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. These loans will have similar mortgage rates . Within minutes after filling the application, I received a call from Andres. 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. Additionally, youll likely need significant cash savings, assets, and a low debt-to-income ratio. In this type of "stated income loan", the applicant provided info about their income and assets. Filling out this form puts you under no obligations. Yes, a no-income verification mortgage enables you to buy a home without a regular job, or steady source of income. non qm mortgage, portfolio loan. We wasted multiple months trying other mortgage companies. 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 information was requested however, assets were verified by a designated employee at the mortgage company. Quick, Professional, and Personable. She is very knowledgable about the mortgage industry and the various loan products that are available, She is also very responsive and goes the extra mile for her clients. From start to finish, RK's team was dedicated to taking care of our family and our home buying experience. Father of 2 beautiful girls, husband to his amazing wife of 17 years. Find the Best No Income Loan Offer with No obligation. Most banks and lending companies do not offer no verification loan refinancing or purchase loans. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. They made it happen. Licensed in CA, I offer a wide variety of programs for both first time buyers and experienced investors/flippers. A no-documentation home loan is a mortgage that doesn't require the borrower to provide standard income documentation. The lender will confirm that you can make the loan payments in one way or another. Getting to the closing table will not get easier than working with this great team. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . They are always there to give assistance. A no income verification mortgage loan is a type of mortgage that does not require borrowers to provide documentation of their income. RK team got everything taken care of quickly and made this a smooth transaction. 5+ Unit Multifamily & Mixed-Use. . Privacy: No income verification mortgage loans allow borrowers to keep their financial information private. We have purchased our forever home in lovely Key West Florida! Lucrece was there for me every step of the way and even held my hand during several meltdowns. In the past, I had to deal with different companies that takes four to six months, after a lot of papers, to tell me no, for whatever reason, after ask me to send again and again my information, that is the same again and again. RK Mortgage Group went above and beyond my expectations! We were buying a house that needed renovation in a neighborhood we loved. Thanks again for a great service. 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. window.ClickTable.mount(options); I have refinanced 3 times over the last few years. Low Rates Not a Hard Money Loan. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. I'd recommend them to anyone. 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 Contact one of ourloan consultantsto learn more about this program. As a foreigner, it was not easy at all to get a refinance with reasonable interest rates After getting tired of either being rejected by well-known lenders or getting quoted with outrageously unaffordable interest rates, we were about to give up our renovation plan to upgrade our new house. No Income Verification. Lucrece and our loan processor MeMe worked extremely hard to get our deal done. The loan is approved based on credit and reserves. Highly recommend! Stated Income Loan (See lenders for guidelines). Lenders typically look for the following: Low balances on your credit cards compared to the available credit. He was always accessible and always willing to answer my endless questions. Rather than requiring the person to submit tax documents, W-2s and pay stubs, lenders base the approvals for these limited doc loans on your bank statements and P&L statement from your company. I recommend Joelle very highly. Without her assistance and hard work none of this would have happened. " CLICK HERE " to See Today's Mortgage Rates. Lucrece and her team were awesome! No tax returns, no paystubs, no bank statements, no 4506 required. I'm self employed and they made the process super easy. 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. 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. I was working with Roy and Me'Me. Theyre extremely professional and great at what they do. Your loan payments can be interest only payments. Home | About Us | Warranties and Terms | Articles. . No income loan programs provide another layer of protection that many people desire to buy or refinance a house. This saves you from submitting complicated income statements and tax returns. 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 . So you dont need a traditional income to qualify. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. It can also be useful for those who want to keep their employment information private. RK Mortgage Group was considerate of my family's needs and provided options. Broker rebate up to 2 points available. Joelle was able to jump right in resolve the situation and help me close on my home. If possible, aim to get your credit score above the 700 mark. Last Updated: November 15, 2022. 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. They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. The problem came in where people could easily borrow cash temporarily to show they had 'reserves,' and could pay bills by using credit cards. Debt-To-Income (DTI) is Not Calculated. Great job ladies and gentlemen! I would not have my new home without her. Rates back in the old days in the 80's were over 10%! If you are purchasing a property, bank statements are only needed to . Available on 30 year fixed and ARM options as well. Lucrece was very helpful and gave us hope about the refinance. 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. Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . 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. Loans available for purchase or refinance of investment or owner-occupied multi-family properties. 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! . However, its important to note that no income verification mortgage loans may require a larger down payment or a higher credit score than traditional loans. This can be appealing for self-employed individuals or those who have fluctuating or hard-to-verify income. 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. 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 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 . Process was simple, quick, and nothing left to chance. Took the time to explain everything. Very helpful and attentive throughout the whole process! Interest Only Option Available. No Income or Asset Verification Cash-Out Loans as a 1st or 2nd Mortgage or as a full doc HELOC (Home Equity Line of Credit). The mortgage company does verify that the applicant was in fact employed. Fast and professional! Learn more about new bank statement home loans. Stated Income Stated Assets: Me Me was tough with HOA. Borrowers could get stated-income stated asset loans (SISA), also referred to as no income-no asset loans (NINA) and other no-doc mortgages. Before signing up for a no-income verification mortgage, be sure to carefully read and understand your loan terms. There is no minimum income required to buy a house. We shopped around with confidence and when we were ready, our team at RK made our dreams come true! $100k - $5M, close in 2-4 weeks! I was impressed with the process. But these types of loans require proof of other assets. How can I buy a house without 2 years of income? JC was very prompt in answering my questions and obtaining the lowest rate possible for the refinancing of my townhouse. We're super happy with the service received from RK Mortgage. No-doc mortgages were more commonly known as stated-income loans before the . Great team to work with. In some cases, cash reserves or other assets are enough proof for the lender. I would highly recommend this company. . Ive closed on several properties in the past and theyve exceded every other lender/broker Ive ever used before in all areas. Loans to $2 Million. I really appreciate everything RK team did for me to finance my mortgage. I must mention that I was very impressed with the great and prompt communication I had with Joelle and Me'me. Great Job thank you. Thanks again, and we definitely recommend Lucrece and her team! Blanket Loan Options Available. No Doc Home Loans Explained - Mortgage 101. Roy not only got the load approved, but I close on my house only 2 weeks after my initial conversation with Roy. Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) I am very grateful for your quick and professional work! 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 will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. 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 . How can no income-verification mortgages help our borrowers? They were so great to work with, Joelle and MeMe, thanks again. I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. I highly recommend RK Mortgage Group and Andres. We're forever Thankful for her. 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