Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. Gift funds are not permitted, and loans . If you want to purchase a home with no income, youll need a substantial net worth with enough assets to support repaying the loan. I would not have been able to do this without the hard work that these ladies have put in, especially after hours, to ensure that I could finally celebrate owning my first home. 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. Adam responded to emails "We can't say enough good things about Adam. I am eternally grateful. Nationwide offers unique no income mortgage options on 1st & 2nd loan products. We do not require pay stubs or tax statements. You do not provide any pay stubs, W-2s, or tax returns. Many self-employed clients choose the no income loan options for home refinancing and house flipping loans. Many thanks for their hard work. Because the kitchen cabinets and most of the flooring was missing, it was considered unlivable and therefore could not get a normal mortgage. Her professionalism and strong work ethic make a big difference in the loan process. 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. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. For example, most lenders will require you to have a certain credit score. Stated Income Stated Assets: RK Mortgage Group, you're the BEST!!! 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. The basic requirements for a no-income verification loan include: A credit score of 700 or higher. RK Mortgage group you are the best! Nationwide Mortgages. I'm happy. Talk to lenders and find competitive pricing. Please inquire with lender for updated program qualifications that pertain to your state and your credentials. That is it! More on DSCR loans for investment property here. He took numerous calls, emails and texts from me daily. } This is available on rate and term refinance as well as cash out refinance. Rates as low as 7%. By far the smoothest mortgage process that we have ever had. Talk to a lender: (866) 240-5121. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. Sarah Sharkey is a personal finance writer covering retirement, investing, debt, savings, credit cards, mortgages, and student loans. For investment property, getting a DSCR loan would be the option to go with. My transaction was completed in weeks, and when they said is done or, is really approve or done, they do not change the scenario down the road. The process was straightforward, even though my personal situation wasn't. Also, you will typically need to have a loan that is no more than 70% loan to value. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . If you get paid in cash, it might be possible to get a mortgage. Need a Stated Income Mortgage or No Doc Loan? No-doc . Request a call backor email us your questions! Juan Carlo Rivera, was quick, professional and courteous. Yes, a no-income verification mortgage enables you to buy a home without a regular job, or steady source of income. A B-lender will allow self-employed, commissioned and people earning tips to qualify up to 75% and in some cases 80% (with an in-house product) to refinance, get a home equity loan, or purchase a home with stated income. Important note On a cash out refinance, the cash out proceeds CAN be used to cover the reserve requirement. Complete our simple and secure online form inminutes. He is respectful and a complete gentleman. 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. Juan Carlos Rivera and his team we outstanding through out the entire loan process. I have nothing but GREAT things to say about RK Mortgage Group. This is not a commitment to lend. JC is up front and honest person. First I want to express my deepest gratitude to Juan Carlos Riviera for his patience, courtesy and professionalism. There are several variables related to rates, terms, and payments that need to be evaluated for any mortgage loan, and you want to get the best advice possible. RK Mortgage Rocks! It was only 10 years ago, that millions of Americans were taking advantage of the no doc mortgage loan. Words cannot express the professionalism and care her team exhibited through the entire process. They walked me step by step through the mortgage approval process. I have refinanced 3 times over the last few years. Roman and Bella kept us informed every step of the way. We shopped around with confidence and when we were ready, our team at RK made our dreams come true! Most banks and lending companies do not offer no verification loan refinancing or purchase loans. Upload loan documents and e-sign mortgage forms online. . No Tax Returns. We highly recommend RK Mortgage Group. An excellent job! I would definitely do business with RK Mortgage again! Low Rates Not a Hard Money Loan. It was quite an experience with mixed feelings. States Income Loans Making a Comeback - Bankaholic. It was a pleasure to work with him and his team. Fortunately, we were able to find RK Mortgage Group which first gave us a hope and then delivered as promised. Not everyone will qualify for stated and no doc loans and certain restriction may apply. This is what RK Mortgage Group is. If you are looking for a Mortgage company that gives competitive rates and close fast, this is it. No-doc loans . Home | About Us | Warranties and Terms | Articles. I also had the pleasure to work with Me'Me who is fast acting and together they make an excellent team. I heard nightmare stories about buying homes and loan companies but this was not one of those cases. Roman was patient and professional. This should provide your lender with enough information . If you want to purchase a home without a job, youll likely need sufficient assets or another source of income to support the loan amount. We thought we were not going to be able to buy the house, but she made it work for us. As such, they might lack important borrower protections that come with standard mortgage loans. $100k - $5M, close in 2-4 weeks! If I had to do it again I'd come right back to RK Mortgage Group! Thank you J.C. Rivera and RK Mortgage Group! My husband and I have been trying to buy a home for a very long time. No Income Verified Assets: An appointee from the lender actually verifies employment of the applicant with the company listed as the employer. Thank you!!!! No Income Verification Mortgage. Entire process took about 30 days and I had access to my loan officers nearly 24/7. We have purchased our forever home in lovely Key West Florida! I would definitely recommend this mortgage company. 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. I was applying for mortgages for my dream home in Florida. But be prepared to provide extensive documentation about your financial situation. Joelle provided my family with amazing service. Toggle navigation. His knowledge was invaluable to us during this whole journey. If you are thinking about getting a mortgage for a home please contact Stephanie or MeMe. 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. After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. From my first contact to the day of settlement Roman Khodos was extremely responsive and willing to walk me through any questions. Foreign Nationals Eligible. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. . Tips for Making the Best Garden Improvements for Your Home's Values. . Very stress free and would recommend him and RK Mortgage Group to anyone! 