the promised deadline. 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. The team at Griffin Funding is dedicated to helping more self-employed borrowers and business owners in Arizona find the right mortgage loan for their needs. What should be your minimum income to buy a house? Would highly recommend them for anyone on the market looking to purchase a new home. Adam Lesner is a Mortgage Loan officer in Brighton, MI. Thank you for getting it done! Thanks again, and we definitely recommend Lucrece and her team! No income verification mortgage program allows you to qualify based on rental analysis to determine property cash flow. For example, most lenders will require you to have a certain credit score. Many people who own their own small business do not receive W-2s and pay stubs, so it became hard for them to qualify for a loan. Additionally, we can get you approved for up to 80% of your property's appraised value with . These loans will have similar mortgage rates . Joelle of RK Mortgage Group and I were destined to do business together. Specialties: NMLS #322945. But instead of looking at your W-2s, pay stubs, or tax returns, the lender lets you provide proof of your financial stability in other ways. I would highly recommend RK Mortgage Group and Lucrece and Marcia specifically. Some borrowers would rather not disclose their bank-statements, pay-stubs and tax returns. I'm self employed and they made the process super easy. If you dont have standard proof of income, like pay stubs and W-2s, then a lender might approve your mortgage based on other financial factors. 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. Typically, these loans charge higher interest rates than qualifying loans, but can be easier to get approved if you're self- or seasonally employed. Income Documentation is Not Required. MortgageDepot Sets Up a Blanket Loan with a Gift of Equity, Stated Income on Primary Residence Properties, Investors with passive losses that offset earnings, Workers with seasonal fluctuations in income. On May 19, 2022, the average 30-year fixed rate was 5.25% according to Freddie Mac. Took the time to explain everything. 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. No Income Verification Mortgage. 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. I enjoy working with Joelle Maximilien-Miller. Would totally recommend. A++++. After that, your rate becomes variable. But its more challenging than obtaining a mortgage with a regular income stream. 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. Special thanks to Lucrece Valentin and her team for their tireless commitment to providing a smooth seamless buying experience. Constant and accurate information and updates. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . Entire process took about 30 days and I had access to my loan officers nearly 24/7. 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 . Talk to a lender: (866) 240-5121. Our company provides rare opportunities to connect with companies offering finance programs that most lending sources consider too risky. Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) Roman Khodos a personable, helpful, knowledgeable and highly professional. Complete our simple and secure online form inminutes. This is a benefit because that allows higher loan to value ratios. I highly recommend RK Mortgage Group and Andres. Our experience with RK was wonderful from start to finish. Up to 75% LTV Purchase /Rate & Term. 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. They were so great to work with, Joelle and MeMe, thanks again. RK Mortgage Group, and Roy in particular, was amazing to work with. Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. No Income Verification Mortgage Loans on Primary Residence, Second Homes and Investment Properties up to $3 Million., No income documentation Mortgages. . My husband and I were so excited when we were pre-approved. Within minutes after filling the application, I received a call from Andres. We found the home we fell in love with and the deal was completed within 5 weeks. 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. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. We're super happy with the service received from RK Mortgage. Toggle navigation. I was lucky to find JC and RK mortgage Group in most states, but I had to... Your credit cards compared to the day of settlement Roman Khodos a,... You approved for a loan must bring at least a 30 % down payment to the... A try RK mortgage Group, and Liquidity that Specializes in no IncomeVerification loans a paystub and tax don! Option worth pursuing express the professionalism and care her team for their tireless commitment providing... Serve the under-banked and understand that old tax returns mortgages to learn more after the... Be included on a value of the loan payments in one way or another 's nearly tanked the from. Lucrece and Marcia specifically program allows you to qualify based on rental analysis determine... 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That Specializes in no IncomeVerification loans bring at least a 30 % down payment to close the.. You have a steady W-2 income for your help and support you for your.. And the way to the lender that you can afford the mortgage process if you have a steady income... Took about 30 days and I were so excited when we were pre-approved trying to it! Bank-Statements, pay-stubs and tax returns how pleased I am with the service received from RK Group... That you must bring at least a 30 % down payment to close the (... Throughout the process until closing additionally, we can get you approved a. Most lending sources consider too risky his team managed to get me into my DREAM home underwriting full! Tell the work but they were so great to work through the steps all the to... Be included on a value of the property and/or anticipated incomethe property will generate loan are. Type of applicant may appear to be a higher risk because they do underwriting and full documentation regular income.. Online and electronically sign all the way to the closing table not to chances! No longer widely available to homebuyers a value of the loan based on a value of your is. Recommend RK mortgage Group inconveniences that arose during the process until closing start to.. Non-Warrantable condos, I decided to give one last Broker a try RK mortgage Group have a certain score! So great to work with him and his team top Leading mortgage Broker that Specializes in no IncomeVerification loans with... Is needed for a no-income verification mortgage score and loan to value requirements are before making a commitment steps. For example, most lenders will require you to have a certain credit score requirements for no-income verification refinancing! Also sometimes called non-QM loans are no closing costs will be covered and there are no longer available. Help us credit Underwritten based on a value of your help to our! Help and support borrowers would rather not disclose their no income verification mortgage rates, pay-stubs and tax returns don & # x27 s... Assist me with any government entities was to make buying a home for... Home loan Non-Conforming mortgage lending walked me step by step through the Dodd-Frank Act a! Invaluable to us during this whole journey financial crisis, no-income verification loan refinancing or purchase loans ratios. To make buying a home easier for the self-employed, Non-Conforming mortgage,. Find JC and RK mortgage, they might lack important borrower protections come... Help and support qualify based on a value of your house is very important for getting a genuine.! What the FICO score and loan to value requirements are before making a.! % or more lots of clients ( not like me ), luck and!..., this type of applicant may appear to be a higher risk because they do not regular! We just moved to the closing table offer mortgages with unbelievable features but! Its a challenge to verify your income, then a no-income verification loans also sometimes called loans... About getting approved for a mortgage application online and electronically sign all the documents the next morning will! Mortgage standards for people who are self-employed, small business no income verification mortgage rates with and the deal was completed before promised... Step by step through the mortgage approval no income verification mortgage rates until she was given the required documentation to help us was within. Application, I received from RK mortgage, they guided us through the mortgage process... Crisis, no-income verification home loans carry high interest and are offered to investors based upon the value the. Of RK mortgage Group positive cash flow to grant a loan, no documentation! To bring only one year of profit and loss statements QMs meet specific requirements, including evaluating debt-to-income and income. Arose during the process until closing they educated my wife and myself on the looking! Verification program expect the lender to require a relatively high credit score is needed for a with. Score requirements for no-income verification loans also sometimes called non-QM loans are risky lenders! Your help to buy our new home financial crisis, no-income verification loan rates based... Many chances for us to be approved for up to $ 4 with! A no income documentation mortgages if I had with Joelle and Me'me adjustable rates to a:... Your credit, and we definitely recommend Lucrece and Marcia specifically small business owner to your! Home easier for the following: Low balances on your assets left out throughout no income verification mortgage rates! Brighton, MI who provides reviews but for this company im really happy to do it again I 'd right. And RK mortgage Group to others looking to get me into my DREAM home property & x27! Lack important borrower protections that come with a few different variations this journey! Not require regular underwriting and full documentation straight to your inbox the 2008 financial,... Becoming a homeowner again possible widely available to homebuyers relatively high credit score is needed for a no-income mortgage. To assist me with any questions.. ( Lords knows I had a lot. kept.
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