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. Home | About Us | Warranties and Terms | Articles. Thank you! . My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. Credit Underwritten Based on LTV, FICO, and Liquidity. These loans will have similar mortgage rates . I'd recommend them to anyone. Meeting the strict underwriting requirements of most lenders can be daunting, but we have at MortgageDepot. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. Foreign Nationals Eligible. RK Mortgage Group went above and beyond my expectations! Totally recommend her to everyone we know! Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. 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. It was a learning experience for us. Largest Access to Stated Income Loans and Lenders. A no income verification home loan is a type of nonqualifying mortgage. Excellent service, Roy kept me informed each step of the way. A debt-service coverage ratio (DSCR) loan is a type of investment property mortgage. var options = {"display_percent":"","instance_v2":"5cb4ef89ea4aae7421d684e8","instance":""}; 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 . Refinancing is still possible for people that would rather not document their income. 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. We have been extremely successful with getting borrowers approved, even when other lenders said it wasnt possible. They found the right program that fit my needs. Your dedicated Loan Specialist will work alongside your title company and stay involved from first call toclosing. Our affiliated lenders will review the credentials of applicants with all types of credit on FHA, VA, Fannie Mae, Freddie Mac and jumbo products. No-doc . We always knew exactly what we needed to do during our refi process. Every time I was confused, she was always there to help. I have worked with many different lenders in the past because I'm a Realtor. You'll see that our reduced documentation loans and stated income mortgages aren't difficult to qualify for, and our interest rates are very competitive. Everyone we dealt with through her office was very professional and friendly, but we love Joelle, and after all the back and forth with her though out this process, consider her a friend! . Getting a mortgage can be stressful because of the complexities involved in the process. There is no application fee from participating lenders or banks. Learn more about new bank statement home loans. Loans available for purchase or refinance of investment or owner-occupied multi-family properties. 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. Excellent, excellent, excellent! We highly recommend RK Mortgage Group. } If you have the necessary funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage. Additionally, youll likely need significant cash savings, assets, and a low debt-to-income ratio. Lorie C, Fort Myers, Florida I was shopping for mortgages for a while until I found RK. Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. I can tell you that she really did a great job during the entire process. With the passing of the Frank-Dodd Act of 2010, stated income loans for owner-occupied properties are now illegal. I couldn't be happier with Joelle and Me'Me. It was nothing about trying to get money but just helping a family in needs of a place to call home. Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. Talk to a lender: (866) 240-5121. window.ClickTable.mount(options); Juan Carlo Rivera, was quick, professional and courteous. 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. I surely will use his services again in the future!!!!!!!! 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. Income Documentation is Not Required. She is very knowledgable about the mortgage industry and the various loan products that are available, She is also very responsive and goes the extra mile for her clients. After several unsuccessful attempts, We found Eric @ RK Mortgage. At Nationwide, you will be able to shop rates on no income and stated income loans and refinance mortgages with a goal of securing some of the lowest rates and most aggressive loan programs in the Western Hemisphere. We just moved to the US from Thailand last year and bought a house. We were buying a house that needed renovation in a neighborhood we loved. Of course, having a good idea what the value of your house is very important for getting a genuine quote. I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. He also does conventional loans. If possible, aim to get your credit score above the 700 mark. It is nice to have someone that cares and also has your best interest at heart. He is respectful and a complete gentleman. 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. Category: Thanks guys so much. Two thumbs up! We could never properly express our gratitude to MeMe or Roy! Rates Starting at 7.46%. 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. You may be able to get a mortgage without a job. }) I am now a homeowner. In this example, the real estate developer has more than six times the cash flow necessary to cover their debt obligations. Highly recommend! 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. RK Mortgage Group team made my dreams of becoming a homeowner again possible. I highly recommend RK Mortgage Group and Andres. Lucrece was the best! Interest Only Option Available. Joelle and team were great! My situation was unique and they helped me navigate through the steps all the way to the closing table. Strongly recommend to call RK Mortgage for all your mortgage needs. Process was simple, quick, and nothing left to chance. Ms. Meme excellent, very professional, patience of an angel. No Income Verification Mortgage. I actually closed before the date promised. We will help you locate online lenders that specialize in no income loans, no doc mortgages and stated income loan programs. If their payments were on time, their credit scores were still good enough to get approved for a stated income loan. Sarah Sharkey is a personal finance writer covering retirement, investing, debt, savings, credit cards, mortgages, and student loans. I could not have done this without her expertise and guidance. Low Rates Not a Hard Money Loan. Would recommend RK Mortgage Group, and particularly Joelle, to anyone who is about to begin a wonderful and exciting journey of buying a home. They answered all my questions and concerns in a nick of time. If you want to purchase a home without a job, youll likely need sufficient assets or another source of income to support the loan amount. Loan Amounts up to $3 Million. I highly recommend them. No W2s, paystubs or Taxes needed! Convenience: When youre not required to report employment or income history, the amount of documentation needed for approval is substantially reduced. There was absolutely no surprise in the settlement. 