Yes, a no-income verification mortgage enables you to buy a home without a regular job, or steady source of income. Joelle and her team were absolutely amazing! Getting to the closing table will not get easier than working with this great team. Nationwide Mortgages. If you have the necessary funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage. Process was simple, quick, and nothing left to chance. I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. This website has no affiliation with any government entities. Borrowers could get stated-income stated asset loans (SISA), also referred to as no income-no asset loans (NINA) and other no-doc mortgages. 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 . From first contact to closing, Lucrece and Marcia were amazing. Our experience with RK was wonderful from start to finish. The problem came in where people could easily borrow cash temporarily to show they had 'reserves,' and could pay bills by using credit cards. We wasted multiple months trying other mortgage companies. From the minute I applied for my bank statement only mortgage to the day I closed Joelle and Me'me have gone above and beyond to make this happen. No Tax Returns / No W2 . I also had the pleasure to work with Me'Me who is fast acting and together they make an excellent team. 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. $100K - $5M. After several unsuccessful attempts, We found Eric @ RK Mortgage. Adam responded to emails "We can't say enough good things about Adam. I cannot say enough good things about him! Thank you for the hard work. You can get approved for a mortgage loan without proof of income by providing proof of assets. She goes above and beyond for her clients. Very helpful and attentive throughout the whole process! Our Experience with RK Mortgage Group was superb. 5+ Unit Multifamily & Mixed-Use. If any one wants to do business with professionalism and respect, I recommend Andres and his team. RK Mortgage group and Joelle in particular was amazing to work with. 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. Yes there are several great options on these NonQM (as they are called) loans today. $1,000,000 + $350,000 = $1,350,000 total assets. Some borrowers would rather not disclose their bank-statements, pay-stubs and tax returns. Related Articles. It is nice to have someone that cares and also has your best interest at heart. They had all the needed documentation ready on time for the closing. Nationwide offers no cost home loan quotes for people seeking refinancing, home equity, purchase mortgages in the United States. We're based in Southern California and can lend in most states Nationwide under our business purpose loans. The lender will confirm that you can make the loan payments in one way or another. As a homebuyer, its often easier to work through the mortgage process if you have a steady W-2 income for your household. We thought we were not going to be able to buy the house, but she made it work for us. A no income verification mortgage is a type of no-doc loan that requires a lot less documents than a conventional mortgage. The debt service will be $350,000 a year. From the minute I applied for my bank statement only mortgage to the day I closed Joelle and Sheenaqua have gone above and beyond to make this happen. With a minimum 640 minimum credit score - no mortgage late payments in the last 12 months, foreclosure and short sale 12 months seasoning and any bankruptcy must be settled or discharged no waiting period. Our Loan Consultants are ready to answer your questions about this No Income Verification Program. Stated Income Loan (See lenders for guidelines). The entire application process handled by email and online, which was very convenient for me. Will definitely Recommend. I was referred to Roy at RK Mortgage because I was told he specializes in investment properties for self employed people like me. Joelle and team did a great job! So appreciate all their dedication and hard work. For example, you might be able to obtain a loan if you have ample cash reserves to cover the mortgage. Some organizations, like Mortgage Depot, offer a no income check program. The no doc mortgage options and no income verification loans were popular programs before the default rates kicked in. Loan Amounts to $10M. I'm happy. I would go with him again! No-doc loans . From my first contact to the day of settlement Roman Khodos was extremely responsive and willing to walk me through any questions. Took the time to explain everything. 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available Absolutely without question the best mortgage company we have ever worked 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. In this type of "no income loan" income and assets info was not requested by the lender nor offered by the applicant. No documentation loans come with a few different variations. In lieu of pay stubs, W-2 forms and tax returns, lenders may accept bank statements as proof of income. A breakthrough in borrower qualification. Thanks guys so much. No doc loan *Current interest rate according to Bankrate: 3% down payment: 3.5% down payment: But be prepared to provide extensive documentation about your financial situation. Highly recommend! I look forward to working with them again next year for my refinance. Types of No Income Mortgages. RK Mortgage Group, you're the BEST!!! Not everyone will be approved nor can loans be guaranteed online. Adam Lesner NMLS 198818 is a licensed mortgage Loan Officer in Hartland, Michigan. 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. Well help you close quickly, so you can get the keys to your new home in no time. In some cases, you can even use the projected rental income of a property to qualify for the mortgage. Joelle at RK Mortgage Group was fantastic to work with and made a very difficult process stress free. I had an issue with my other mortgage company that I had been working with and upon contacting RK Mortgage. Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. Thank you RK Mortgage Group and Thank you Joelle! No income verification No tax returns 30-year terms. What credit score is needed for a no-income verification mortgage? 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 couldn't be happier with Joelle and Me'Me. The Home Loan Expert breaks down the details of no-income verification loans for interested homeowners. Do you have a problem cashing out money from a propertybecause you are self-employed or don`t show enough income to qualify? Typically, these loans charge higher interest rates than qualifying loans, but can be easier to get approved if you're self- or seasonally employed. They have fixed arms options like 5/1, 7/ . You don't need to show pay stubs. They do have a little higher rates and fees and down payment requirements. 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. . Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. Yes, it is possible to get a second mortgage without documenting your income. There is no minimum income required to buy a house. JC was amazing to work with, available at all times to answer questions and always quick response back to me. No Income Verification Mortgage. })(); Get the latest housing market news and expert analysis delivered straight to your inbox. 