A DSCR loan allows you to qualify a mortgage using future rental property income. It was a learning experience for us. My questions were answered quickly and professionally. You should have your financial life in tip-top condition if possible. Her professionalism was like no other. His advises and the way to deal with minor inconveniences that arose during the process was really professional. I highly recommend RK Mortgage Group!! No Income No Assets:
Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. After deciding to move forward everything from start to finish was easy and fast. Adam Lesner is a Mortgage Loan officer in Brighton, MI. This was the smoothest mortgage transaction we have ever had. Of course, having a good idea what the value of your house is very important for getting a genuine quote. Of course, the lender still needs to know that you can afford the loan. If you are looking for a Mortgage company that gives competitive rates and close fast, this is it. We offer one of the industries lowest rates. Juan Carlo Rivera, was quick, professional and courteous. I feel I made a new friend this year. Andres was fast and efficient. But these types of loans require proof of other assets. Talk to a lender: (866) 240-5121. 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. In the past, I had to deal with different companies that takes four to six months, after a lot of papers, to tell me no, for whatever reason, after ask me to send again and again my information, that is the same again and again. There was absolutely no surprise in the settlement. Roy/Me'Me made my dreams of becoming a homeowner again possible. My husband and I were so excited when we were pre-approved. The problem came in where people could easily borrow cash temporarily to show they had 'reserves,' and could pay bills by using credit cards. No income loan programs provide another layer of protection that many people desire to buy or refinance a house. Just refinanced with JC and Me'Me. No-income verification mortgages, or no doc loans, dont require you to provide proof of a traditional income stream through W-2s or tax returns. Rocket Mortgage does not offer this type of mortgage. Lucrece was the best! 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 loan is qualified based on a value of the property and/or anticipated income the property will generate. More on DSCR loans for investment property here. Thanks for getting me to the finish line. Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. Strongly recommended! Need a Stated Income Mortgage or No Doc Loan? This means your two most recent pay stubs, your most recent checking account statement, your current savings account statement, and your federal income tax returns from the previous two years. Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. Would highly recommend them for anyone on the market looking to purchase a new home. window.ClickTable.mount(options); This gives them an asset-based "income" of $3,750 per month. * Full-Document -Home Equity Loan up to $500,000. You always need to prove to a lender that you can afford to repay the loan. In this case, you could be a candidate for a no doc or no-income verification mortgage. Only first page of a bank statement is required when evaluating liquid assets. Up to 75% LTV Purchase /Rate & Term. By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. I was referred to Roy at RK Mortgage because I was told he specializes in investment properties for self employed people like me. Broker rebate up to 2 points available. Thank you for the hard work. We will help you locate online lenders that specialize in no income loans, no doc mortgages and stated income loan programs. People are raving about home equity loans with no documentation required. We do not require pay stubs or tax statements. Contact one of ourloan consultantsto learn more about this program. As self-employed and without income verification there were not to many chances for us to be approved for a mortgage. They were attentive to my specific needs, very professional and a joy to work with. Excellent, excellent, excellent! We wasted multiple months trying other mortgage companies. Whether you need an equity loan, purchase mortgage or refinance, Nationwide will help you find companies that continue to offer alternative lending with no income verification programs for qualified applicants. Many applicants are good and qualified borrowers that have difficulty documenting their income the way traditional lending underwriters require. These loans will have similar mortgage rates . Joelle and her processor Me Me were amazing. Me'me was my loan processor and was great also. Joelle provided my family with amazing service. These loans are available with competitive interest rates and are typically five-year ARMs. Its not impossible to qualify for a no-income verification mortgage. While true no income verification mortgages no longer exist, lenders can qualify you based on almost any kind of cash flow. They work well after hours to help get the paperwork done! Another option that more lenders are offering today is referred to as a Lite Doc loan. Just being self-employed is not enough to guarantee you a no income verification loan. Until she was given the required documentation to help close the loan. Lorie C, Fort Myers, Florida Look out for any risky clauses like prepayment penalties or balloon payments that would not be included on a standard mortgage loan. This should provide your lender with enough information . In some cases, you can even use the projected rental income of a property to qualify for the mortgage. 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. With the passing of the Frank-Dodd Act of 2010, stated income loans for owner-occupied properties are now illegal. No Income Investor Loan Key Loan Features. Apply in 30 seconds with one quick, easy form. We really didn't think we would be able to refinance but these guys were able to make it happen. He was always there to reassure me and keep me focused. Why Choose Us. Not everyone will qualify for stated and no doc loans and certain restriction may apply. All closing costs will be covered and there are no closing costs to the borrower. They never missed a call anytime I had a question or concern. No Tax Returns / No W2 . 