They worked diligently to ensure the process was efficient and stayed in touch each step of the way. 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. 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. 650 mid FICO to qualify. Rate and term refinance or debt consolidation refinance with no cash out proceeds. 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. Yes there are several great options on these NonQM (as they are called) loans today. MortgageDepot Sets Up a Blanket Loan with a Gift of Equity, Stated Income on Primary Residence Properties, Investors with passive losses that offset earnings, Workers with seasonal fluctuations in income. No W2s, paystubs or Taxes needed! 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. This means that you must bring at least a 30% down payment to close the loan. If I had to do it again rest assured it would be with Eric @ RK Mortgage. No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. Thank you all for your time and excellent customer service! Many self-employed clients choose the no income loan options for home refinancing and house flipping loans. To make the market safer, the CFPB introduced new rules for stated income lenders. Rates back in the old days in the 80's were over 10%! These loans are available with competitive interest rates and are typically five-year ARMs. If you need a mortgage I recommend you call RK Mortgage Group. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available 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. Thank you again!!! This is a benefit because that allows higher loan to value ratios. Nationwide offers no cost home loan quotes for people seeking refinancing, home equity, purchase mortgages in the United States. Certain state restrictions and requirements may apply. As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. (function() { 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. He provided EXCEPTIONAL customer service, answered my numerous questions and always kept me informed during the entire process. Why Choose Us. From start to finish Joelle was there for us guiding us every step of the way. RK Mortgage Group, and Roy in particular, was amazing to work with. Amazing helpful team! LTVs up to 75%. Thank you for the hard work. It's no secret that mortgages with no income verification are not as easy to secure this year. Below, well take a closer look at this option. We shopped around with confidence and when we were ready, our team at RK made our dreams come true! Joelle and processor Me Me were amazing! The speed at which my communications were received and answered was outstanding. if (window.ClickTable) { The analysis conducted from day one for the submission of the paper were always accurate. Many brokers and banks offer mortgages with unbelievable features, but they rarely end up closing the loan. Many Americans simply do not trust banks or government agencies having access or records of their personal or financial information to get a loan. Adam Lesner is a Mortgage Loan officer in Brighton, MI. Stephanie and Me'Me were the best, everything was fast, smooth and easy. It was a great pleasure to work with RK Mortgage Group from initial call to closing. The lender accepts other items, such as bank statements, as proof you can repay the mortgage. That is it! Up to 80% LTV Purchase / Rate & Term or 75% LTV Cash Out Refinance. They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. I recommend RK Mortgage Group as a first choice. I would definitely do business with RK Mortgage again! 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. Words cannot express the professionalism and care her team exhibited through the entire process. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. 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 My husband and I were so excited when we were pre-approved. Most property types considered! If you don't have pay stubs due to self-employment and other situations, a No Income Verification Loan will not require them. Will recommend to anyone needing a mortgage. We were able to apply, submit all our required docs and close in less than six weeks. Being self-employed made it difficult to get a mortgage but, with the bank statement mortgage the process was a lot easier. I called Joelle in a panic, and she got me approved and saved my contract. He also got me a great rate on my mortgage! Highly recommend this company!! Believe it or not,No Income Verification Loansstill exist. Here is what you can expect when buying a home with no income verification: At least 20% down, with 740+ credit and 12 months reserves. Thank you guys for everything. Thank you for the seamless experience! No-income verification mortgages dont require proof of income. Thank you again Lucrece & MeMe! I highly recommend RK Mortgage Group for refinancing issues. No-doc loans . 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. Low Rates. Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. Joelle and team were great! Its important to carefully consider the pros and cons of a no income verification mortgage loan before applying. Problems with no doc loans in the early 2000's nearly tanked the US economy. This gives them an asset-based "income" of $3,750 per month. This was the first time I worked with Joelle. I was impressed with the process. As low as 640 credit allowed, with 35% down payment and 24 months reserves. Last Updated: November 15, 2022. Words really can not describe how pleased I am with the professionalism I received from Joelle. . We have experts that serve the under-banked and understand that old tax returns don't tell the . I traveled for business and my wife stayed home. 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. 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. I've went through a mortgage process for a couple times for the past few years, and this was so far the most pleasant and smoothest experience. . For example, if you have a 3-year adjustable-rate mortgage, your rate is fixed for the first 3 years, or the initial fixed-rate period. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . They walked me step by step through the mortgage approval process. Borrowers hoping to get a mortgage with a non-traditional source of income have options. Blanket Loan Options Available. We could not have asked for a more professional and compassionate person to help us refinance. But these loan programs can be viable way to enter the housing market as long as you have an exit strategy. Florida Mortgage Rate Quote Start Your Florida Mortgage Pre-Approval Fidelity Home Group 4700 Millenia Blvd Suite 175, Orlando, FL 32839. 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. Excellent, excellent, excellent! If you have the necessary funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage. Fast and professional! If you want to purchase an investment property but are worried about your self-employed status disqualifying you from traditional mortgages, call Stratton Equities at 800-962-6613, email us, or apply for loan pre-qualification today! 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. Ms. Meme made our dreams of owning a home come true! An appointee from the lender actually verifies employment of the applicant with the company listed as the employer. No-income loans are types of loans designed for someone with income that doesn't come from a source like a full-time job. Joelle and her team were absolutely amazing! We had a very complicated and non conforming situation but they both made it work! We are a Top Leading Mortgage Broker that Specializes in No IncomeVerification Loans. Refinance rate and term with a 30-year fixed mortgage and no income verification. Would recommend RK Mortgage Group, and particularly Joelle, to anyone who is about to begin a wonderful and exciting journey of buying a home. Please inquire with lender for updated program qualifications that pertain to your state and your credentials. Category: Thank you J.C. Rivera and RK Mortgage Group! One-way lenders do this is to make a qualified mortgage or QM. Instead, you can qualify for the loan based on your assets. Our no income verification mortgage in Florida is a great tool for borrowers who demonstrate ability to repay through good credit history. I could not have done this without her expertise and guidance. 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. A no-income verification mortgage refinance is a type of loan that allows borrowers to refinance their homes without having to provide documentation of their income. Thanks again, and we definitely recommend Lucrece and her team! My husband and I have been trying to buy a home for a very long time. This saved us a lot of time. Some borrowers would rather not disclose their bank-statements, pay-stubs and tax returns. Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) Apply in 30 seconds with one quick, easy form. Request a call backor email us your questions! Joelle and Me'me were the only positive experience in our 16 months journey building a home in Lakewood Ranch, FL. By far the smoothest mortgage process that we have ever had. She goes above and beyond for her clients. Thank you for your help to buy our new home! From my first contact to the day of settlement Roman Khodos was extremely responsive and willing to walk me through any questions. Starting from the communications, rates and processing time, everything was on the top. 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. Lenders must fully document a borrower's ability to repay the loan either with income or assets. No Tax Returns. You may be able to get a mortgage without a job. Process was simple, quick, and nothing left to chance. 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