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. Thank you!!!! No balloons- 30-year amortized term with a 3 or 8 year fixed period. } Less Paperwork is paves the road for a smooth loan process. Will definitely recommend! For investment property, getting a DSCR loan would be the option to go with. I went to Joelle after my other mortgage broker gave me a pre qualification, let me sign a contract and then informed me he couldnt make it happened. We highly recommend RK Mortgage Group. Working with Juan Carlos Rivera was great. It was a great process. Toggle navigation. I highly recommend them. I highly recommend RK Mortgage Group and Andres. Juan Carlo Rivera, was quick, professional and courteous. They were attentive to my specific needs, very professional and a joy to work with. Strongly recommend to call RK Mortgage for all your mortgage needs. We offer one of the industries lowest rates. 20% Down & 80% No Income Verification Mortgage to Value available up to $3,000,000. This was the first time I worked with Joelle. He was always there to reassure me and keep me focused. Important note On a cash out refinance, the cash out proceeds CAN be used to cover the reserve requirement. Plug those numbers into the formula and you get DSCR = $2,150,000/$350,000 = 6.14. RK Mortgage was definitely the right choice for us. So easy and straight forward to work with and was truly the simplest mortgage we have ever had! Roman Khodos a personable, helpful, knowledgeable and highly professional. Father of 2 beautiful girls, husband to his amazing wife of 17 years. Use your quality financial history to secure a loan. You might be asking "What is a No Income Documentation Loan"? During this period, borrowers without a steady income and low credit could just state their income and get mortgage approval. And that's because . Fast and professional! RK Mortgage Group, especially J C Riviera, were very professional, respectful and easy to have help us refinance our mortgage. I traveled for business and my wife stayed home. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. You no longer have to let your job history or income documentation prevent you from getting locked into a record low interest mortgage. We could never properly express our gratitude to MeMe or Roy! I'm writing this review in my new house and Im thankful to RK Mortgage Group for this. This company was such a pleasure to work with. Low Rates. Option for No Income Verification. Joelle is the most professional loan officer we've had by far. Special thanks to Lucrece Valentin and her team for their tireless commitment to providing a smooth seamless buying experience. No Income Verification Mortgage. 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. Can you get a mortgage without a verifiable income? Getting a mortgage can be stressful because of the complexities involved in the process. 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 . I have purchased a few houses in my day, and this by far as been my best experience. We have purchased our forever home in lovely Key West Florida! 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! Low Rates Not a Hard Money Loan. I would like to thank everyone who was involved with my loan from the beginning until signing. 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. 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. Rates starting at 6.25%. They were efficient and helpful all the way through the process. It was quite an experience with mixed feelings. Filling out this form puts you under no obligations. His knowledge was invaluable to us during this whole journey. 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. I must mention that I was very impressed with the great and prompt communication I had with Joelle and Me'me. Stephanie and Me'Me were the best, everything was fast, smooth and easy. Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) The analysis conducted from day one for the submission of the paper were always accurate. She worked hard to make sure I received the lowest rate and the best deal. Great working with Roy & Me'Me, they were very professional, and answered all my questions before, during, and even after hours. Phone Number*. Lending in Continental United States. Lucrece and her team were awesome! I found RK Mortgage on the internet, I did some research and gave them a call. My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. 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. I was lucky to find JC and RK Mortgage Group. Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. 680 minimum credit score 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. What is a no-income verification mortgage? Roman was always on hand to answer any questions we had. 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. By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. However, no actual proof of income, via documentation was offered from the borrower. No Income Verification Mortgage. In this case, the lender did not verify any of the income. Home Purchase | No Income Verification Loan. No Income Verification Loans. 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. RK Mortgage Group team exceeded my expectations in every way possible!! This was the smoothest mortgage transaction we have ever had. Thank you RK Mortgage and Joelle. This can be beneficial for borrowers who are self-employed or who have other sources of income that are difficult to document. No Income or Asset Verification Cash-Out Loans as a 1st or 2nd Mortgage or as a full doc HELOC (Home Equity Line of Credit). More on DSCR loans for investment property here. It can also be useful for those who want to keep their employment information private. From start to finish, RK's team was dedicated to taking care of our family and our home buying experience. Talk to a lender: (866) 240-5121. When you are buying a house, it is imperative to get a pre-qualification or pre-approval letter from banks and lenders that have a strong reputation and who you feel comfortable with. This saved us a lot of time. Entire process took about 30 days and I had access to my loan officers nearly 24/7. 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. Our no income verification mortgage in Florida is a great tool for borrowers who demonstrate ability to repay through good credit history. 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. As first time byer I had million questions. In this example, the real estate developer has more than six times the cash flow necessary to cover their debt obligations. Transaction we have purchased a few different variations longer have to let your job history or income documentation prevent from. ; 80 % no income check Program roman Khodos was extremely responsive and to. Just state their income and get mortgage approval you don & # x27 ; re based in California. Total finance charges incurred may be higher over the life of the complexities involved in United... 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