MeMe is so cool and she always makes us feel encouraged. No Income Verification Loans. Highly recommended team that defines word professionalism in this sphere of business! The last thing you want to do is to get involved with a predatory lender, so make sure you are shopping loans from companies that have a solid record in delivering the type of home loan products you are searching for. Having a higher score may increase your chances of getting approved for a no income verification mortgage loan. This website has no affiliation with any government entities. Rates Starting at 7.46%. She kept me informed and closed on time. This is not a commitment to lend. As an insurance agent that works with many lending officers throughout the state, team Joelle Maximilien-Miller & MeMe Gray are by far the standard for professionalism and efficiency. 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. How can no income-verification mortgages help our borrowers? It was a great process. Debt-To-Income (DTI) is Not Calculated. Ms. Meme excellent, very professional, patience of an angel. 800 SE 4th Ave Suite 139 No Income Verification Mortgage. Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. What en excellent experience! | 2023. Additionally, youll likely need significant cash savings, assets, and a low debt-to-income ratio. No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. See below some highlights of the program. He was very professional and courteous. From start to finish he was courteous, responsive, specializes in no income verification mortgage loans, How to get a No Income Verification Mortgage Loan, 12 Month Bank Statement Mortgage | How to get Approved, How to get Approved for a VA Loan with Low Credit Score, Cash Out Refinance 500 Credit Score | How to Get Approved, DSCR Loan Program | Real Estate Investor Cash Flow Loan, 5 Ways to Get Approved for a Non QM Mortgage, Mortgage for Small Business Owner | 3 Ways to Get Approved, At least 20% down, with 740+ credit and 12 months reserves, As low as 640 credit allowed, with 35% down payment and 24 months reserves, Available on 30 year fixed and ARM options as well, Up to 80% loan to value ratio, with 740+ credit score, and 12 months reserves, As low as 640 credit score, with max of 65% loan to value ratio, and 24 months reserves, Up to 70% loan to value ratio, with 12 months reserves, As low as 660 credit score, with max loan to value ratio of 70%, with 24 months reserves. Thank you again! We were able to apply, submit all our required docs and close in less than six weeks. Excellent, excellent, excellent! Today we cover everything you need to know about getting approved for a no income verification home loan. Important note On a cash out refinance, the cash out proceeds CAN be used to cover the reserve requirement. A no income verification home loan is a type of nonqualifying mortgage. Your dedicated Loan Specialist will work alongside your title company and stay involved from first call toclosing. You won't be asked to submit documents and forms you don't have. But instead of looking at your W-2s, pay stubs, or tax returns, the lender lets you provide proof of your financial stability in other ways. If any one wants to do business with professionalism and respect, I recommend Andres and his team. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. 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. We found the home we fell in love with and the deal was completed within 5 weeks. 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. Refinancing is still possible for people that would rather not document their income. If for some reason we cant help, well do our very best to point you in the right direction. I highly recommend RK Mortgage Group and Andres. A DSCR loan allows you to qualify a mortgage using future rental property income. Look out for any risky clauses like prepayment penalties or balloon payments that would not be included on a standard mortgage loan. Overall my experience was painless and i never felt alone, pressured or cheated. Foreign Nationals Eligible. Get the latest housing market news and expert analysis delivered straight
650 mid FICO to qualify. no doc home, 100% no doc mortgage, no doc mortgage, with no income verification, no income verification refi, no doc stated income, mortgage with no income requirements, no documentation mortgage Moolah is readily available now understand a slight scratched scissors. How can I get approved for a mortgage without proof of income? It will use these factors to decide if you should get the loan. Joelle and Me'me were absolutely wonderful to work with. I feel I made a new friend this year. Amazing helpful team! * Convert your adjustable rates to a Fixed Rate Loan. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. So easy and straight forward to work with and was truly the simplest mortgage we have ever had! I have worked with many different lenders in the past because I'm a Realtor. 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. However, you should expect the lender to require a relatively high credit score. Great working with Roy & Me'Me, they were very professional, and answered all my questions before, during, and even after hours. He is a well disciplined and well-mannered and is the best representation for any mortgage company. Thank you!!!! 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. It can also be useful for those who want to keep their employment information private. He was patient and complete in answering all my questions. 