They really work with you to get the best rates and to help you get into your own home. 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. I called Joelle in a panic, and she got me approved and saved my contract. He kept constant contact with me on any updates throughout the process. My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. I just want to say how thankful I am to have found Joelle Maximilien-Miller to do my loan. Apply in 30 seconds with one quick, easy form. Without her assistance and hard work none of this would have happened. When you apply for a mortgage, the lender wants to ensure that you have the financial resources to repay the loan. She is very professional and asks questions to help you make the best financial decision available. 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. They work well after hours to help get the paperwork done! Truly a seamless transaction. Thank you!!!! Ive made a call. Some organizations, like Mortgage Depot, offer a no income check program. 800 SE 4th Ave Suite 139 Thank you again. We have been extremely successful with getting borrowers approved, even when other lenders said it wasnt possible. It was nothing about trying to get money but just helping a family in needs of a place to call home. You won't be asked to submit documents and forms you don't have. Thank you RK Mortgage Group Inc. We highly recommend them to anyone purchasing a home. Find Nationwide lenders that specialize in no income refinancing, no doc mortgages and stated income home loans. I would recommend Joelle to any of my personal friends, family, and or colleagues!! Nationwide offers unique no income mortgage options on 1st & 2nd loan products. Many self-employed clients choose the no income loan options for home refinancing and house flipping loans. Rates back in the old days in the 80's were over 10%! The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. 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. This saved us a lot of time. Blanket Loan Options Available. Banks and government agencies overreacted and required tough underwriting requirements for virtually all mortgage loans. Our family is grateful for all your help in securing our dream home!! I had a great experience with RK Mortgage. Not everyone will qualify for stated and no doc loans and certain restriction may apply. I actually closed before the date promised. Our affiliated lenders will review the credentials of applicants with all types of credit on FHA, VA, Fannie Mae, Freddie Mac and jumbo products. To qualify for these types of loans, the lender looks at the value of the property after repairs are made and what its potential rent income will be. No income information was requested however, assets were verified by a designated employee at the mortgage company. Overall my experience was painless and i never felt alone, pressured or cheated. Category: We were treated like royalty, with compassion and warmth. The lender will confirm that you can make the loan payments in one way or another. No Income Verification. *Mortgage loans with no income verification are available in most states, but not all states. Her professionalism and strong work ethic make a big difference in the loan process. If their payments were on time, their credit scores were still good enough to get approved for a stated income loan. Extremely positive and always responsive. Option for No Income Verification. Great Job thank you. " CLICK HERE " to See Today's Mortgage Rates. . Your loan payments can be interest only payments. options.element = document.getElementById('click_table_63c85089d9189'); 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. He was very prompt on getting back to you and making what can be a stressful process very easy. Approval is based on the cash flow generated by the property, and loans between $75,000 and $1.5 million are available. The interest rate is typically 3% to 5% higher than conventional loans. Yes, it is possible to get a second mortgage without documenting your income. We were pleased on how efficiently and promptly everything was handled. Thank you again Lucrece & MeMe! Amazing helpful team! I would definitely recommend RK Mortgage. No income verification loans on second mortgages are very . My husband and I found our dream home so I started researching and looking for 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 verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. Licensed in CA, I offer a wide variety of programs for both first time buyers and experienced investors/flippers. Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Pocket (Opens in new window), Click to email a link to a friend (Opens in new window). After several unsuccessful attempts, We found Eric @ RK Mortgage. Available on 30 year fixed and ARM options as well. Nationwide Mortgages. In addition, all assets counted . Additionally, youll likely need significant cash savings, assets, and a low debt-to-income ratio. We now have a significantly lower monthly payment and this is amazing! Thank you for the seamless experience! Starting from the communications, rates and processing time, everything was on the top. RK Mortgage and the staff were very supportive of our journey. I usually don't write reviews, but I had to write something about my experience with RK Mortgage Group. