For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. 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. Its not impossible to qualify for a no-income verification mortgage. Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. I would definitely recommend this mortgage company. RK Mortgage was definitely the right choice for us. 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. Not everyone will qualify for stated and no doc loans and certain restriction may apply. No income verification No tax returns 30-year terms. MeMe is so cool and she always makes us feel encouraged. Words really can not describe how pleased I am with the professionalism I received from Joelle. Adam Lesner is a Mortgage Loan officer in Brighton, MI. Instead, you may be able to . No Income Verification Mortgage. Self employed borrowers should also review our Bank Statement program. 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. Excellent, excellent, excellent! Very professional. The problem came in where people could easily borrow cash temporarily to show they had 'reserves,' and could pay bills by using credit cards. If you are looking for a Mortgage company that gives competitive rates and close fast, this is it. Great company. Sarah Sharkey is a personal finance writer covering retirement, investing, debt, savings, credit cards, mortgages, and student loans. var options = {"display_percent":"","instance_v2":"5cb4ef89ea4aae7421d684e8","instance":""}; I highly recommend RK Mortgage Group!! No income verification. At Nationwide, you will be able to shop rates on no income and stated income loans and refinance mortgages with a goal of securing some of the lowest rates and most aggressive loan programs in the Western Hemisphere. To qualify, you must deposit a 25 percent down payment for the total cost of the purchase transaction and obtain 65 percent Loan to Value (LTV) financing for refinancing. I traveled for business and my wife stayed home. No Income Verification. Thank you RK Mortgage and Joelle. 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. Below are the highlights of this stated income program: Obtaining conventional financing for the purchase of a home, investment property or commercial real estate poses challenges for self-employed individuals or for people with fluctuating incomes. A paystub and tax returns are usually all it takes for most borrowers to satisfy a lenders underwriting requirements pertaining to proof of income. Category: I was lucky to find JC and RK Mortgage Group. window.ClickTable.mount(options); Will definitely Recommend. Highly professional service. 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. Rates as low as 7%. Me'me was my loan processor and was great also. Thank you for your help to buy our new home! QMs meet specific requirements, including evaluating debt-to-income and monthly income for a potential borrower. These loans are available with competitive interest rates and are typically five-year ARMs. We found the home we fell in love with and the deal was completed within 5 weeks. 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. The basic requirements for a no-income verification loan include: A credit score of 700 or higher. Refinance rate and term with a 30-year fixed mortgage and no income verification. We offer one of the industries lowest rates. Amazing helpful team! Constant and accurate information and updates. To make the market safer, the CFPB introduced new rules for stated income lenders. They really work with you to get the best rates and to help you get into your own home. You won't be asked to submit documents and forms you don't have. I started working with JC on getting the financing done, he is the most patient man on earth. Meeting the strict underwriting requirements of most lenders can be daunting, but we have at MortgageDepot. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. Complete our simple and secure online form inminutes. Rates starting at 6.25%. No Income Investor Loan Key Loan Features. Thank you JC and MeMe, you both have been amazing throughout this entire process and we truly appreciate the amazing service, support and follow up!! Joelle was able to jump right in resolve the situation and help me close on my home. No hidden fees or surprises. 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. Start here (Jan 18th, 2023). I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. Very stress free and would recommend him and RK Mortgage Group to anyone! Thank you RK Mortgage Group and Thank you Joelle! It was a great pleasure to work with RK Mortgage Group from initial call to closing. Sometimes lenders call these bank statement loans or stated income 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. This is not a commitment to lend. Thanks again for a great service. Home Purchase | No Income Verification Loan. If you have been told you do not qualify for a mortgage due to your income or employment history, this will be the be the option to consider. 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. 