These loans will have similar mortgage rates . 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. No Tax Returns. 800 SE 4th Ave Suite 139 The mortgage company does verify that the applicant was in fact employed. $1,350,000 / 360 months = $3,750 monthly income. 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. Additionally, Roy was solid and reassuring throughout the whole process, which was especially appreciated since we were first time home buyers. I'd recommend them to anyone. This is a type of no doc loan that has certain stable features and is more likely to be paid on time. You need to have an IRS 1099 or be retired, but with a steady income. Asset Seasoning only 30 days. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act . This can be beneficial for borrowers who are self-employed or who have other sources of income that are difficult to document. Joelle and Me'me have been hanging there with me and my lousy builder for 16 months. He also got me a great rate on my mortgage! Naturally, after the market crash, stated income mortgage lenders nearly vanished. We greatly appreciate the effort and time that RK Mortgage professionals put into our loan process. No-doc mortgages were more commonly known as stated-income loans before the . However, today things have changed and there are alternative stated income loans available for people who have a need for a limited or no doc mortgage. 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. Thanks for getting me to the finish line. My personal situation was complicated, but he managed to get me into my DREAM HOME. Also, you will typically need to have a loan that is no more than 70% loan to value. 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 have purchased our forever home in lovely Key West Florida! We were able to apply, submit all our required docs and close in less than six weeks. RK Mortgage group you are the best! Start afree quote toget aninterest rate and payment estimate. I must mention that I was very impressed with the great and prompt communication I had with Joelle and Me'me. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . Please inquire with lender for updated program qualifications that pertain to your state and your credentials. I couldn't be happier with Joelle and Me'Me. RK Mortgage is an awesome company to do business with. Ms. Meme made sure we were happy with our mortgage experience. * Stated Income -Home Equity Loan up to $300,000. Are you getting declined from your current lender because you don`t qualify for a Mortgage? He was very prompt on getting back to you and making what can be a stressful process very easy. Talk to a lender: (866) 240-5121. Category: 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. Consent is not required to purchase goods or services from lenders that contact me. I would not have my new home without her. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. No-income verification loan rates are substantially higher than currently available mortgage rates, as they pose more risk for lenders. This is what RK Mortgage Group is. Entire process took about 30 days and I had access to my loan officers nearly 24/7. Both ladies were knowledgeable and took time to make sure all my questions were answers regardless the time of day. Most investors use these limited documentation loans for fix and flip properties. Many applicants are good and qualified borrowers that have difficulty documenting their income the way traditional lending underwriters require. Thank you again Lucrece & MeMe! I can't thank him enough for everything he did. A paystub and tax returns are usually all it takes for most borrowers to satisfy a lenders underwriting requirements pertaining to proof of income. Highly recommend! Start Online. Your dedicated Loan Specialist will be your guide from application to closing. After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. RK Mortgage group and Joelle in particular was amazing to work with. What should be your minimum income to buy a house? Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. With the passing of the Frank-Dodd Act of 2010, stated income loans for owner-occupied properties are now illegal. You should have your financial life in tip-top condition if possible. No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. I heard nightmare stories about buying homes and loan companies but this was not one of those cases. Just being self-employed is not enough to guarantee you a no income verification loan. He always kept the fire going and the process was completed before the promised deadline. Awesome job RK Mortgage Group! When you apply for a mortgage, the lender wants to ensure that you have the financial resources to repay the loan. No Income Verification Mortgages . For example, if you are reporting this cash income on your tax returns, that might be enough evidence for the lender. The first step is to provide your lender with copies of your records that indicate your income. Highly recommend! Thank you for all your hard work and dedication! . Lucrece was absolutely fantastic to work with! Thanks again, and we definitely recommend Lucrece and her team! The fact is that no income check mortgage programs and reduced document loan programs can be configured to meet your needs if you have strong compensating factors. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. Many Americans simply do not trust banks or government agencies having access or records of their personal or financial information to get a loan. A borrower with a good credit score can lock in a better rate than a fair credit borrower. Request a call backor email us your questions! Joelle and team did a great job! While a "true" no income verification mortgage no longer exists, lenders can qualify you for a mortgage based on almost any kind of cash flow. 