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. Contact one of ourloan consultantsto learn more about this program. 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. No-income-verification mortgages are a type of nonqualified mortgage. Thank you again. I would highly recommend RK Mortgage Group and Lucrece and Marcia specifically. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. Strongly recommended! It was only 10 years ago, that millions of Americans were taking advantage of the no doc mortgage loan. Thank you for the hard work. 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. I worked with Andres at RK Mortgage. The average 5/1 ARM rate, on the other hand, was just 4.08 percent. I couldn't be happier with Joelle and Me'Me. I encourage you to reach out if you need to get approved for a mortgage with no income verification, or need guidance on your specific loan scenario. But these loan programs can be viable way to enter the housing market as long as you have an exit strategy. 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. Qualify For Your No-Doc Loan or Alternative Mortgage Loan Today. 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. Not everyone will qualify for stated and no doc loans and certain restriction may apply. * Full-Document -Home Equity Loan up to $500,000. If its a challenge to verify your income, then a no-income verification mortgage is an option worth pursuing. In most cases the borrower is using savings in a bank in lieu of monthly income documentation. This is a type of no doc loan that has certain stable features and is more likely to be paid on time. Originally, the idea behind a no doc loan was to make buying a home easier for the self-employed, small business owner. Willing to pay substantially higher interest rates for the life of the mortgage loan. However, its important to note that no income verification mortgage loans may require a larger down payment or a higher credit score than traditional loans. For example, most lenders will require you to have a certain credit score. They walked me step by step through the mortgage approval process. In the end, Stephanie, MeMe, and the staff have contributed all their time and effort to help us realized our dream to have a house of our own. From start to finish she stood by my side and guided me thru every process that it took to get me into my dream home. After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. } Joelle was able to jump right in resolve the situation and help me close on my home. They work well after hours to help get the paperwork done! RK Mortgage Group was recommended to me by one of my friends. They are now required to make a good faith effort to determine if the borrower can repay the loan. Someone with a $300,000 mortgage at a 5.25% . * Stated Income -Home Equity Loan up to $300,000. I'm happy. RK Mortgage Group team made my dreams of becoming a homeowner again possible. This can be appealing for those who do not want to disclose their income or employment to a lender. They made it happen. I was referred to Roy at RK Mortgage because I was told he specializes in investment properties for self employed people like me. We actually closed in 26 days. I was googling a mortgage company before purchasing my house and found RK Mortgage Group offering programs for self-employed borrowers. People are raving about home equity loans with no documentation required. She kept us updated on everything that was happening with our loan. He provided EXCEPTIONAL customer service, answered my numerous questions and always kept me informed during the entire process. Get Expert Advice from Brokers and Lenders that Specialize in Alternative Home Loans. Joelle is the most professional loan officer we've had by far. It was quite an experience with mixed feelings. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. We offer stated income loans and jumbo loans from $200k to $10 million. They educated my wife and myself on the process and helped us make an informed decision . Very knowledgeable and professional! Some organizations, like Mortgage Depot, offer a no income check program. If you want to purchase a home with no income, youll need a substantial net worth with enough assets to support repaying the loan. Request a call backor email us your questions! Will recommend to anyone needing a mortgage. I would definitely recommend this mortgage company. In this day and age, customer service, I feel has become something of the past. No balloons- 30-year amortized term with a 3 or 8 year fixed period. Thank you for your help to buy our new home! When others said no they kept pushing and found a way to get it done. In the future, when it's time to refinance our home again, we will choose RK Mortgage again.. No doubt.. as they have earned our trust! Fast and professional! Great team to work with. A debt-service coverage ratio (DSCR) loan is a type of investment property mortgage. What loan does not require proof of income? These loans are risky for lenders, so they require higher mortgage rates for borrowers. Each lender sets its own specific credit score requirements for no-income verification home loans. You no longer have to let your job history or income documentation prevent you from getting locked into a record low interest mortgage. Today there are some no doc or limited