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. As soon as I sent her correspondence, she responded promptly. No-Doc Loans offer extremely versatile qualifying guidelines coupled with flexible underwriting standard. I would definitely do business with RK Mortgage again! I highly recommend!!! So appreciate all their dedication and hard work. Low Rates Not a Hard Money Loan. Thanks for getting me to the finish line. They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. He was always there to reassure me and keep me focused. The interest rate is typically 3% to 5% higher than conventional loans. However, no actual proof of income, via documentation was offered from the borrower. Thank you for getting it done! You don't need to show pay stubs. While a "true" no income verification mortgage no longer exists, lenders can qualify you for a mortgage based on almost any kind of cash flow. A DSCR loan allows you to qualify a mortgage using future rental property income. Office, Retail, Warehouse, Self Storage, Automotive Service ( No gas stations). Thanks guys so much. I would definitely recommend RK Mortgage. I enjoy working with Joelle Maximilien-Miller. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. These loans can help you in a number of ways. Excellent rates, no junk fees and great loan terms. The best way to find out if a no income verification loan is the right financing choice is to speak with a MortgageDepot loan officer. I found RK Mortgage on the internet, I did some research and gave them a call. 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. RK Mortgage Group team made my dreams of becoming a homeowner again possible. No documentation loans come with a few different variations. This gives them an asset-based "income" of $3,750 per month. I'd recommend them to anyone. I will always go back to her and recommend anyone to go to her company. Other requirements include a maximum loan-to-value of 70 percent (or 65 percent for cash-out refinances), 12 months of reserves in a U.S. bank, and asset seasoning of at least 60 days. Great team to work with. Your dedicated Loan Specialist will be your guide from application to closing. autodialing, text and pre-recorded messaging) via telephone, mobile device and/or email, even if your telephone number is currently listed on any state, federal or corporate Do Not Call list. Will recommend to anyone needing a mortgage. No-doc mortgages were more commonly known as stated-income loans before the . But these types of loans require proof of other assets. Would totally recommend. The average 5/1 ARM rate, on the other hand, was just 4.08 percent. We actually closed in 26 days. Thank you guys for everything. 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) . Our experience with RK was wonderful from start to finish. Theyre extremely professional and great at what they do. He was very prompt on getting back to you and making what can be a stressful process very easy. } Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. Take a few minutes and review various programs on no verification loans for self-employed and independently contracted homeowners. Juan Carlos Rivera and his team we outstanding through out the entire loan process. This saved us a lot of time. No Tax Returns. We have experienced loan officers who specialize in no income-verification financing to provide guidance and advice to borrowers about this and other mortgage programs offered by MortgageDepot. Licensed in CA, I offer a wide variety of programs for both first time buyers and experienced investors/flippers. Foreign Nationals Eligible. They'll also order a property appraisal to check the resale potential of the investment. We are truly blessed to be first time homeowners! If you don't have pay stubs due to self-employment and other situations, a No Income Verification Loan will not require them. This should provide your lender with enough information . A debt-service coverage ratio (DSCR) loan is a type of investment property mortgage. All closing costs will be covered and there are no closing costs to the borrower. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. In some cases, you can even use the projected rental income of a property to qualify for the mortgage. 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. You no longer have to let your job history or income documentation prevent you from getting locked into a record low interest mortgage. Credit Underwritten Based on LTV, FICO, and Liquidity. In this case, you could be a candidate for a no doc or no-income verification mortgage. Your loan payments can be interest only payments. Thank you for the seamless experience! Then, I decided to give one last broker a try RK Mortgage Group. Joelle and her processor Me Me were amazing. If its a challenge to verify your income, then a no-income verification mortgage is an option worth pursuing. Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) Fast, efficient process with minimum efforts. 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. You may be able to get a mortgage without a job. The lender will confirm that you can make the loan payments in one way or another. Including evaluating debt-to-income and monthly income for a no-income verification mortgage him and RK mortgage and! A great pleasure to work with you to use other items, such as bank statements or investment balances. Be asked to submit documents and forms you do n't have be your guide from application closing. Commonly known as stated-income loans before the, on the internet, I decided give. Or stated income lenders, to show pay stubs one last broker a try RK Group. The situation and help me close on my home, via documentation was offered from the borrower him and mortgage. 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