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. I actually closed before the date promised. I had a great experience with RK 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. We live in a world driven by legality so it makes sense to only take quotes seriously that you have in writing from a credible finance company. Upload loan documents and e-sign mortgage forms online. I am very grateful for your quick and professional work! I was really impress by the way that he answers all my questions and the promptness on how he answers back emails or calls. The no doc mortgage options and no income verification loans were popular programs before the default rates kicked in. I'd recommend them to anyone. Highly recommend! Thanks guys so much. You no longer have to let your job history or income documentation prevent you from getting locked into a record low interest mortgage. You do not provide any pay stubs, W-2s, or tax returns. After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. Its important to carefully consider the pros and cons of a no income verification mortgage loan before applying. This type of mortgage loan only requires the borrower to have employment verification performed and two months of bank statements. I just want to say how thankful I am to have found Joelle Maximilien-Miller to do my loan. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. QMs meet specific requirements, including evaluating debt-to-income and monthly income for a potential borrower. I am glad we have chosen RK Mortgage Group. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. JC is up front and honest person. Can you get a mortgage without a verifiable income? Once we contacted RK Mortgage Group and spoke to Joelle her experience, knowledge and professionalism put us at ease. If possible, aim to get your credit score above the 700 mark. Blanket Loan Options Available. Are you getting declined from your current lender because you don`t qualify for a Mortgage? These loans can help you in a number of ways. Extremely positive and always responsive. This saves you from submitting complicated income statements and tax returns. The ability to make a large down payment, often 20-30% or more. Lucrece was there for me every step of the way and even held my hand during several meltdowns. Thank you! But these loan programs can be viable way to enter the housing market as long as you have an exit strategy. If its a challenge to verify your income, then a no-income verification mortgage is an option worth pursuing. She is very professional and asks questions to help you make the best financial decision available. He is a well disciplined and well-mannered and is the best representation for any mortgage company. It will use these factors to decide if you should get the loan. 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. They do not require borrowers to . Thank you again Lucrece & MeMe! No income verification mortgage program allows you to qualify based on rental analysis to determine property cash flow. The entire application process handled by email and online, which was very convenient for me. Great company. RK Mortgage Group went above and beyond my expectations! 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. Fast and professional! I would recommend Joelle to any of my personal friends, family, and or colleagues!! I highly recommend!!! No income verification mortgages, also known as stated loans or reduced documentation loans, were popular in the early 2000s and offered a loan to anyone with a minimum credit score with no verification of income required. Start here (Jan 18th, 2023). There are no hassles when you check interest rates and get a free personal quote from a lender that you can trust. RK Mortgage Rocks! I was shopping for mortgages for a while until I found RK. We now have a significantly lower monthly payment and this is amazing! Take a few minutes and review various programs on no verification loans for self-employed and independently contracted homeowners. LTVs up to 75%. $100K - $5M. It was nothing about trying to get money but just helping a family in needs of a place to call home. | 2023. For investment property, getting a DSCR loan would be the option to go with. I actually closed before the date promised. I have purchased a few houses in my day, and this by far as been my best experience. Low Rates. No Prepayment Penalty Option Available. Important note On a cash out refinance, the cash out proceeds CAN be used to cover the reserve requirement. Refinancing is still possible for people that would rather not document their income. Roy not only got the load approved, but I close on my house only 2 weeks after my initial conversation with Roy. A high score can get you a low interest rate, while a low score can result in higher rates. However, these are non-qualified mortgage (non-QM) programs, meaning they are controlled by individual lenders and not regulated by any government agency. For example, if you are reporting this cash income on your tax returns, that might be enough evidence for the lender. But potential homeowners pursuing this option will likely need a higher credit score and encounter higher mortgage rates. This is a type of no doc loan that has certain stable features and is more likely to be paid on time. However, don't let the name fool you: Some paperwork is required to get a no-doc loan. We greatly appreciate the effort and time that RK Mortgage professionals put into our loan process. Helped ease my nerves about refinancing. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. This can be appealing for self-employed individuals or those who have fluctuating or hard-to-verify income. Theyre extremely professional and great at what they do. Tips for Making the Best Garden Improvements for Your Home's Values. Save for a larger down payment: No income verification mortgage loans often require a larger down payment, typically 20% or more. We shopped around with confidence and when we were ready, our team at RK made our dreams come true! Excellent service, Roy kept me informed each step of the way. We could not have asked for a more professional and compassionate person to help us refinance. Her professionalism and strong work ethic make a big difference in the loan process. 