no income verification mortgage rates

Thank you for the seamless experience! Thank you Joelle and RK Mortgage Group you are amazing! Special thanks to Lucrece Valentin and her team for their tireless commitment to providing a smooth seamless buying experience. The whole team was very attentive and trustworthy, they guided us through the process. 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. JC is up front and honest person. When you apply for a mortgage, the lender wants to ensure that you have the financial resources to repay the loan. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. Then, I decided to give one last broker a try RK Mortgage Group. So you dont need a traditional income to qualify. No hidden fees or surprises. * Convert your adjustable rates to a Fixed Rate Loan. The problem came in where people could easily borrow cash temporarily to show they had 'reserves,' and could pay bills by using credit cards. I never felt left out throughout the process until closing. Talk to lenders and find competitive pricing. *This product is not regulated by the New York State Department of Financial Services. We now have a significantly lower monthly payment and this is amazing! Willing to pay substantially higher interest rates for the life of the mortgage loan. I feel I made a new friend this year. I also had the pleasure to work with Me'Me who is fast acting and together they make an excellent team. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. More on DSCR loans for investment property here. Typically, these loans charge higher interest rates than qualifying loans, but can be easier to get approved if you're self- or seasonally employed. })(); Get the latest housing market news and expert analysis delivered straight to your inbox. Juan Carlo Rivera, was quick, professional and courteous. A no income verification mortgage is a type of no-doc loan that requires a lot less documents than a conventional mortgage. Thank you very much. No income-verification loan guidelines 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 680 minimum credit score 30-year fixed-rate . We love her! Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. Find Nationwide lenders that specialize in no income refinancing, no doc mortgages and stated income home loans. By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. Getting to the closing table will not get easier than working with this great team. These loans carry high interest and are offered to investors based upon the value of the property. 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 . Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. If possible, aim to get your credit score above the 700 mark. However, if you gather as many documents as possible, work with a reputable broker, it is possible to get mortgage approval. His advises and the way to deal with minor inconveniences that arose during the process was really professional. A DSCR loan allows you to qualify a mortgage using future rental property income. 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. 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. Upload loan documents and e-sign mortgage forms online. I would like to thank everyone who was involved with my loan from the beginning until signing. As the CEO of a company, I would not hesitate to recommend RK Mortgage Group for their excellent performance in dealing with the clients. What en excellent experience! They walked me step by step through the mortgage approval process. Speak to a Loan Officer today (888) 508-6055 . Many Americans simply do not trust banks or government agencies having access or records of their personal or financial information to get a loan. Mortgage rates and home loan programs are subject to change without notice. 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. 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. Roy/Me'Me made my dreams of becoming a homeowner again possible. Look out for any risky clauses like prepayment penalties or balloon payments that would not be included on a standard mortgage loan. We offer stated income loans and jumbo loans from $200k to $10 million. And that's because . Only first page of a bank statement is required when evaluating liquid assets. . No Tax Returns. They are both very knowledgeable, honest and are true professionals. Apply in 30 seconds with one quick, easy form. We were able to complete a mortgage application online and electronically sign all the documents the next morning. If you have the necessary funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage. Since lenders won't be looking at pay stubs and W2's, they might look to other . 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. Phone Number*. *Mortgage loans with no income verification are available in most states, but not all states. RK Mortgage is an awesome company to do business with. Ms. Meme made our dreams of owning a home come true! 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. No tax returns, no paystubs, no bank statements, no 4506 required. By saving for a larger down payment, you can make yourself a more attractive borrower to lenders and increase your chances of getting approved. 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. Joelle and team did a great job! They worked diligently to ensure the process was efficient and stayed in touch each step of the way. I was applying for mortgages for my dream home in Florida. Nationwide offers unique no income mortgage options on 1st & 2nd loan products. Last Updated: November 15, 2022. They do not require borrowers to . Certain state restrictions and requirements may apply. I have purchased a few houses in my day, and this by far as been my best experience. She was reliable and always reachable one way or the other. Not everyone will qualify for stated and no doc loans and certain restriction may apply. 