doc loans that you can qualify for. RK Mortgage was definitely the right choice for us. We're forever Thankful for her. Yes, these rates impact your monthly mortgage payments, but they also impact options for homebuyers that include loans terms like a 15-year or 30-year mortgage, using fixed-rate or adjustable-rate . While true no income verification mortgages no longer exist, lenders can qualify you based on almost any kind of cash flow. Finding a company that offers a stated income mortgage refinance, or no income equity loan is not as easy as it was a decade ago. A no-documentation home loan is a mortgage that doesn't require the borrower to provide standard income documentation. . . Although you cant get approved for a traditional mortgage without proof of income, there are other loan options when trying to obtain a primary residence. Many applicants are good and qualified borrowers that have difficulty documenting their income the way traditional lending underwriters require. Roman Khodos a personable, helpful, knowledgeable and highly professional. The lender accepts other items, such as bank statements, as proof you can repay the mortgage. We highly recommend RK Mortgage Group. Find Your No Doc Rate? Yes, a no-income verification mortgage enables you to buy a home without a regular job, or steady source of income. They are always there to give assistance. Another option that more lenders are offering today is referred to as a Lite Doc loan. Thank you RK Mortgage Group Inc. We highly recommend them to anyone purchasing a home. These loans are often referred to as hard money loans, and are usually offered by companies or individuals that lend to real estate investors. $1,000,000 + $350,000 = $1,350,000 total assets. All closing costs will be covered and there are no closing costs to the borrower. 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. I would recommend Joelle to any of my personal friends, family, and or colleagues!! I was lucky to find JC and RK Mortgage Group. Here is what you can expect when buying a home with no income verification: Reserves are the number of months of morgtgage payments you have left over in verifiable assets after accounting for the amount needed at closing for down payment, costs, and escrows. Do you have a problem cashing out money from a propertybecause you are self-employed or don`t show enough income to qualify? 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. She was instrumental in making our dream come true and I cannot begin to tell you how appreciative we are. 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 . A no-income-verification mortgage does not require the borrower to provide the lender standard proof of income documents, such as pay stubs, W-2 forms and tax returns. Why Choose Us. In this type of "no income loan" income and assets info was not requested by the lender nor offered by the applicant. Roy not only got the load approved, but I close on my house only 2 weeks after my initial conversation with Roy. His knowledge was invaluable to us during this whole journey. Income Documentation is Not Required. Starr Mortgage has helped hundreds of borrowers in New York, New Jersey, and Florida with No Income Verification Loans and we understand the special attention that they require. Lucrece was very helpful and gave us hope about the refinance. I usually don't write reviews, but I had to write something about my experience with RK Mortgage Group. Home Purchase | No Income Verification Loan. Just refinanced with JC and Me'Me. I closed on my first home last week and not without the help of Stephanie Ventura and Me'Me Gray. Thank you so much Joelle for your service. This gives them an asset-based "income" of $3,750 per month. A high score can get you a low interest rate, while a low score can result in higher rates. The process was straightforward, even though my personal situation wasn't. Start afree quote toget aninterest rate and payment estimate. 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). Lenders don't have to consider tax documents like W2s or tax returns but can accept bank statements as a sufficient form of proof of income. Be Prudent when Shopping Online for No Income Verification Loan Programs: If you are buying a house, you need to ask the lender what the minimum credit score is, what the minimum down-payment requirement is and whether you will need to supply statements for the lender to verify assets. I can tell you that she really did a great job during the entire process. These loans are credit score driven. I was impressed with the process. Great job ladies and gentlemen! }) Thank you RK Mortgage! Thank you again for all of your help and support! Use your quality financial history to secure a loan. However, these are non-qualified mortgage (non-QM) programs, meaning they are controlled by individual lenders and not regulated by any government agency. 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 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. First Name*. For example, most lenders will require you to have a certain credit score. With the passing of the Frank-Dodd Act of 2010, stated income loans for owner-occupied properties are now illegal. RK team got everything taken care of quickly and made this a smooth transaction. I had a very short time frame to close and they managed to get everything moving, especially in COVID! Licensed in CA, I offer a wide variety of programs for both first time buyers and experienced investors/flippers. 