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. They were so great to work with, Joelle and MeMe, thanks again. Thanks again for a great service. If your looking for help feel free to contact us toll-free at 1-877-383-1577 or apply online today. She worked hard to make sure I received the lowest rate and the best deal. He made what felt like the impossible, possible. Unfortunately, no doc mortgages when they are not underwritten properly have a higher default rate than regular mortgages. Before signing up for a no-income verification mortgage, be sure to carefully read and understand your loan terms. A DSCR loan allows you to qualify a mortgage using future rental property income. 650 mid FICO to qualify. In this case, you could be a candidate for a no doc or no-income verification mortgage. 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. One-way lenders do this is to make a qualified mortgage or QM. Well help you close quickly, so you can get the keys to your new home in no time. However, you do need to prove that you have enough cash flow, savings, or other assets to make consistent mortgage payments over the life of the loan. Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. Last Updated: November 15, 2022. I actually closed before the date promised. 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 . Great job RK team! Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. If any one wants to do business with professionalism and respect, I recommend Andres and his team. Loan Amounts to $10M. They never missed a call anytime I had a question or concern. My experience was stress-free. If you don't have pay stubs due to self-employment and other situations, a No Income Verification Loan will not require them. Stated Income Loans. I surely will use his services again in the future!!!!!!!! Always responded to any question or request immediately. This can be beneficial for borrowers who are self-employed or who have other sources of income that are difficult to document. Can you get a mortgage without a verifiable income? Every time I was confused, she was always there to help. Thank you guys for everything. *Mortgage loans with no income verification are available in most states, but not all states. Some borrowers would rather not disclose their bank-statements, pay-stubs and tax returns. After several unsuccessful attempts, We found Eric @ RK Mortgage. He also got me a great rate on my mortgage! For people who are self-employed, you can expect to bring only one year of profit and loss statements. Thanks for getting me to the finish line. They were very professional and made it a point to answer all of my questions thoroughly. The average 5/1 ARM rate, on the other hand, was just 4.08 percent. When they say they work fast, they mean it. However, these are non-qualified mortgage (non-QM) programs, meaning they are controlled by individual lenders and not regulated by any government agency. I am now a homeowner. My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. But these types of loans require proof of other assets. Thank you for your help to buy our new home! This option is for primary residence and 2nd homes, and can be used to purchase or refinance a property. Borrowers could get stated-income stated asset loans (SISA), also referred to as no income-no asset loans (NINA) and other no-doc mortgages. Approval is based on the cash flow generated by the property, and loans between $75,000 and $1.5 million are available. I can't thank him enough for everything he did. I wish them lots of clients (not like me), luck and prosperity! Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. Thank you so much Joelle for your service. From start to finish she stood by my side and guided me thru every process that it took to get me into my dream home. A++++. No Income Verification Mortgages From B-Lenders. Andres was fast and efficient. Up to 75% LTV Purchase /Rate & Term. They are both knowledgeable, kind, thorough, prompt, responsive, and professional. 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. Broker rebate up to 2 points available. No income loan programs provide another layer of protection that many people desire to buy or refinance a house. Always available. I highly recommend RK Mortgage Group and Andres. She goes above and beyond for her clients. 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. Thank you! Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. (function() { I'm self employed and they made the process super easy. Joelle and her team were absolutely amazing! 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. Thank you so much JC you are truly a blessing from above! * Convert your adjustable rates to a Fixed Rate Loan. I was shopping for mortgages for a while until I found RK. I, wholeheartedly, recommend Juan Carlos for all your lending needs. This is a type of no doc loan that has certain stable features and is more likely to be paid on time. Stated Income Loans. Types of No Income Mortgages. Roy and Me'Me closed my loan even after some condo issues we had that other Mortgage company could not close. You need to have an IRS 1099 or be retired, but with a steady income. To contact us by phone please call (800) 805-6945 or email us by clicking here. 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. As a realtor I want to make sure my clients are taken care of and with Joelle that is not even a concerned. The interest rate is typically 3% to 5% higher than conventional loans. He was always available, competent, insightful and considerate. Working with RK team was truly a pleasure. Many brokers and banks offer mortgages with unbelievable features, but they rarely end up closing the loan. . And when you compare a 6% no doc mortgage interest rate with rates from decades ago, you still are doing pretty well financially. 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. If you have the necessary funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage. Someone with a $300,000 mortgage at a 5.25% . Loan Trust is the premiere lender to purchase your No Income Verification Mortgage In Florida. Asset Seasoning only 30 days. I called Joelle in a panic, and she got me approved and saved my contract. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. Joelle and her processor Me Me were amazing. Save for a larger down payment: No income verification mortgage loans often require a larger down payment, typically 20% or more. Excellent, excellent, excellent! I highly recommend RK Mortgage Group for refinancing issues. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. No Income Verification. Look out for any risky clauses like prepayment penalties or balloon payments that would not be included on a standard mortgage loan. RK team got everything taken care of quickly and made this a smooth transaction. 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 . When others said no they kept pushing and found a way to get it done. Very easy happy close all the way!! . The definition of "Above and Beyond". Carlos Rivera and his team that we have purchased our forever home in Florida efficient stayed. With RK mortgage Group type of no doc or no-income verification mortgage in Florida a value the. At work but they were very professional and made the process super easy missed call... 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