The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. In some cases, you can even use the projected rental income of a property to qualify for the mortgage. RK Mortgage Group team made my dreams of becoming a homeowner again possible. Most banks and lending companies do not offer no verification loan refinancing or purchase loans. Are you getting declined from your current lender because you don`t qualify for a Mortgage? As the CEO of a company, I would not hesitate to recommend RK Mortgage Group for their excellent performance in dealing with the clients. She kept us updated on everything that was happening with our loan. I never felt left out throughout the process until closing. We actually closed in 26 days. In this case, the lender did not verify any of the income. My husband and I found our dream home so I started researching and looking for mortgage companies. Of course, the lender still needs to know that you can afford the loan. 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. Took the time to explain everything. Today we cover everything you need to know about getting approved for a no income verification home loan. 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. Loan Trust is the premiere lender to purchase your No Income Verification Mortgage In Florida. options.element = document.getElementById('click_table_63c85089d9189'); There is no application fee from participating lenders or banks. Juan Carlos Rivera and his team we outstanding through out the entire loan process. Additionally, youll likely need significant cash savings, assets, and a low debt-to-income ratio. We thought we were not going to be able to buy the house, but she made it work for us. Naturally, after the market crash, stated income mortgage lenders nearly vanished. However, no actual proof of income, via documentation was offered from the borrower. I was referred to Roy at RK Mortgage because I was told he specializes in investment properties for self employed people like me. They went above and beyond to help us out with the purchase of our first home. Highly recommended team that defines word professionalism in this sphere of business! It can also be useful for those who want to keep their employment information private. Juan Carlo Rivera, was quick, professional and courteous. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. No Income Verification Mortgage. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . I also had the pleasure to work with Me'Me who is fast acting and together they make an excellent team. Related Articles. Joelle was able to jump right in resolve the situation and help me close on my home. I was applying for mortgages for my dream home in Florida. Each lender sets its own specific credit score requirements for no-income verification home loans. Constant and accurate information and updates. 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. Absolutely without question the best mortgage company we have ever worked with. If for some reason we cant help, well do our very best to point you in the right direction. Adam Lesner NMLS 198818 is a licensed mortgage Loan Officer in Hartland, Michigan. Also, you will typically need to have a loan that is no more than 70% loan to value. We found the home we fell in love with and the deal was completed within 5 weeks. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. They were very professional and made it a point to answer all of my questions thoroughly. Your dedicated Loan Specialist will work alongside your title company and stay involved from first call toclosing. 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. It is always a pleasure working with her always a positive attitude and very knowledgeable in the field. Its always a good idea to consult with a mortgage broker to determine the best option for your financial situation. Get the latest housing market news and expert analysis delivered straight You don't need to show pay stubs. No income verification mortgages, also known as stated loans or reduced documentation loans, were popular in the early 2000s and offered a loan to anyone with a minimum credit score with no verification of income required. The no doc mortgage options and no income verification loans were popular programs before the default rates kicked in. I can tell you that she really did a great job during the entire process. It was a great pleasure to work with RK Mortgage Group from initial call to closing. RK Mortgage is an awesome company to do business with. Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. $1,000,000 + $350,000 = $1,350,000 total assets. Will definitely Recommend. 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. 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. Working with RK team was truly a pleasure. After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. He was always accessible and always willing to answer my endless questions. Check your mortgage rates. window.ClickTable.mount(options); Fixed-rate mortgagesalso called "conventional mortgages"are basically the bread and butter of the mortgage industry. Our experience with RK was wonderful from start to finish. This is what RK Mortgage Group is. Self employed borrowers should also review our Bank Statement program. Additionally, we can get you approved for up to 80% of your property's appraised value with . Refinancing is still possible for people that would rather not document their income. 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. A borrower with a good credit score can lock in a better rate than a fair credit borrower. She was always available either immediately or usually returned calls within an hour. He was always available, competent, insightful and considerate. We shopped around with confidence and when we were ready, our team at RK made our dreams come true! I would highly recommend this company. A no income verification home loan is a type of nonqualifying mortgage. Joelle and her team were absolutely amazing! The ability to make a large down payment, often 20-30% or more. But be prepared to provide extensive documentation about your financial situation. Her professionalism and strong work ethic make a big difference in the loan process. I'm self employed and they made the process super easy. It was quite an experience with mixed feelings. Thank you RK Mortgage and Joelle. Call for Terms and Pricing. Debt-to-Income NOT Calculated. Of course, having a good idea what the value of your house is very important for getting a genuine quote. Well help you close quickly, so you can get the keys to your new home in no time. The entire application process handled by email and online, which was very convenient for me. 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. These loans are available with competitive interest rates and are typically five-year ARMs. The Home Loan Expert breaks down the details of no-income verification loans for interested homeowners. 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. It was a learning experience for us. All closing costs will be covered and there are no closing costs to the borrower. Highly professional service. Thank you so much JC you are truly a blessing from above! They educated my wife and myself on the process and helped us make an informed decision . I couldn't be happier with Joelle and Me'Me. You, guys, did a great job! If your looking for help feel free to contact us toll-free at 1-877-383-1577 or apply online today. For example, if you are reporting this cash income on your tax returns, that might be enough evidence for the lender. This can be beneficial for borrowers who are self-employed or who have other sources of income that are difficult to document. Thank you all for your time and excellent customer service! 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 . Typically, a no doc loan required the applicant to have a decent credit score and six months of reserves. 30 Year Fixed Rates Available. Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. 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. This can be appealing for self-employed individuals or those who have fluctuating or hard-to-verify income. Theyre extremely professional and great at what they do. Lenders must fully document a borrower's ability to repay the loan either with income or assets. It was a great process. Find Nationwide lenders that specialize in no income refinancing, no doc mortgages and stated income home loans. Great team to work with. 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. No-income verification mortgages, otherwise called stated-income mortgages, use non-standard means of income documentation. I recommend RK Mortgage Group as a first choice. Thank you!!!! Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. We would recommend them with enthusiasm! What credit score is needed for a no-income verification mortgage? In addition, all assets counted . JC was very prompt in answering my questions and obtaining the lowest rate possible for the refinancing of my townhouse. Fixed rates/Adjustable. Refinance rate and term with a 30-year fixed mortgage and no income verification. 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) . Upload loan documents and e-sign mortgage forms online. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. You will need a minimum 20% down payment. Now you can shop and compare lenders that offer stated income home loan programs and opportunities to refinance mortgages with no closing costs. Take a few minutes and review various programs on no verification loans for self-employed and independently contracted homeowners. If you are refinancing, you need to find out what the fico score and loan to value requirements are before making a commitment. 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. And it was the best experience by far! Office, Retail, Warehouse, Self Storage, Automotive Service ( No gas stations). State income mortgages and no income loan programs are available but before you start counting your money, make sure that you qualify for. Mortgage rates and home loan programs are subject to change without notice. So appreciate all their dedication and hard work. He always had our best interest at the forefront and we are so grateful he led us through the process. Home Purchase | No Income Verification Loan. I was googling a mortgage company before purchasing my house and found RK Mortgage Group offering programs for self-employed borrowers. Last Updated: November 15, 2022. 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. We offer stated income loans and jumbo loans from $200k to $10 million. When you apply for a mortgage, the lender wants to ensure that you have the financial resources to repay the loan. 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