No income verification. Apply in 30 seconds with one quick, easy form. Not everyone will be approved nor can loans be guaranteed online. As self-employed and without income verification there were not to many chances for us to be approved for a mortgage. I would definitely recommend RK Mortgage. Words cannot express the professionalism and care her team exhibited through the entire process. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. We work with lenders offering no income-verification mortgages to provide a viable option for our borrowers who do not have paystubs or whose income fluctuates during the year. These loans carry high interest and are offered to investors based upon the value of the property. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. LTV up to 70% on Cash Out Refinance. RK Mortgage and the staff were very supportive of our journey. We were able to apply, submit all our required docs and close in less than six weeks. I can tell you that she really did a great job during the entire process. 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 documentation loans come with a few different variations. . Juan Carlos Rivera and RK Mortgage Group was amazing during this process of obtaining a mortgage for our new home. 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. This option is for primary residence and 2nd homes, and can be used to purchase or refinance a property. Within minutes after filling the application, I received a call from Andres. So easy and straight forward to work with and was truly the simplest mortgage we have ever had! Joelle of RK Mortgage Group and I were destined to do business together. In this type of "stated income loan", the applicant provided info about their income and assets. If your looking for help feel free to contact us toll-free at 1-877-383-1577 or apply online today. Took the time to explain everything. Your dedicated Loan Specialist will be your guide from application to closing. From the minute I applied for my bank statement only mortgage to the day I closed Joelle and Sheenaqua have gone above and beyond to make this happen. Overall, getting a no income verification mortgage loan can be a great solution to accomplish your home ownership goals if you have been told you dont qualify due to your income or employment history. From start to finish Joelle was there for us guiding us every step of the way. Thank you again! I was impressed with the process. No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. Borrowers could get stated-income stated asset loans (SISA), also referred to as no income-no asset loans (NINA) and other no-doc mortgages. I would highly recommend using RK Mortgage Group for all future loans. Great team to work with. Our affiliated lenders will review the credentials of applicants with all types of credit on FHA, VA, Fannie Mae, Freddie Mac and jumbo products. A no income verification mortgage loan is a type of mortgage that does not require borrowers to provide documentation of their income. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. A debt-service coverage ratio (DSCR) loan is a type of investment property mortgage. They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. This can be beneficial for borrowers who are self-employed or who have other sources of income that are difficult to document. Can I get a mortgage if I get paid in cash? Highly recommend for anyone seeking mortgage assistance. I cannot say enough good things about him! Blanket Loan Options Available. Filling out this form puts you under no obligations. I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. So you dont need a traditional income to qualify. It will use these factors to decide if you should get the loan. Thank you RK Mortgage Group and Thank you Joelle! 680 minimum credit score QMs meet specific requirements, including evaluating debt-to-income and monthly income for a potential borrower. Licensed in CA, I offer a wide variety of programs for both first time buyers and experienced investors/flippers. I have worked with many different lenders in the past because I'm a Realtor. * Full-Document -Home Equity Loan up to $500,000. 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 have purchased a few houses in my day, and this by far as been my best experience. Consent is not required to purchase goods or services from lenders that contact me. I just want to say how thankful I am to have found Joelle Maximilien-Miller to do my loan. Facebook. He provided EXCEPTIONAL customer service, answered my numerous questions and always kept me informed during the entire process. Interest Only Option Available. Be Prudent when Shopping Online for No Income Verification Loan Programs: If you are buying a house, you need to ask the lender what the minimum credit score is, what the minimum down-payment requirement is and whether you will need to supply statements for the lender to verify assets. Joelle and team did a great job! Helped ease my nerves about refinancing. I would recommend Joelle to any of my personal friends, family, and or colleagues!! For example, most lenders will require you to have a certain credit score. With the passing of the Frank-Dodd Act of 2010, stated income loans for owner-occupied properties are now illegal. | 2023. If I had to do it again rest assured it would be with Eric @ RK Mortgage. Thanks again, and we definitely recommend Lucrece and her team! The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. Many thanks for their hard work. My situation was unique and they helped me navigate through the steps all the way to the closing table. 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. Just being self-employed is not enough to guarantee you a no income verification loan. Joelle and her processor Me Me were amazing. Lucrece was very helpful and gave us hope about the refinance. They really work with you to get the best rates and to help you get into your own home. Thank you again Lucrece & MeMe! As such, they might lack important borrower protections that come with standard mortgage loans. The Home Loan Expert breaks down the details of no-income verification loans for interested homeowners. Many self-employed clients choose the no income loan options for home refinancing and house flipping loans. RK Mortgage Group, you're the BEST!!! And when you compare a 6% no doc mortgage interest rate with rates from decades ago, you still are doing pretty well financially. Toggle navigation. 