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. You no longer have to let your job history or income documentation prevent you from getting locked into a record low interest mortgage. My situation was unique and they helped me navigate through the steps all the way to the closing table. We now have a significantly lower monthly payment and this is amazing! We were buying a house that needed renovation in a neighborhood we loved. As with all mortgage types, including conventional loans and government-backed loan programs, there is a risk that the lender will repossess your home if you dont make your payments on time. 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. He also does conventional loans. These loans can help you in a number of ways. People do not trust institutions to safely guard their data and many for good reason are terrified of identity theft. Toggle navigation. RK Mortgage Group was considerate of my family's needs and provided options. This type of loan doesnt require standard income documents to finalize your loan. . A no income verification home loan is a type of nonqualifying mortgage. Andres from RK Mortgage Group and his processor, Meme, did a great job! Roman was patient and professional. States Income Loans Making a Comeback - Bankaholic. No Prepayment Penalty Option Available. You always need to prove to a lender that you can afford to repay the loan. I had a great experience with RK Mortgage. What is a no-income verification mortgage? Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . Specialties: NMLS #322945. Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. They really work with you to get the best rates and to help you get into your own home. 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. Some organizations, like Mortgage Depot, offer a no income check program. 650 mid FICO to qualify. But these types of loans require proof of other assets. She was always available either immediately or usually returned calls within an hour. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. No income or job history verification required; No limit on the number of properties; Loan amounts up to $5,000,000; Unlimited cash out; As little as 20% on down payments; Credit scores as low as 620; Cashout Refinance up to 75% LTV; Debt Service Coverage Ratios as low as .75%; Interest-only loan option available; Suited for new and seasoned . Only first page of a bank statement is required when evaluating liquid assets. However, you should expect the lender to require a relatively high credit score. Lucrece was the best! Highly recommend this company!! Words cannot express the professionalism and care her team exhibited through the entire process. A B-lender will allow self-employed, commissioned and people earning tips to qualify up to 75% and in some cases 80% (with an in-house product) to refinance, get a home equity loan, or purchase a home with stated income. I highly recommend!!! I highly recommend RK Mortgage Group!! By far the smoothest mortgage process that we have ever had. So you dont need a traditional income to qualify. 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 have a very busy schedule at work but they were willing to stay after hours to help us. Always fast to respond to phone calls and any concerns, great with answering unlimited questions of first time homebuyers, explaining every step of the way, and simply getting things done. The analysis conducted from day one for the submission of the paper were always accurate. 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. If for some reason we cant help, well do our very best to point you in the right direction. Our Experience with RK Mortgage Group was superb. Rocket Mortgage does not offer this type of mortgage. When others said no they kept pushing and found a way to get it done. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. Get the latest housing market news and expert analysis delivered straight Purchased an investment property. As the CEO of a company, I would not hesitate to recommend RK Mortgage Group for their excellent performance in dealing with the clients. Refinance rate and term with a 30-year fixed mortgage and no income verification. If you have the necessary funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage. 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. She walked through all the steps with me. Being self-employed made it difficult to get a mortgage but, with the bank statement mortgage the process was a lot easier. Highly recommend for anyone seeking mortgage assistance. I called Joelle in a panic, and she got me approved and saved my contract. They work well after hours to help get the paperwork done! I was really impress by the way that he answers all my questions and the promptness on how he answers back emails or calls. Last Name*. 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. You can get approved for a mortgage loan without proof of income by providing proof of assets. Upload loan documents and e-sign mortgage forms online. RK Mortgage Group, you're the BEST!!! We are a Top Leading Mortgage Broker that Specializes in No IncomeVerification Loans. Willing to pay substantially higher interest rates for the life of the mortgage loan. This saved us a lot of time. RK Mortgage Group team made my dreams of becoming a homeowner again possible. Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. 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! Exceptional FHA and VA loans up to 100 % ( up to $ 4 million with VA Jumbo way lending... Sure all my questions were answers regardless the time of day number of ways on. Is more likely to be paid on time 70 % loan to value only page. 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