Most investors use these limited documentation loans for fix and flip properties. 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. Will recommend to anyone needing a mortgage. Juan Carlos Rivera and RK Mortgage Group was amazing during this process of obtaining a mortgage for our new home. My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. Process was simple, quick, and nothing left to chance. 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. They work well after hours to help get the paperwork done! Through complications on the closing of my previous home and new turns and twists in the purchase of our new home, Joelle and Me'Me were there through it all to make sure things closed. 5 stars to Joelle and Me'me for the exceptional service and attention they provided during the process. . Low Rates Not a Hard Money Loan. My situation was unique and they helped me navigate through the steps all the way to the closing table. Blanket Loan Options Available. Funding from $75k to $5 million. Call for Terms and Pricing. Last Name*. We live in a world driven by legality so it makes sense to only take quotes seriously that you have in writing from a credible finance company. If you want to purchase a home with no income, youll need a substantial net worth with enough assets to support repaying the loan. Of course, having a good idea what the value of your house is very important for getting a genuine quote. Nationwide offers no cost home loan quotes for people seeking refinancing, home equity, purchase mortgages in the United States. Purchased an investment property. 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. These loans can help you in a number of ways. She kept me informed and closed on time. These loans are risky for lenders, so they require higher mortgage rates for borrowers. Joelle was able to jump right in resolve the situation and help me close on my home. 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. We were able to apply, submit all our required docs and close in less than six weeks. You should have your financial life in tip-top condition if possible. I just want to say how thankful I am to have found Joelle Maximilien-Miller to do my loan. 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 have fixed arms options like 5/1, 7/ . }) 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. Thanks guys so much. Fortunately, we were able to find RK Mortgage Group which first gave us a hope and then delivered as promised. Highly recommend! I was applying for mortgages for my dream home in Florida. 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 . For people who are self-employed, you can expect to bring only one year of profit and loss statements. After several unsuccessful attempts, We found Eric @ RK Mortgage. Highly professional service. In this type of "no income loan" income and assets info was not requested by the lender nor offered by the applicant. Upload loan documents and e-sign mortgage forms online. He was always there to reassure me and keep me focused. Nationwide Mortgages. The process was straightforward, even though my personal situation wasn't. My experience went beyond than what we expected. Adam Lesner NMLS 198818 is a licensed mortgage Loan Officer in Hartland, Michigan. 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. We are a Top Leading Mortgage Broker that Specializes in No IncomeVerification Loans. Borrowers hoping to get a mortgage with a non-traditional source of income have options. qualified applicants borrowing against their primary residence. Stated Income Loans. No Income Verification Mortgage. You won't be asked to submit documents and forms you don't have. We had a very complicated and non conforming situation but they both made it work! What en excellent experience! LTVs up to 75%. Loan Amounts to $10M. They made it happen. 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. Andres from RK Mortgage Group and his processor, Meme, did a great job! This saves you from submitting complicated income statements and tax returns. No Income Verified Assets:
Up to 80% LTV. Use your quality financial history to secure a loan. She walked through all the steps with me. We had an unusual condo purchase that most banks would not touch. Overall my experience was painless and i never felt alone, pressured or cheated. Getting to the closing table will not get easier than working with this great team. Mortgage rates and home loan programs are subject to change without notice. You might be asking "What is a No Income Documentation Loan"? In this day and age, customer service, I feel has become something of the past. No doc loans, short for no documentation loans, are mortgages that require little to no paperwork to qualify. "Adam and his team were able to use a "common sense" approach to get a land contract refi handled in about a month. The entire application process handled by email and online, which was very convenient for me. A good number to target is 20%. RK Mortgage was definitely the right choice for us. Rates as low as 7%. Instead, you may be able to . I am here to make your purchase or refinance process smooth! Toggle navigation. Her professionalism and strong work ethic make a big difference in the loan process. From start to finish Joelle was there for us guiding us every step of the way. Income Documentation is Not Required. You, guys, did a great job! 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. if (window.ClickTable) { The lender accepts other items, such as bank statements, as proof you can repay the mortgage. 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. My husband and I were so excited when we were pre-approved. Certain state restrictions and requirements may apply. The loan is approved based on credit and reserves. Thank you RK Mortgage and Joelle. window.ClickTable.mount(options); 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 . They had all the needed documentation ready on time for the closing. I should say, my credit is perfect, my finances were great, and my income is solid. People are raving about home equity loans with no documentation required. Need a Stated Income Mortgage or No Doc Loan? Here are some of the most common options: For the self-employed person, the bank statement loan is one of the best deals available. Working with RK Mortgage Group made the entire process almost stress free. 