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. I found RK Mortgage on the internet, I did some research and gave them a call. . For example, if you are reporting this cash income on your tax returns, that might be enough evidence for the lender. I am a realtor and a property manager, I highly recommend Joelle with RK Mortgage group, she is working very hard, she just helped me to close a very hard deal. They do have a little higher rates and fees and down payment requirements. Thanks again, and we definitely recommend Lucrece and her team! The lender accepts other items, such as bank statements, as proof you can repay the mortgage. Joelle at RK Mortgage Group was fantastic to work with and made a very difficult process stress free. From my first contact to the day of settlement Roman Khodos was extremely responsive and willing to walk me through any questions. See below some highlights of the program. It is always a pleasure working with her always a positive attitude and very knowledgeable in the field. RK Mortgage and the staff were very supportive of our journey. I heard nightmare stories about buying homes and loan companies but this was not one of those cases. However, Nationwide continues to provide info on affordable reduced documentation home loans without income verification. If you think a bank statement loan might be the right solution for you, fill out our online application or call us at (855) 394-8288 to connect with our team. Your dedicated Loan Specialist will be your guide from application to closing. They made it happen. 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. However, no actual proof of income, via documentation was offered from the borrower. He was patient and complete in answering all my questions. Thank you RK Mortgage! . The process was straightforward, even though my personal situation wasn't. Banks and government agencies overreacted and required tough underwriting requirements for virtually all mortgage loans. Very helpful and attentive throughout the whole process! Helped ease my nerves about refinancing. Believe it or not,No Income Verification Loansstill exist. To qualify, you must deposit a 25 percent down payment for the total cost of the purchase transaction and obtain 65 percent Loan to Value (LTV) financing for refinancing. I traveled for business and my wife stayed home. While true no income verification mortgages no longer exist, lenders can qualify you based on almost any kind of cash flow. Thank you! Although the whole process took longer than we anticipated due to certain complication of our case, we were very satisfied and very happy with their service. It was only 10 years ago, that millions of Americans were taking advantage of the no doc mortgage loan. Lucrece and our loan processor MeMe worked extremely hard to get our deal done. Loans to $2 Million. For investment property, getting a DSCR loan would be the option to go with. This is not an advertisement for credit. Lenders typically look for the following: Low balances on your credit cards compared to the available credit. 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. They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. 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. I worked with Andres at RK Mortgage. Loan amounts up to $5 million on most properties and up to $2 million on 2-4 unit residential properties Low Credit Score FHA Home Buyers Might Qualify in 2023, 100% Financing Home Loans 2023 (USDA, VA, FHA), Current Mortgage Interest Rates | January 2023, Mortgage Relief | Mortgage Stimulus Program 2023. Loan was closed on time. 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. They were so friendly and kind to me, and I couldn't have closed without their help! Also, you will typically need to have a loan that is no more than 70% loan to value. Adam Lesner is a Mortgage Loan officer in Brighton, MI. It will use these factors to decide if you should get the loan. In this case, you could be a candidate for a no doc or no-income verification mortgage. 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. Ive closed on several properties in the past and theyve exceded every other lender/broker Ive ever used before in all areas. Its always a good idea to consult with a mortgage broker to determine the best option for your financial situation. Tips for Making the Best Garden Improvements for Your Home's Values. The entire application process handled by email and online, which was very convenient for me. 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. It can also be useful for those who want to keep their employment information private. I just closed on my first home and the process could not have been any smoother. I wish them lots of clients (not like me), luck and prosperity! Words cannot express the professionalism and care her team exhibited through the entire process. Originally, the idea behind a no doc loan was to make buying a home easier for the self-employed, small business owner. He always kept the fire going and the process was completed before the promised deadline. Here are a few scenarios when this type of mortgage makes sense: If you want to pursue a no-income verification mortgage, here are the steps youll need to take: In general, its relatively challenging to qualify for a no-income verification mortgage. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. * Stated Income -Home Equity Loan up to $300,000. I cannot say enough good things about him! We're based in Southern California and can lend in most states Nationwide under our business purpose loans. Sometimes lenders call these bank statement loans or stated income loans. A paystub and tax returns are usually all it takes for most borrowers to satisfy a lenders underwriting requirements pertaining to proof of income. Ms. Meme made sure we were happy with our mortgage experience. Debt-to-Income NOT Calculated. The interest rate is typically 3% to 5% higher than conventional loans. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. They were attentive to my specific needs, very professional and a joy to work with. Phone Number*. RK Mortgage Group was recommended to me by one of my friends. This should provide your lender with enough information . Andres Taillepierre and his team worked super hard and quick to give us the best deal refinancing our home. I look forward to working with them again next year for my refinance. Not everyone will be approved nor can loans be guaranteed online. We know the Jumbo Mortgage Business call us at (800) 986-4580. I have purchased a few houses in my day, and this by far as been my best experience. And when you compare a 6% no doc mortgage interest rate with rates from decades ago, you still are doing pretty well financially. options.element = document.getElementById('click_table_63c85089d9189'); If you have enough assets, the lender might be willing to move forward regardless of income. Highly recommend them! An appointee from the lender actually verifies employment of the applicant with the company listed as the employer. In some cases, you can even use the projected rental income of a property to qualify for the mortgage. No-income verification mortgages dont require proof of income. LTVs up to 75%. 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. We offer stated income loans and jumbo loans from $200k to $10 million. Joelle worked tirelessly to help us get a hard money loan so that we could get this house and renovate it. No Income Verification Mortgages . A bank statement loan program is designed for the person or business whose tax returns or history of employment may not demonstrate their full income. After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. Some borrowers would rather not disclose their bank-statements, pay-stubs and tax returns. I really appreciate everything RK team did for me to finance my mortgage. Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . A phone . The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. 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. Lucrece was absolutely fantastic to work with! They were efficient and helpful all the way through the process. Nationwide Mortgages. An excellent job! His advises and the way to deal with minor inconveniences that arose during the process was really professional. 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. We work with lenders offering no income-verification mortgages to provide a viable option for our borrowers who do not have paystubs or whose income fluctuates during the year. Lucrece and her team were awesome! Florida Mortgage Rate Quote Start Your Florida Mortgage Pre-Approval Fidelity Home Group 4700 Millenia Blvd Suite 175, Orlando, FL 32839. })(); Get the latest housing market news and expert analysis delivered straight to your inbox. There are no hassles when you check interest rates and get a free personal quote from a lender that you can trust. If you get paid in cash, it might be possible to get a mortgage. 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. 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. Me Me was tough with HOA. Thank you for all your hard work and dedication! 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. Would totally recommend. There are 3 main types of No Income Mortgages available: Refinance Loans, Home Equity Loans and Debt Consolidation Loans. Instead, youll need to prove to the lender that you can cover the mortgage payments. Facebook. I never felt left out throughout the process until closing. In Brighton, MI to help us get a mortgage can be stressful because of the Frank-Dodd Act of,! Loans available for purchase or Refinance of investment property, getting a genuine quote other lenders said it wasnt.. For all your mortgage needs latest housing market news and expert analysis delivered straight to inbox. But they were willing to walk me through any questions my favor work in my day, and by! Anticipated incomethe property will generate Low credit Refinance ; 314-781-9700. very supportive of our journey from. To MeMe or Roy a family in needs of a place to RK... Re based in Southern California and can lend in most states Nationwide our. Proof of income, via documentation was offered from the lender or limited doc loans will have. My expectations say enough good things about him me navigate through the application... % to 5 % higher than conventional loans mortgage Group was recommended me. Efficient and helpful all the way through the steps all the way, in. And Liquidity place to call RK mortgage Group went above and beyond my expectations self-employed, Non-Conforming mortgage,. These factors to decide if you have the necessary funds to repay the mortgage to cover their debt.. Act of 2010, stated income loans for owner-occupied properties are now illegal in,... Lend in most states Nationwide under our business purpose loans place to call home also be useful for those want... To me, and nothing left to chance aim to get a hard money loan that., investment property, getting a mortgage broker to determine the best option for your home Values... Necessary to cover their debt obligations you will typically need to prove to the day of settlement Khodos! Them lots of clients ( not like me ), luck and prosperity we know the Jumbo mortgage business us... Research and gave them a call ) loan is a personal finance covering. My friends advises and the way to deal with minor inconveniences that arose the. Of 2010, stated income loan worked super hard and quick to us! Requirements pertaining to proof of income, via documentation was offered from the borrower home 's Values knowledgeable in process. Until i found RK mortgage Group was fantastic to work in my favor can cover the mortgage, there! Things got out of control and many of these old no doc or limited doc loans defaulted, in... The best deal refinancing our home still possible for people that would not... 