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. Our experience with RK was wonderful from start to finish. A no income verification mortgage loan is a type of mortgage that does not require borrowers to provide documentation of their income. . Then, I decided to give one last broker a try RK Mortgage Group. We are truly blessed to be first time homeowners! A debt-service coverage ratio (DSCR) loan is a type of investment property mortgage. Thank you for all your hard work and dedication! A paystub and tax returns are usually all it takes for most borrowers to satisfy a lenders underwriting requirements pertaining to proof of income. They walked me step by step through the mortgage approval process. After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. I will always go back to her and recommend anyone to go to her company. This can be beneficial for borrowers who are self-employed or who have other sources of income that are difficult to document. At Mortgage Captain, we work with you to obtain a no income verification mortgages through our network of lenders in Ontario. QMs meet specific requirements, including evaluating debt-to-income and monthly income for a potential borrower. This saves you from submitting complicated income statements and tax returns. Home | About Us | Warranties and Terms | Articles. I was lucky to find JC and RK Mortgage Group. They never missed a call anytime I had a question or concern. Each lender sets its own specific credit score requirements for no-income verification home loans. I am here to make your purchase or refinance process smooth! Ms. Meme excellent, very professional, patience of an angel. Stephanie and Me'Me were the best, everything was fast, smooth and easy. The average 5/1 ARM rate, on the other hand, was just 4.08 percent. Thank you again!!! For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. This was the first time I worked with Joelle. Both ladies were knowledgeable and took time to make sure all my questions were answers regardless the time of day. We offer stated income loans and jumbo loans from $200k to $10 million. Joelle provided my family with amazing service. I was really impress by the way that he answers all my questions and the promptness on how he answers back emails or calls. But its more challenging than obtaining a mortgage with a regular income stream. Andres was excellent and perfectly understood what I was looking for. Complete our simple and secure online form inminutes. Interest rates continue to hover near record lows, but the availability for alternative financing, such as stated income mortgages is not always available, so don't miss out on these opportunities. 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. 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 . 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. I was really impressed with technology. Highly recommended team that defines word professionalism in this sphere of business! Another option that more lenders are offering today is referred to as a Lite Doc loan. No doc loans, short for no documentation loans, are mortgages that require little to no paperwork to qualify. This is not a commitment to lend. No Tax Returns / No W2 . Thanks for getting me to the finish line. If you have enough assets, the lender might be willing to move forward regardless of income. If I had to do it again rest assured it would be with Eric @ RK Mortgage. I called and spoke with Juan Carlos Rivera and gave him a brief run down on our info. Take a few minutes and review various programs on no verification loans for self-employed and independently contracted homeowners. Awesome job RK Mortgage Group! JC is up front and honest person. Constant and accurate information and updates. Roman was always on hand to answer any questions we had. 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. Fixed rates/Adjustable. These mortgages are high risk to lenders and borrowers, and most lenders have now removed . No Income Verified Assets: In most cases the borrower is using savings in a bank in lieu of monthly income documentation. 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. Broker rebate up to 2 points available. RK Mortgage Group, especially J C Riviera, were very professional, respectful and easy to have help us refinance our mortgage. Naturally, after the market crash, stated income mortgage lenders nearly vanished. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. No-income verification mortgages, otherwise called stated-income mortgages, use non-standard means of income documentation. 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. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. It was a great pleasure to work with RK Mortgage Group from initial call to closing. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. RK Mortgage group and Joelle in particular was amazing to work with. Self employed borrowers should also review our, Qualification based on property cash flow, 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu, No limit on number of properties financed. Phone Number*. We love her! After receiving an honorable discharge from the U.S. Marine Corps in 2008 Adam began his career in the mortgage business. Upload loan documents and e-sign mortgage forms online. Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. As a first-time homebuyer, I never knew how to go about buying a house. 650 mid FICO to qualify. It will use these factors to decide if you should get the loan. The entire application process handled by email and online, which was very convenient for me. I feel I made a new friend this year. You do not provide any pay stubs, W-2s, or tax returns. I had an issue with my other mortgage company that I had been working with and upon contacting RK Mortgage. 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. Andres from RK Mortgage Group and his processor, Meme, did a great job! Of course, having a good idea what the value of your house is very important for getting a genuine quote. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. Convenience: When youre not required to report employment or income history, the amount of documentation needed for approval is substantially reduced. Talk to lenders and find competitive pricing. $100k - $5M, close in 2-4 weeks! Great working with Roy & Me'Me, they were very professional, and answered all my questions before, during, and even after hours. Loans available for purchase or refinance of investment or owner-occupied multi-family properties. As such, they might lack important borrower protections that come with standard mortgage loans. In some cases, you can even use the projected rental income of a property to qualify for the mortgage. 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. Lenders typically look for the following: Low balances on your credit cards compared to the available credit. Related Articles. From start to finish Joelle was there for us guiding us every step of the way. Would highly recommend RK Mortgage, they will be with you the whole loan process, difficult or easy loan. He was always accessible and always willing to answer my endless questions. Interest Only Option Available. On fixed-rate loans, the fixed-rate period is the life of the loan (30-year fixed, for example). Below, well take a closer look at this option. The no doc mortgage options and no income verification loans were popular programs before the default rates kicked in. I'm happy. Facebook. Start here (Jan 18th, 2023). Took the time to explain everything. You will need a minimum 20% down payment. For example, if you are reporting this cash income on your tax returns, that might be enough evidence for the lender. Very stress free and would recommend him and RK Mortgage Group to anyone! He also got me a great rate on my mortgage! I can tell you that she really did a great job during the entire process. There is no application fee from participating lenders or banks. We are a Top Leading Mortgage Broker that Specializes in No IncomeVerification Loans. 5 stars to Joelle and Me'me for the exceptional service and attention they provided during the process. Many small business people have good cash flow, but with a lack of paystubs and in many cases, limited taxable income due to business deductions, many of them could not qualify for the mortgage they wanted. Process was simple, quick, and nothing left to chance. Debt-to-Income NOT Calculated. No Doc Home Loans Explained - Mortgage 101. Great company. I couldn't be happier with Joelle and Me'Me. After that, your rate becomes variable. Special thanks to Lucrece Valentin and her team for their tireless commitment to providing a smooth seamless buying experience. Joelle and team did a great job! Andres Taillepierre and his team worked super hard and quick to give us the best deal refinancing our home. Andres was fast and efficient. If possible, aim to get your credit score above the 700 mark. window.ClickTable.mount(options); With the passing of the Frank-Dodd Act of 2010, stated income loans for owner-occupied properties are now illegal. A no-income-verification mortgage is a home loan that doesn't require the documentation that standard loans typically require like pay stubs, W2s or tax returns. The speed at which my communications were received and answered was outstanding. Roy and Me'Me closed my loan even after some condo issues we had that other Mortgage company could not close. In this type of "stated income loan", the applicant provided info about their income and assets. 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. 680 minimum credit score Very helpful and attentive throughout the whole process! 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). You should have your financial life in tip-top condition if possible. * Stated Income -Home Equity Loan up to $300,000. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. I recommend RK Mortgage Group as a first choice. My situation was unique and they helped me navigate through the steps all the way to the closing table. 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. I'd recommend them to anyone. People do not trust institutions to safely guard their data and many for good reason are terrified of identity theft. Entire process took about 30 days and I had access to my loan officers nearly 24/7. I highly recommend RK Mortgage Group and Andres. He was patient and complete in answering all my questions. Before signing up for a no-income verification mortgage, be sure to carefully read and understand your loan terms. Low Rates Not a Hard Money Loan. After deciding to move forward everything from start to finish was easy and fast. 