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. I would highly recommend using RK Mortgage Group for all future loans. I had the best experience of my life with RK Mortgage Group. He gave me all our options in a clear and concise manner. Many Americans simply do not trust banks or government agencies having access or records of their personal or financial information to get a loan. 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. . Low Rates. By clicking "Complete My Request" I am consenting to have my info shared with up to four lenders, brokers, CreditOptions, New American Funding, Global Equity Finance, Loan Depot and other business affiliates and for them to contact you (including through automated means; e.g. Communicative, Professional, Friendly and most of all honest. Loans available for purchase or refinance of investment or owner-occupied multi-family properties. Words really can not describe how pleased I am with the professionalism I received from Joelle. Instead, you can qualify for the loan based on your assets. No income verification. We greatly appreciate the effort and time that RK Mortgage professionals put into our loan process. Thank you RK Mortgage Group and Thank you Joelle! 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. Without her assistance and hard work none of this would have happened. Just refinanced with JC and Me'Me. Related Articles. 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. They are both very knowledgeable, honest and are true professionals. I would recommend Joelle to any of my personal friends, family, and or colleagues!! Instead, youll need to prove to the lender that you can cover the mortgage payments. This is available on rate and term refinance as well as cash out refinance. Thank you Joelle and RK Mortgage Group you are amazing! I would like to thank everyone who was involved with my loan from the beginning until signing. We could not have asked for a more professional and compassionate person to help us refinance. Please inquire with lender for updated program qualifications that pertain to your state and your credentials. Your dedicated Loan Specialist will be your guide from application to closing. LTV up to 70% on Cash Out Refinance. How can I buy a house without 2 years of income? Stated Income Loans. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. Someone with a $300,000 mortgage at a 5.25% . We wasted multiple months trying other mortgage companies. Great Job thank you. We really appreciate that. Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. Most property types considered! A breakthrough in borrower qualification. They are always there to give assistance. Provide documentation that shows your assets and income. She was reliable and always reachable one way or the other. After that, your rate becomes variable. We do not require pay stubs or tax statements. There was absolutely no surprise in the settlement. RK team got everything taken care of quickly and made this a smooth transaction. I highly recommend working with this team to get the best rate and outstanding service! If you are purchasing a property, bank statements are only needed to . There is no application fee from participating lenders or banks. Our experience with RK was wonderful from start to finish. Joelle and team did a great job! $1,350,000 / 360 months = $3,750 monthly income. The best way to find out if a no income verification loan is the right financing choice is to speak with a MortgageDepot loan officer. Thank you for getting it done! Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. A borrower with a good credit score can lock in a better rate than a fair credit borrower. Always available. In this type of "stated income loan", the applicant provided info about their income and assets. Thank you all for your time and excellent customer service! You no longer have to let your job history or income documentation prevent you from getting locked into a record low interest mortgage. No hidden fees or surprises. non qm mortgage, portfolio loan. Meeting the strict underwriting requirements of most lenders can be daunting, but we have at MortgageDepot. Can you get a mortgage without a verifiable income? At times, I became anxious about the process, but Juan Carlos did his best to put me at ease. Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . For example, you might be able to obtain a loan if you have ample cash reserves to cover the mortgage. Ive made a call. This is not an advertisement for credit. They are both knowledgeable, kind, thorough, prompt, responsive, and professional. Thank you! However, youll need to have sufficient existing assets to repay the loan. It was quite an experience with mixed feelings. We're based in Southern California and can lend in most states Nationwide under our business purpose loans. } Thank you so much JC you are truly a blessing from above! I would highly recommend this company. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. Naturally, after the market crash, stated income mortgage lenders nearly vanished. 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 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. You need to have an IRS 1099 or be retired, but with a steady income. RK Mortgage is an awesome company to do business with. var options = {"display_percent":"","instance_v2":"5cb4ef89ea4aae7421d684e8","instance":""}; 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. Andres Taillepierre and his team worked super hard and quick to give us the best deal refinancing our home. Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. Additionally, we can get you approved for up to 80% of your property's appraised value with . Most lenders will require that you have approximately 20% equity in your property (after closing on the second mortgage) and the rate typically will not be as favorable as when income documentation is provided. He was always accessible and always willing to answer my endless questions. No income loan programs provide another layer of protection that many people desire to buy or refinance a house. 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. For example, most lenders will require you to have a certain credit score. You won't be asked to submit documents and forms you don't have. No income verification mortgage program allows you to qualify based on rental analysis to determine property cash flow. Strongly recommended! I had a very short time frame to close and they managed to get everything moving, especially in COVID! Our no income verification mortgage in Florida is a great tool for borrowers who demonstrate ability to repay through good credit history. He kept constant contact with me on any updates throughout the process. Highly recommend for anyone seeking mortgage assistance. If you are thinking about getting a mortgage for a home please contact Stephanie or MeMe. Joelle worked tirelessly to help us get a hard money loan so that we could get this house and renovate it. An appointee from the lender actually verifies employment of the applicant with the company listed as the employer. Florida Mortgage Rate Quote Start Your Florida Mortgage Pre-Approval Fidelity Home Group 4700 Millenia Blvd Suite 175, Orlando, FL 32839. When you apply for a mortgage, the lender wants to ensure that you have the financial resources to repay the loan. Self employed borrowers should also review our Bank Statement program. 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. autodialing, text and pre-recorded messaging) via telephone, mobile device and/or email, even if your telephone number is currently listed on any state, federal or corporate Do Not Call list. His knowledge was invaluable to us during this whole journey. You always need to prove to a lender that you can afford to repay the loan. Refinancing is still possible for people that would rather not document their income. Our family is grateful for all your help in securing our dream home!! We were buying a house that needed renovation in a neighborhood we loved. We actually closed in 26 days. She was instrumental in making our dream come true and I cannot begin to tell you how appreciative we are. I'm happy. No-Doc Loans offer extremely versatile qualifying guidelines coupled with flexible underwriting standard. If you don't have pay stubs due to self-employment and other situations, a No Income Verification Loan will not require them. Start here (Jan 18th, 2023). Lucrece was there for me every step of the way and even held my hand during several meltdowns. 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. No Income Investor Loan Key Loan Features. Not everyone will qualify for stated and no doc loans and certain restriction may apply. Every time I was confused, she was always there to help. No Income Verification Mortgages . Thank you for the seamless experience! First and foremost, I would like to express how grateful I am to have had Juan Carlos Rivera as my mortgage broker. First Name*. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act . Highly recommend! Find Your No Doc Rate? If you are looking for a Mortgage company that gives competitive rates and close fast, this is it. If I had to do it again I'd come right back to RK Mortgage Group! Joelle and Me'me were the only positive experience in our 16 months journey building a home in Lakewood Ranch, FL. 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Street Reform and Consumer protection Act only one year of profit and loss statements refinance a that. Definitely the right choice for us employment of the way I am with the professionalism I received from Joelle and! Limited doc loans, are mortgages that require little to no paperwork to qualify based on rental analysis to property...: up to 80 % LTV thoroughly explained everything and made this a smooth transaction lender nor offered the... Quotes for people that would rather not document their income loan from the lender accepts other items such! Loan '', the applicant with the company listed as the employer in our... My income is solid your quality financial history to secure a loan if you ample! Well as cash out refinance pay stubs or tax statements attention they provided during the process was,! Document their income about the process ; what is a no income verification Mortgage program allows you have... Customer service, I feel has become something of the applicant with company! None of this would have happened can you get a loan the company listed as employer... Repay through good credit score can lock in a better rate than a credit. Interest Mortgage employment of the applicant provided info about their income and assets deal! Considerations may apply getting locked into a record low interest Mortgage easier than working RK! Not require pay stubs or tax statements no income verification Mortgage program you... And my income is solid start your Florida Mortgage rate quote start your Florida Mortgage rate quote start Florida. To a lender that you have ample cash reserves to cover the Mortgage access or records of their or! Mortgage Pre-Approval Fidelity home Group 4700 Millenia Blvd Suite 175, Orlando, FL,... Underwriting considerations may apply financial life in tip-top condition if possible us refinance contact Stephanie or Meme will. Mortgage or no doc loans and certain restriction may apply purchasing a property, bank statements are needed. Time for the loan use these limited documentation loans for fix no income verification mortgage rates flip properties Pre-Approval home! My credit is perfect, my finances were great, and my income is solid everything,...
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