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. We will help you locate online lenders that specialize in no income loans, no doc mortgages and stated income loan programs. If you want to buy a home without a two-year income history, then youll likely need a great credit score and a large down payment. If possible, aim to get your credit score above the 700 mark. But a bank statement loan is designed to provide the lender with a way to verify that the person has enough income to pay the loan. 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. 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, wholeheartedly, recommend Juan Carlos for all your lending needs. No income verification No tax returns 30-year terms. My husband and I have been trying to buy a home for a very long time. They never missed a call anytime I had a question or concern. Process was simple, quick, and nothing left to chance. This type of loan doesnt require standard income documents to finalize your loan. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. Also, you will typically need to have a loan that is no more than 70% loan to value. However, if you gather as many documents as possible, work with a reputable broker, it is possible to get mortgage approval. You always need to prove to a lender that you can afford to repay the loan. 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. Lucrece was the best! What is a no-income verification mortgage? Talk to a lender: (866) 240-5121. 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 Bank statement loan makes life a million times easier for self employed people. These loans can help you in a number of ways. I just closed on my first home and the process could not have been any smoother. Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. You might be asking "What is a No Income Documentation Loan"? Complete our simple and secure online form inminutes. Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. He was always available, competent, insightful and considerate. No doc loans, short for no documentation loans, are mortgages that require little to no paperwork to qualify. Lucrece and her team were awesome! Most lenders also want to see a six-month reserve fund. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. They were so great to work with, Joelle and MeMe, thanks again. I started working with JC on getting the financing done, he is the most patient man on earth. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. Get Quotes and Disclosures in Writing: Make sure you get all offers in writing that include the uniform residential mortgage disclosures such as the "Good Faith Estimate" and "Federal Truth in Lending" statements. He also does conventional loans. They were efficient and helpful all the way through the process. I would definitely recommend RK Mortgage. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. Highly recommend for anyone seeking mortgage assistance. The entire application process handled by email and online, which was very convenient for me. Took the time to explain everything. We do not require pay stubs or tax statements. Typically, a no doc loan required the applicant to have a decent credit score and six months of reserves. Words cannot express the professionalism and care her team exhibited through the entire process. I was working with Roy and Me'Me. See online home equity approvals as fast as 10 minutes. 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) . If you dont have a verifiable income stream, then youll need enough assets to support the mortgage payments. 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 . I traveled for business and my wife stayed home. Another option for some business people and real estate investors are investment property loans that do not require regular underwriting and full documentation. Lorie C, Fort Myers, Florida Without her assistance and hard work none of this would have happened. Roman was patient and professional. No Tax Returns. I must mention that I was very impressed with the great and prompt communication I had with Joelle and Me'me. Thank you for all your hard work and dedication! He was always there to reassure me and keep me focused. Filling out this form puts you under no obligations. They are both very knowledgeable, honest and are true professionals. Most banks and lending companies do not offer no verification loan refinancing or purchase loans. $100k - $5M, close in 2-4 weeks! The whole package from start to finish was straight forward and very quick to close . "Adam and his team were able to use a "common sense" approach to get a land contract refi handled in about a month. From start to finish Joelle was there for us guiding us every step of the way. $1,350,000 / 360 months = $3,750 monthly income. I highly recommend them. Can you buy a house with no money down? If I had to do it again rest assured it would be with Eric @ RK Mortgage. A good number to target is 20%. Our experience with RK was wonderful from start to finish. I recommend Joelle very highly. Challenge to verify your income, then youll need enough assets to the... A reputable broker, it is possible to get it done help you locate online lenders that specialize in income. Managed to get your credit score of 620 or higher for better mortgage rates frame to and. 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