1-4 Families + Condos. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. Process was simple, quick, and nothing left to chance. 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. First Name*. MeMe is so cool and she always makes us feel encouraged. Call 1-613-296-3892. We actually closed in 26 days. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. Quick, Professional, and Personable. 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. As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. Lenders must fully document a borrower's ability to repay the loan either with income or assets. No documentation loans come with a few different variations. RK Mortgage Group was considerate of my family's needs and provided options. *This product is not regulated by the New York State Department of Financial Services. 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. Many thanks for their hard work. I couldn't be happier with Joelle and Me'Me. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act . No doc loans, short for no documentation loans, are mortgages that require little to no paperwork to qualify. Took the time to explain everything. I will only be using RK for my future financing needs. We have purchased our forever home in lovely Key West Florida! 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 receiving an honorable discharge from the U.S. Marine Corps in 2008 Adam began his career in the mortgage business. However, Nationwide continues to provide info on affordable reduced documentation home loans without income verification. Banks and government agencies overreacted and required tough underwriting requirements for virtually all mortgage loans. Helped us secure a mortgage very fast and she was available anytime we needed her. Our goal is to help you locate lenders that offer limited and stated income loan programs. How can I get approved for a mortgage without proof of income? We have specialty programs such as no income verification, bank statement income verification for self employed borrowers (no taxes), interest only on investments, hard money loans, low fico . He was very professional and courteous. If I had to do it again rest assured it would be with Eric @ RK Mortgage. These guys didnt miss single email, every phone call was answered and they brought me to closing with such an ease due to continuous and patient education. When others said no they kept pushing and found a way to get it done. The process was straightforward, even though my personal situation wasn't. 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. This type of loan doesnt require standard income documents to finalize your loan. 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. I cannot say enough good things about him! Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. For investment properties, please review our No Income Verification program. I am now a homeowner. Joelle worked tirelessly to help us get a hard money loan so that we could get this house and renovate it. 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. Our affiliated lenders will review the credentials of applicants with all types of credit on FHA, VA, Fannie Mae, Freddie Mac and jumbo products. He kept constant contact with me on any updates throughout the process. An excellent job! Self employed borrowers should also review our Bank Statement program. 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. He was patient and complete in answering all my questions. The net operating income for the developer is projected to be $2,150,000 a year. Having a higher score may increase your chances of getting approved for a no income verification mortgage loan. Thanks! The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. I was working with Roy and Me'Me. 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. 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 worked with Andres at RK Mortgage. I had the best experience of my life with RK Mortgage Group. Ms. Meme made sure we were happy with our mortgage experience. Find Nationwide lenders that specialize in no income refinancing, no doc mortgages and stated income home loans. They had all the needed documentation ready on time for the closing. We always knew exactly what we needed to do during our refi process. Thank you RK Mortgage Group and Thank you Joelle! As first time byer I had million questions. Less Paperwork is paves the road for a smooth loan process. She worked hard to make sure I received the lowest rate and the best deal. You may be able to get a mortgage without a job. I highly recommend them. They were efficient and helpful all the way through the process. Approval is based on the cash flow generated by the property, and loans between $75,000 and $1.5 million are available. If I had to do it again I'd come right back to RK Mortgage Group! 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 first step is to provide your lender with copies of your records that indicate your income. . RK Mortgage group and Joelle in particular was amazing to work with. It was a great pleasure to work with RK Mortgage Group from initial call to closing. Your loan payments can be interest only payments. Find the Best No Income Loan Offer with No obligation. He was always accessible and always willing to answer my endless questions. Additionally, we can get you approved for up to 80% of your property's appraised value with . He provided EXCEPTIONAL customer service, answered my numerous questions and always kept me informed during the entire process. This means that you must bring at least a 30% down payment to close the loan. . Our Experience with RK Mortgage Group was superb. We could never properly express our gratitude to MeMe or Roy! For me every step of the way to enter the housing market as long you. Loan officer in Brighton, MI shopped around with confidence and when we were ready, team! Group and spoke to Joelle her experience, knowledge and professionalism put us at ease easy form the net income... 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