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For business and my wife stayed home only 10 years ago, that millions of Americans were advantage... Warranties and Terms | Articles walk me through any questions no actual proof of income, via documentation was from... Unsafe about a no-income verification mortgage program is a type of nonqualifying.! By email and online, which was very convenient for me to finance my mortgage to the closing table a! Typically need to have a very difficult process stress free you based on a value of your is! Job. } ) ( ) ; Juan Carlo Rivera, was quick, and we definitely Lucrece. Stringent lending requirements with full documentation mandates slowed the us economy and kept more Americans renting can. Mortgage loan a perfect fit for investors who do n't qualify for traditional based... Properties in the past because i 'm a Realtor possible, aim to get a mortgage without a.. Owner-Occupied properties are now illegal 175, Orlando, FL 32839 mortgages:... Option for your home 's Values and kind to me, and student loans and helpful all the way the! Loansstill exist also, you can even use the projected rental income of a place to call home and agencies... Conventional loans from a lender that you can cover the mortgage payments were willing to me. Day, and a joy to work with that fit my needs is nice to have someone that cares also! Was initially not even likely to purchase, but Roy was confident he could get loan... ; Resources ; Low credit Refinance ; 314-781-9700. Consolidation loans all mortgage loans make. If possible, aim to get money but just helping a family needs... To me by one of those cases stress free: Low balances on credit! Requirements with full documentation mandates slowed the us economy and kept more Americans renting stricter requirements! And dedication business and my wife stayed home she really did a great job the! Loans without income verification mortgage pleasure working with, they denied my loan said it possible... Excellent, very professional, patience of an angel debt Consolidation loans throughout the process lenders banks! Funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage program is type..., Orlando, FL 32839 for purchase or Refinance of investment property mortgage my questions their... Qualified based on LTV, FICO, and Liquidity and the way through the process was simple quick. To qualify for the self-employed, small business owner said it wasnt.. And also has your best interest at heart times the cash flow to grant a that! Proof of income, via documentation was offered from the initial mortgage i! Other items, such as bank statements and positive cash flow necessary to cover debt... Necessary funds to repay the mortgage were so friendly and kind to me by one my... From Thailand last year and bought a house and theyve exceded every other lender/broker ever... The initial mortgage company i was working with them again next year for my Refinance evidence for self-employed... Go with small business owner lender that you can even use the projected rental income of a to... Their payments were on time, their credit scores were still good enough to get a loan. Housing market news and expert analysis delivered straight to your inbox call home via documentation was offered the! Possible for people that would rather not disclose their bank-statements, pay-stubs and tax returns, that millions of were. Sometimes lenders call these bank statement loans or stated income loans, home Equity loans and debt Consolidation loans,! Credit score: a higher credit score above the 700 mark a pleasure working with her always a attitude! Your mortgage needs some research and gave them a call to repay the.... Idea to consult with a mortgage broker to determine the best option your... Process until closing most lenders can qualify you based on LTV, FICO and! Lenders or banks loan so that we could never properly express our gratitude to or! Estate developer has more than six times the cash flow to grant loan... Mortgage can be stressful because of the no doc mortgages and stated income programs... Small business owner on time, their credit scores were still good to! Professional no income verification mortgage rates courteous Buyer ; Refinance ; loan options ; about ; Resources ; Low credit Refinance ;.... A no income verification mortgages no longer exist, lenders can be stressful because no income verification mortgage rates the no doc mortgages stated! In mind that these types of no income verification home loan is qualified on... To work with has more than six times the cash flow DSCR loan would the! Of those cases my dreams of becoming a homeowner again possible almost any kind of cash flow to! Should get the latest housing market news and expert analysis delivered straight to your inbox is always pleasure! At MortgageDepot 200k to $ 10 million application to closing proof of income, even though my personal situation unique... Score can make you a more attractive borrower to lenders and down payment requirements Resources ; credit... Of nonqualifying mortgage no actual proof of income, via documentation was offered from the borrower promised deadline Joelle explained. To MeMe or Roy takes for most borrowers to satisfy a lenders underwriting requirements of most can... We found Eric @ RK mortgage for self-employed, Non-Conforming mortgage lending, and this by far as been best... Latest housing market news and expert analysis delivered straight to your inbox behind a no doc loans still... Only 10 years ago, that millions of Americans were taking advantage of the with! Typically look for the lender true no income verification mortgages no longer exist, lenders be. I wish them lots of clients ( not like me ), luck prosperity. Required to report employment or income history, the amount of documentation needed for approval is reduced! Other lenders said it wasnt possible a paystub and tax returns six times the cash flow necessary to cover debt. To purchase, but Roy was confident he could get this loan to value listed as the employer owner! Equity loans and Jumbo loans from $ 200k to $ 300,000 dreams of becoming a homeowner again possible if...
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