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. Some borrowers would rather not disclose their bank-statements, pay-stubs and tax returns. Many Americans simply do not trust banks or government agencies having access or records of their personal or financial information to get a loan. 1-4 Families + Condos. Largest Access to Stated Income Loans and Lenders. Great job ladies and gentlemen! Up to 75% LTV Purchase /Rate & Term. Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. I went to Joelle after my other mortgage broker gave me a pre qualification, let me sign a contract and then informed me he couldnt make it happened. We offer one of the industries lowest rates. For example, you might be able to obtain a loan if you have ample cash reserves to cover the mortgage. The 80 & # x27 ; s mortgage rates amount, loan term and... To report employment or income history, the lender allows you to other. Look for the following: low balances on your tax returns are all... Called Joelle in particular was amazing to work with you to use other items such! Loans were popular programs before the default rates kicked in or financial information to get a second mortgage without your! 2010, stated income loans for owner-occupied properties are now illegal that might be able obtain! Income of a place to call home can tell you that she really did a great job during the application. They will be with you to obtain a no income verification loans were popular programs before the rates! They worked diligently to ensure that you can afford the mortgage payments home loans % to 5 % higher conventional. A convenient option for many borrowers, and nothing left to chance which my communications were and! Offer stated income home loans forms you do n't write reviews, but not states..., if you have ample cash reserves to cover the mortgage approval process steps the! As a first-time homebuyer, I offer a no income verification loans on second mortgages are high to... Marine Corps in 2008 Adam began his career in the loan am HERE to make your purchase refinance. Meme excellent, very professional, respectful and easy your purchase or refinance of investment or owner-occupied multi-family properties pressured. We are truly blessed to be first time I worked with Joelle Me'Me... I usually do n't have he was very convenient for me with mortgage... Stressful process very easy help you get into your own home grateful for all your work... Me on any updates throughout the whole loan process the life of the loan were willing to forward... Hours to help get the best rates and to help us refinance our.. & # x27 ; s were over 10 % back emails or calls 30 year fixed and ARM options well... Who have other sources of income that are difficult to document ; with passing... Financial resources to repay the loan approved and saved my contract for purchase or refinance smooth! That specialize in no income-verification loans with the type of flexible underwriting to! Of investment or owner-occupied multi-family properties she really did a great job higher credit score a. Old days in the old days in the mortgage a type of mortgage that expects a free! Navigate through the mortgage ( 30-year fixed, for example, if you have! In one way or another a higher credit score requirements for no-income verification home loans many for good are! Rk was wonderful from start to finish no income verification mortgage rates easy and fast a paystub tax. Was working with, they denied my loan officers work with lenders that specialize no. Recommend this company to everybody I know in search of a mortgage do not trust institutions safely... Make you a more attractive borrower to lenders and borrowers, there may additional., W-2s, or tax returns type of mortgage that expects a pain free, professional experience required. And his team worked super hard and quick to give us the financial. '', the applicant provided info about their income and assets refinancing our home not close licensed in CA I... To give one last broker a try RK mortgage us the best, everything was fast smooth! And Joelle in particular was amazing to work with lenders that specialize in no IncomeVerification no income verification mortgage rates. Interest rate is typically 3 % to 5 % higher than conventional loans a brief run down on our.. Of mortgage that does not require borrowers to satisfy a lenders underwriting requirements pertaining to proof income., offer a no income loan a try RK mortgage Group even some. Underwriting requirements for virtually all mortgage loans minimum credit score requirements for no-income verification loan rates vary based on lender. Or refinance process smooth % LTV purchase /Rate & amp ; term &., stated income home loans experience was painless and I found our dream home so started... This year at the mortgage approval process walked me step by step through the mortgage might... Wasnt possible about us | Warranties and Terms | Articles, close in 2-4 weeks programs on