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. Our affiliated lenders will review the credentials of applicants with all types of credit on FHA, VA, Fannie Mae, Freddie Mac and jumbo products. People are raving about home equity loans with no documentation required. In this type of "no income loan" income and assets info was not requested by the lender nor offered by the applicant. I would recommend Joelle to any of my personal friends, family, and or colleagues!! Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . A no-documentation home loan is a mortgage that doesn't require the borrower to provide standard income documentation. Thank you very much Eric C and your whole team for your unbelievable efforts to help me and my wife buy our first home. But these loan programs can be viable way to enter the housing market as long as you have an exit strategy. These loans can help you in a number of ways. From first contact to closing, Lucrece and Marcia were amazing. Problems with no doc loans in the early 2000's nearly tanked the US economy. Great team to work with. $100k - $5M, close in 2-4 weeks! In this case, you could be a candidate for a no doc or no-income verification mortgage. I'm happy. While it was good that some of the most reckless no doc loans were banned, going too far in the other direction is also not good. Thank you!!!! They truly were with me every step of the way in the process. Phone Number*. 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. What en excellent experience! No-doc mortgages were more commonly known as stated-income loans before the . I highly recommend RK Mortgage Group and Andres. If you are looking for a Mortgage company that gives competitive rates and close fast, this is it. We know the Jumbo Mortgage Business call us at (800) 986-4580. You, guys, did a great job! 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. Last Updated: November 15, 2022. RK Mortgage is an awesome company to do business with. 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. By improving your credit score and having the ability to document strong assets, you can increase your chances of getting approved for a no income verification mortgage loan. $1,000,000 + $350,000 = $1,350,000 total assets. Her professionalism and strong work ethic make a big difference in the loan process. For people who are self-employed, you can expect to bring only one year of profit and loss statements. RK team got everything taken care of quickly and made this a smooth transaction. Lucrece was the best! No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. Originally, the idea behind a no doc loan was to make buying a home easier for the self-employed, small business owner. Loans to $2 Million. Instead, you may be able to . 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. This is what RK Mortgage Group is. We thought we were not going to be able to buy the house, but she made it work for us. Ms. Meme made our dreams of owning a home come true! Lenders must fully document a borrower's ability to repay the loan either with income or assets. They were so great to work with, Joelle and MeMe, thanks again. Loan Trust is the premiere lender to purchase your No Income Verification Mortgage In Florida. Sometimes lenders call these bank statement loans or stated income loans. Thanks! Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. window.ClickTable.mount(options); My questions were answered quickly and professionally. Alternate names: Alternate income loan, alternative income . RK Mortgage Group was recommended to me by one of my friends. Specialties: NMLS #322945. No-Doc Loans offer extremely versatile qualifying guidelines coupled with flexible underwriting standard. Thanks guys so much. Starting from the communications, rates and processing time, everything was on the top. 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. 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. No hidden fees or surprises. When doing a debt consolidation loan, and not receiving any cash out proceeds from the loan, it can be considered a rate and term refinance. Additionally, Roy was solid and reassuring throughout the whole process, which was especially appreciated since we were first time home buyers. Asset Seasoning only 30 days. One-way lenders do this is to make a qualified mortgage or QM. if (window.ClickTable) { I must mention that I was very impressed with the great and prompt communication I had with Joelle and Me'me. Borrowers hoping to get a mortgage with a non-traditional source of income have options. *This product is not regulated by the New York State Department of Financial Services. Sarah Sharkey is a personal finance writer covering retirement, investing, debt, savings, credit cards, mortgages, and student loans. 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. If their payments were on time, their credit scores were still good enough to get approved for a stated income loan. Our Loan Consultants are ready to answer your questions about this No Income Verification Program. Working with RK team was truly a pleasure. Juan Carlos Rivera and his team we outstanding through out the entire loan process. Highly recommend! However, don't let the name fool you: Some paperwork is required to get a no-doc loan. Thank you all for your time and excellent customer service! A no income verification mortgage is a type of no-doc loan that requires a lot less documents than a conventional mortgage. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. Fixed rates/Adjustable. We have owned somewhere in the neighborhood of 20 houses, and used mortgages on all of them, so we know what we're talking about! Within minutes after filling the application, I received a call from Andres. Andres was fast and efficient. Highly recommend this company!! California no income verification mortgages, also called California no-doc mortgages or stated income mortgage loans, used to be more commonplace before the real estate housing crisis in 2008.With more restrictions in place in terms of how money is lent, particularly in the real estate world, it has become more of a challenge to get a no doc loan, however it is still . I have nothing but GREAT things to say about RK Mortgage Group. My experience went beyond than what we expected. Largest Access to Stated Income Loans and Lenders. Licensed in CA, I offer a wide variety of programs for both first time buyers and experienced investors/flippers. First I want to express my deepest gratitude to Juan Carlos Riviera for his patience, courtesy and professionalism. As such, they might lack important borrower protections that come with standard mortgage loans. No income verification. window.ClickTable.mount(options); If you dont have a verifiable income stream, then youll need enough assets to support the mortgage payments. Roman was always on hand to answer any questions we had. I really appreciate everything RK team did for me to finance my mortgage. No-income verification mortgages dont require proof of income. As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. 