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) . Joelle worked tirelessly to help us get a hard money loan so that we could get this house and renovate it. In this case, the lender did not verify any of the income. No income verification No tax returns 30-year terms. Andres from RK Mortgage Group and his processor, Meme, did a great job! My situation was unique and they helped me navigate through the steps all the way to the closing table. I am eternally grateful. Will definitely Recommend. Types of No Income Mortgages. You do not provide any pay stubs, W-2s, or tax returns. I can't thank him enough for everything he did. No Income Verification Mortgage. 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. I just want to say how thankful I am to have found Joelle Maximilien-Miller to do my loan. Instead, youll need to prove to the lender that you can cover the mortgage payments. 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. The loan is approved based on credit and reserves. 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. 1-4 Families + Condos. The lender accepts other items, such as bank statements, as proof you can repay the mortgage. Thank you JC and MeMe, you both have been amazing throughout this entire process and we truly appreciate the amazing service, support and follow up!! Adam Lesner is a Mortgage Loan officer in Brighton, MI. Great Job thank you. Credit Underwritten Based on LTV, FICO, and Liquidity. I was googling a mortgage company before purchasing my house and found RK Mortgage Group offering programs for self-employed borrowers. 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. Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) Category: 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. No Income Verification Mortgage. I wish them lots of clients (not like me), luck and prosperity! Thank you RK Mortgage Group and Thank you Joelle! This company was such a pleasure to work with. I could not have done this without her expertise and guidance. I will extremely recommend RK Mortgage Group to others looking to get approved for a loan. What credit score is needed for a no-income verification mortgage? He took numerous calls, emails and texts from me daily. Great experience with RK Mortgage Group, my rep Lucrece Valentin was extremely helpful in getting me set up with right mortgage, the overall process was smooth and we closed on time, highly recommend RK Mortgage Group & Lucrece for anyone looking for a mortgage. You won't be asked to submit documents and forms you don't have. To qualify for these types of loans, the lender looks at the value of the property after repairs are made and what its potential rent income will be. Lucrece worked with me through the entire process and was easy to work with. They'll also order a property appraisal to check the resale potential of the investment. It was a pleasure to work with him and his team. Plug those numbers into the formula and you get DSCR = $2,150,000/$350,000 = 6.14. There is no application fee from participating lenders or banks. Before signing up for a no-income verification mortgage, be sure to carefully read and understand your loan terms. For investment properties, please review our No Income Verification program. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. A no-income verification mortgage refinance is a type of loan that allows borrowers to refinance their homes without having to provide documentation of 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. Your loan payments can be interest only payments. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act . Most investors use these limited documentation loans for fix and flip properties. This website has no affiliation with any government entities. 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. RK Mortgage Group, especially J C Riviera, were very professional, respectful and easy to have help us refinance our mortgage. Home Purchase | No Income Verification Loan. We could never properly express our gratitude to MeMe or Roy! Can you buy a house with no money down? Do you have a problem cashing out money from a propertybecause you are self-employed or don`t show enough income to qualify? At times, I became anxious about the process, but Juan Carlos did his best to put me at ease. When they say they work fast, they mean it. If any one wants to do business with professionalism and respect, I recommend Andres and his team. No income verification mortgage program allows you to qualify based on rental analysis to determine property cash flow. 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. Joelle of RK Mortgage Group and I were destined to do business together. I cannot say enough good things about him! Need a Stated Income Mortgage or No Doc Loan? Adam responded to emails "We can't say enough good things about Adam. Each lender sets its own specific credit score requirements for no-income verification home loans. 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. * Stated Income -Home Equity Loan up to $300,000. They were so great to work with, Joelle and MeMe, thanks again. Thank you RK Mortgage and Joelle. Juan Carlos Rivera and RK Mortgage Group was amazing during this process of obtaining a mortgage for our new home. 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. How can no income-verification mortgages help our borrowers? Lenders must fully document a borrower's ability to repay the loan either with income or assets. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. Option for No Income Verification. We are truly blessed to be first time homeowners! I will only be using RK for my future financing needs. Joelle provided my family with amazing service. It is always a pleasure working with her always a positive attitude and very knowledgeable in the field. These loans are available with competitive interest rates and are typically five-year ARMs. Lucrece was very helpful and gave us hope about the refinance. . It was nothing about trying to get money but just helping a family in needs of a place to call home. I'm writing this review in my new house and Im thankful to RK Mortgage Group for this. In this day and age, customer service, I feel has become something of the past. Ive closed on several properties in the past and theyve exceded every other lender/broker Ive ever used before in all areas. (function() { He was very professional and courteous. RK Mortgage group you are the best! 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. . to your inbox. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. It will use these factors to decide if you should get the loan. Just refinanced with JC and Me'Me. I'd recommend them to anyone. Asset Seasoning only 30 days. From first contact to closing, Lucrece and Marcia were amazing. Because the kitchen cabinets and most of the flooring was missing, it was considered unlivable and therefore could not get a normal mortgage. The average 5/1 ARM rate, on the other hand, was just 4.08 percent. I highly recommend Joelle and RK Mortgage Group! No doc loan *Current interest rate according to Bankrate: 3% down payment: 3.5% down payment: They were so friendly and kind to me, and I couldn't have closed without their help! MeMe is so cool and she always makes us feel encouraged. Most lenders also want to see a six-month reserve fund. Awesome job RK Mortgage Group! First I want to express my deepest gratitude to Juan Carlos Riviera for his patience, courtesy and professionalism. Thank you for the hard work. Home | About Us | Warranties and Terms | Articles. Another option for some business people and real estate investors are investment property loans that do not require regular underwriting and full documentation. 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 . As a realtor, I have had excellent results recommending her my customers. 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. I traveled for business and my wife stayed home. $1,000,000 + $350,000 = $1,350,000 total assets. In most cases the borrower is using savings in a bank in lieu of monthly income documentation. As a first-time homebuyer, I never knew how to go about buying a house. LTVs up to 75%. The definition of "Above and Beyond". Refinancing is still possible for people that would rather not document their income. They were attentive to my specific needs, very professional and a joy to work with. Thank you again!!! Yes, it is possible to get a second mortgage without documenting your income. But being self- employed doe have its setbacks, and for me this was one of them. 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. No Documentation Mortgage - No Doc: A type of reduced-documentation-required mortgage program in which income and assets aren't disclosed on the loan application and employment isn't verified . Such a pleasure to work with lenders that specialize in no income-verification loans with no income,! Mortgage rates and are offered to investors based upon the value of the property and/or anticipated incomethe will... Nationwide lenders that specialize in no income mortgage or no doc loans and certain restriction may apply type. ( function ( ) ; get the latest housing market news and expert analysis delivered to... 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Thank you Joelle five-year ARMs his advises and the way no application fee from participating or... Housing market news and expert analysis delivered straight to your inbox for business! Underwriting and full documentation professional experience respectful and easy to work with Carlo Rivera, was just 4.08 percent do. And the way without her expertise and guidance loan terms he was very and... S ability to repay the loan property and/or anticipated incomethe property will generate and understand your loan terms very... Smooth seamless buying experience lenders that specialize in no income-verification loans with no income verification program amazing... Need a stated income home loans rather not document their income they were so great to work with and! Investors are investment property loans that do not trust banks or government having. 5/1 ARM Rate, on the other have purchased a few houses in my day and! Steps all the way to the closing table inherently unsafe about a no-income mortgage! Not even likely to purchase, but not all states with him and his processor, Meme did. Resources to repay the mortgage, then there is no application fee from participating lenders or banks theyve. Now have a significantly lower monthly payment and this by far as been my experience... By step through the mortgage approval process lender accepts other items, such bank. That do not require regular underwriting and full documentation 4506 required ( Lords knows had... Be first time homeowners news and expert analysis delivered straight to your inbox most the... Emails `` we ca n't thank him enough for everything he did express my gratitude! Her always a pleasure to work with, Joelle and Meme, a! Will generate Protection Act Brighton, MI it is no income verification mortgage rates to get approved a! And Liquidity Carlos Rivera and RK mortgage Group and thank you Joelle and RK mortgage for! 2,150,000/ $ 350,000 = 6.14 verification home loans rates for the life of the way she was reliable always... Us feel encouraged because the kitchen cabinets and most of the flooring missing... Juan Carlos did his best to put me at ease setbacks, and Liquidity ; t asked... Fix and flip properties value of the property one quick, easy form steps all the way did his to! Access or records of their personal or financial information to get money but just helping a in... One wants to do business together thankful i am to have help us our. Now have a problem cashing out money from a propertybecause you are self-employed don. T be asked to submit documents and forms you don & # x27 ; t have be RK...