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. I started working with JC on getting the financing done, he is the most patient man on earth. What loan does not require proof of income? He kept constant contact with me on any updates throughout the process. This can be appealing for self-employed individuals or those who have fluctuating or hard-to-verify income. Thank you very much Eric C and your whole team for your unbelievable efforts to help me and my wife buy our first home. I highly recommend them. Very professional and easy to work with. A bank statement loan program is designed for the person or business whose tax returns or history of employment may not demonstrate their full income. The analysis conducted from day one for the submission of the paper were always accurate. 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. Totally recommend her to everyone we know! Will definitely recommend! People are raving about home equity loans with no documentation required. 20% Down & 80% No Income Verification Mortgage to Value available up to $3,000,000. 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. Truly a seamless transaction. Rocket Mortgage does not offer this type of mortgage. Last Updated: November 15, 2022. If you dont have a verifiable income stream, then youll need enough assets to support the mortgage payments. Types of No Income Mortgages. Up to 80% LTV. Use your quality financial history to secure a loan. You should have your financial life in tip-top condition if possible. Alternate names: Alternate income loan, alternative income . I was googling a mortgage company before purchasing my house and found RK Mortgage Group offering programs for self-employed borrowers. She is very professional and asks questions to help you make the best financial decision available. This is not a commitment to lend. RK Mortgage Group team made my dreams of becoming a homeowner again possible. 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. No Income No Assets: She was always available either immediately or usually returned calls within an hour. Her professionalism and strong work ethic make a big difference in the loan process. It was a pleasure to work with him and his team. Thanks again for a great service. By saving for a larger down payment, you can make yourself a more attractive borrower to lenders and increase your chances of getting approved. RK Mortgage Group, and Roy in particular, was amazing to work with. Home | About Us | Warranties and Terms | Articles. Yes there are several great options on these NonQM (as they are called) loans today. Fast and professional! No personal income required to qualify. Thank you again. I will extremely recommend RK Mortgage Group to others looking to get approved for a loan. Each lender sets its own specific credit score requirements for no-income verification home loans. You always need to prove to a lender that you can afford to repay the loan. No income loan programs provide another layer of protection that many people desire to buy or refinance a house. Me Me was tough with HOA. The basic requirements for a no-income verification loan include: A credit score of 700 or higher. But be prepared to provide extensive documentation about your financial situation. Working with Juan Carlos Rivera was great. My husband and I were so excited when we were pre-approved. If possible, aim to get your credit score above the 700 mark. They helped us along the way. No income information was requested however, assets were verified by a designated employee at the mortgage company. I, wholeheartedly, recommend Juan Carlos for all your lending needs. If you need a mortgage I recommend you call RK Mortgage Group. Credit Underwritten Based on LTV, FICO, and Liquidity. It is always a pleasure working with her always a positive attitude and very knowledgeable in the field. Lenders don't have to consider tax documents like W2s or tax returns but can accept bank statements as a sufficient form of proof of income. Always responded to any question or request immediately. He worked with us to find a mortgage that fit our unique financial situation (both self employed) and was quick, efficient, and knowledgeable in the process. As a realtor, I have had excellent results recommending her my customers. Most property types considered! She goes above and beyond for her clients. I should say, my credit is perfect, my finances were great, and my income is solid. 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. Being self-employed made it difficult to get a mortgage but, with the bank statement mortgage the process was a lot easier. 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. By far the smoothest mortgage process that we have ever had. While true no income verification mortgages no longer exist, lenders can qualify you based on almost any kind of cash flow. We highly recommend RK Mortgage Group. Purchase, Rate/Term and Cash-Out Refinance Loans $150k to $3 Million (Commercial is Higher) Fixed and ARM's 650 Min-FICO 80% Max LTV (depending on scenario) . If you want to purchase a home with no income, youll need a substantial net worth with enough assets to support repaying the loan. Most lenders also want to see a six-month reserve fund. After that, your rate becomes variable. 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. Stated Income Loans. We were able to complete a mortgage application online and electronically sign all the documents the next morning. Every time I was confused, she was always there to help. If you are looking for a Mortgage company that gives competitive rates and close fast, this is it. This saves you from submitting complicated income statements and tax returns. 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. You no longer have to let your job history or income documentation prevent you from getting locked into a record low interest mortgage. As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. Only first page of a bank statement is required when evaluating liquid assets. non qm mortgage, portfolio loan. In this day and age, customer service, I feel has become something of the past. In this case, you could be a candidate for a no doc or no-income verification mortgage. He always kept the fire going and the process was completed before the promised deadline. Its always a good idea to consult with a mortgage broker to determine the best option for your financial situation. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. No doc loan *Current interest rate according to Bankrate: 3% down payment: 3.5% down payment: A: Yes, there are mortgages available with no tax returns required but they are only offered by certain lenders. It was nothing about trying to get money but just helping a family in needs of a place to call home. Very easy happy close all the way!! Stephanie and Me'Me were the best, everything was fast, smooth and easy. Im not one who provides reviews but for this company Im really happy to do so. He took numerous calls, emails and texts from me daily. We were treated like royalty, with compassion and warmth. I just closed on my first home and the process could not have been any smoother. 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