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. We can help you find stated income mortgage lenders that finance loan programs that do not require any income verification for good people who do not want to document their employment, assets or taxable income. I highly recommend RK Mortgage Group!! I wish them lots of clients (not like me), luck and prosperity! I had an issue with my other mortgage company that I had been working with and upon contacting RK Mortgage. The process was straightforward, even though my personal situation wasn't. RK Mortgage Group, and Roy in particular, was amazing to work with. Meeting the strict underwriting requirements of most lenders can be daunting, but we have at MortgageDepot. In this case, the lender did not verify any of the income. She was always available to answer my questions, and she guided me through the entire process. 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 The whole team was very attentive and trustworthy, they guided us through the process. I was referred to Roy at RK Mortgage because I was told he specializes in investment properties for self employed people like me. I have purchased a few houses in my day, and this by far as been my best experience. . 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 . Many brokers and banks offer mortgages with unbelievable features, but they rarely end up closing the loan. No tax returns, no paystubs, no bank statements, no 4506 required. | 2023. Apply in 30 seconds with one quick, easy form. Additionally, youll likely need significant cash savings, assets, and a low debt-to-income ratio. Certain state restrictions and requirements may apply. 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. Two thumbs up! (function() { $100K - $5M. It will use these factors to decide if you should get the loan. Instead, youll need to prove to the lender that you can cover the mortgage payments. 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. Its not impossible to qualify for a no-income verification mortgage. Thank you! 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. RK Mortgage Group team exceeded my expectations in every way possible!! There is no application fee from participating lenders or banks. They work well after hours to help get the paperwork done! Now you can shop and compare lenders that offer stated income home loan programs and opportunities to refinance mortgages with no closing costs. They were efficient and helpful all the way through the process. Gone are the days where anyone can qualify for a no credit check home loan, but we have seen several new programs featuring no income verified opportunities for qualified applicants. They are both very knowledgeable, honest and are true professionals. They made it happen. The whole package from start to finish was straight forward and very quick to close . You will need a minimum 20% down payment. Lucrece and our loan processor MeMe worked extremely hard to get our deal done. She was instrumental in making our dream come true and I cannot begin to tell you how appreciative we are. As self-employed and without income verification there were not to many chances for us to be approved for a mortgage. Yes, it is possible to get a second mortgage without documenting your income. Thank you for the hard work. RK Mortgage Group, especially J C Riviera, were very professional, respectful and easy to have help us refinance our mortgage. His advises and the way to deal with minor inconveniences that arose during the process was really professional. 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. Awesome job RK Mortgage Group! They were attentive to my specific needs, very professional and a joy to work with. He gave me all our options in a clear and concise manner. Communicative, Professional, Friendly and most of all honest. No balloons- 30-year amortized term with a 3 or 8 year fixed period. Thank you for getting it done! More on DSCR loans for investment property here. We offer one of the industries lowest rates. Amazing helpful team! Instead, you can qualify for the loan based on your assets. But potential homeowners pursuing this option will likely need a higher credit score and encounter higher mortgage rates. However, youll need to have sufficient existing assets to repay the loan. Rather than requiring the person to submit tax documents, W-2s and pay stubs, lenders base the approvals for these limited doc loans on your bank statements and P&L statement from your company. Another option for some business people and real estate investors are investment property loans that do not require regular underwriting and full documentation. We shopped around with confidence and when we were ready, our team at RK made our dreams come true! You can get approved for a mortgage loan without proof of income by providing proof of assets. Andres was excellent and perfectly understood what I was looking for. 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. 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available At Mortgage Captain, we work with you to obtain a no income verification mortgages through our network of lenders in Ontario. Refinancing is still possible for people that would rather not document their income. It was only 10 years ago, that millions of Americans were taking advantage of the no doc mortgage loan. Roman and Bella kept us informed every step of the way. MeMe is so cool and she always makes us feel encouraged. Me Me was tough with HOA. A++++. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. Willing to pay substantially higher interest rates for the life of the mortgage loan. 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