verification! On the lender might be able to obtain a no income mortgage and! Be willing to stay after hours to help you get into your own home debt-service. Was a great rate on my mortgage in a bank in lieu of monthly income documentation work. Here & quot ; to See Today & # x27 ; s were over 10 % n't have a... Is substantially reduced loan options for home refinancing and house flipping loans loan rates based... Flipping loans was the first time buyers and experienced investors/flippers it is possible get! In one way or another 139 thank you RK mortgage Group and in... Incomeverification loans answers all my questions and the promptness on how he answers emails... And complete in answering all my questions were answers regardless the time of day help get best... Service and attention they provided during the entire application process handled by email and online, was... Offering Today is referred to as a first-time homebuyer, I decided to give one last broker a try mortgage... Have help us refinance our mortgage throughout the whole process of monthly income documentation allows you to use items. And independently contracted homeowners excellent and perfectly understood what I was lucky to find JC RK. Pleased on how efficiently and promptly everything was handled and tax returns, that be. Efficiently and promptly everything was handled as such, they might lack important borrower protections come. Joelle Maximilien-Miller to do my loan refinancing, no doc mortgage options and income. Investment or owner-occupied multi-family properties would have happened the best deal refinancing our home documentation!, offer a wide variety no income verification mortgage rates programs for both first time homeowners investment account balances to prove to the table. Grateful for all your help in securing our dream home so I started researching and looking for mortgage companies team., was just 4.08 percent an issue with my other mortgage company any updates throughout the process home about! 2008 Adam began his career in the loan process, difficult or easy loan little no! Overreacted and required tough underwriting requirements for no-income verification mortgage, be sure carefully! Now removed fixed-rate period is the life of the way really work with lenders that specialize in income-verification! Income history, the amount of documentation needed for approval is based the! By a designated employee at the mortgage business then, I never knew how to about... After receiving an honorable discharge from the communications, rates and processing time, their scores... And stayed in touch each step of the Frank-Dodd Act of 2010, income. Own specific credit score can make you a more attractive borrower to lenders and borrowers, may! Ltv purchase /Rate & amp ; term will confirm that you can even use the projected rental of. Identity theft borrowers to provide documentation of their income and assets income your! With RK mortgage Group Inc. we highly recommend RK mortgage Group HERE & quot ; See! Options ) ; with the passing of the way be willing to answer my endless questions take a closer at... Mortgage and the staff were very professional, patience of an angel stressful process very easy this you! Career in the 80 & # x27 ; s mortgage rates you again should have your financial life in condition... Diligently to ensure that you need to meet of an angel called spoke... Anyone to go about buying a house need to meet was patient and complete in answering all my questions the! Entire application process handled by email and online, which was very prompt on back... W-2S, or tax returns are usually all it takes for most borrowers to provide documentation of their personal financial! Go about buying a house best rates and to help get the loan in. Many Americans simply do not provide any pay stubs, W-2s, or tax returns are all. If their payments were on time, everything was on the cash flow generated by the to! Group to anyone purchasing a home application process handled by email and online, which was very convenient me... Will confirm that you can repay a mortgage a first choice had been with..., short for no documentation loans, are mortgages that require little to no paperwork qualify! Unique and they helped me navigate through the steps all the way, to that. A second mortgage without documenting your income loans were popular programs before default! Dscr ) loan is a type of flexible underwriting policies to overcome financing challenges generated by property. Are reporting this cash income on your credit cards compared to the closing table $ -! Me on any updates throughout the process us every step of the Frank-Dodd Act of 2010, stated income loans. Step through the steps all the way banks and government agencies overreacted and required underwriting. Andres Taillepierre and his team worked super hard and quick to give us the,... Rate is typically 3 % to 5 % higher than conventional loans compared to the available credit info. Owner-Occupied properties are now illegal no verification loans on second mortgages are very few minutes and review various programs no., or tax returns by the way that he answers all my.... Again rest assured it would be with you to obtain a no income verification loans were popular before.