RK Mortgage Group went above and beyond my expectations! These loans generally require you to have enough liquid assets or alternative income sources to repay the loanand the lender is required to verify these sources. We had an unusual condo purchase that most banks would not touch. 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available Then, I decided to give one last broker a try RK Mortgage Group. Contact one of ourloan consultantsto learn more about this program. This is not a commitment to lend. I'm happy. In addition, all assets counted . RK Mortgage and the staff were very supportive of our journey. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. But potential homeowners pursuing this option will likely need a higher credit score and encounter higher mortgage rates. Joelle and Me'me were absolutely wonderful to work with. Read our article on no tax returns mortgages to learn more. Toggle navigation. Thank you Joelle and RK Mortgage Group you are amazing! I was lucky to find JC and RK Mortgage Group. 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. Some borrowers would rather not disclose their bank-statements, pay-stubs and tax returns. 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. Most investors use these limited documentation loans for fix and flip properties. If you want to purchase a home with no income, youll need a substantial net worth with enough assets to support repaying the loan. You need to have an IRS 1099 or be retired, but with a steady income. For example, most lenders will require you to have a certain credit score. There is no application fee from participating lenders or banks. $100k - $5M, close in 2-4 weeks! We're a favorite among self employed, business owner's and investor's unable or unwilling to use their tax returns to qualify for a mortgage. She is very professional and asks questions to help you make the best financial decision available. No-Doc Loans offer extremely versatile qualifying guidelines coupled with flexible underwriting standard. Of course, the lender still needs to know that you can afford the loan. Not everyone will be approved nor can loans be guaranteed online. No income verification mortgage program allows you to qualify based on rental analysis to determine property cash flow. If possible, aim to get your credit score above the 700 mark. When they say they work fast, they mean it. They helped us along the way. 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. Thanx for having Ms. Meme on board. I highly recommend RK Mortgage Group and Andres. Apply in 30 seconds with one quick, easy form. Roy/Me'Me made my dreams of becoming a homeowner again possible. In this case, the lender did not verify any of the income. 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. Problems with no doc loans in the early 2000's nearly tanked the US economy. So you dont need a traditional income to qualify. Highly recommend! Can you get a mortgage without a verifiable income? Rather than requiring the person to submit tax documents, W-2s and pay stubs, lenders base the approvals for these limited doc loans on your bank statements and P&L statement from your company. After several unsuccessful attempts, We found Eric @ RK Mortgage. Fast, efficient process with minimum efforts. I would not have my new home without her. Most lenders also want to see a six-month reserve fund. Office, Retail, Warehouse, Self Storage, Automotive Service ( No gas stations). I have nothing but GREAT things to say about RK Mortgage Group. . 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. 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. 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. Ms. Meme made sure we were happy with our mortgage experience. The fact is that no income check mortgage programs and reduced document loan programs can be configured to meet your needs if you have strong compensating factors. I closed on my first home last week and not without the help of Stephanie Ventura and Me'Me Gray. I highly recommend Joelle and RK Mortgage Group! LTV up to 70% on Cash Out Refinance. Roy and Me'Me closed my loan even after some condo issues we had that other Mortgage company could not close. As a realtor, I have had excellent results recommending her my customers. My situation was unique and they helped me navigate through the steps all the way to the closing table. Rates back in the old days in the 80's were over 10%! Funding from $75k to $5 million. Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. Her professionalism and strong work ethic make a big difference in the loan process. I can tell you that she really did a great job during the entire process. I am now a homeowner. Lending in Continental United States. He was always available, competent, insightful and considerate. 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 officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. LTVs up to 75%. 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. Helped ease my nerves about refinancing. 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. This type of loan doesnt require standard income documents to finalize your loan. Its always a good idea to consult with a mortgage broker to determine the best option for your financial situation. Joelle worked tirelessly to help us get a hard money loan so that we could get this house and renovate it. Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . Ms. Meme excellent, very professional, patience of an angel. Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. For investment property, getting a DSCR loan would be the option to go with. Category: They are now required to make a good faith effort to determine if the borrower can repay the loan. Excellent, excellent, excellent! These loans carry high interest and are offered to investors based upon the value of the property. He is a well disciplined and well-mannered and is the best representation for any mortgage company. See below some highlights of the program. This is a type of no doc loan that has certain stable features and is more likely to be paid on time. Our company provides rare opportunities to connect with companies offering finance programs that most lending sources consider too risky. I also had the pleasure to work with Me'Me who is fast acting and together they make an excellent team. non qm mortgage, portfolio loan. Rocket Mortgage does not offer this type of mortgage. And it was the best experience by far! Check your home buying eligibility. During this period, borrowers without a steady income and low credit could just state their income and get mortgage approval. Helped us secure a mortgage very fast and she was available anytime we needed her. 2000-2019 NationwideMortgages.net - All rights reserved. He provided EXCEPTIONAL customer service, answered my numerous questions and always kept me informed during the entire process. Words really can not describe how pleased I am with the professionalism I received from Joelle. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. This can be appealing for self-employed individuals or those who have fluctuating or hard-to-verify income. Will definitely Recommend. 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. Highly recommend! $1,000,000 + $350,000 = $1,350,000 total assets. You won't be asked to submit documents and forms you don't have. Stephanie and Me'Me were the best, everything was fast, smooth and easy. Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Pocket (Opens in new window), Click to email a link to a friend (Opens in new window). 800 SE 4th Ave Suite 139 No personal income required to qualify. After that, your rate becomes variable. The average 5/1 ARM rate, on the other hand, was just 4.08 percent. })(); Get the latest housing market news and expert analysis delivered straight to your inbox. Thank you again for all of your help and support! 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. A DSCR loan allows you to qualify a mortgage using future rental property income. (Stated income loans still exist for real estate investors, however, because they aren't purchasing an owner-occupied home.) This company was such a pleasure to work with. Lenders typically look for the following: Low balances on your credit cards compared to the available credit. Tips for Making the Best Garden Improvements for Your Home's Values. RK Mortgage was definitely the right choice for us. Andres from RK Mortgage Group and his processor, Meme, did a great job! She was always available to answer my questions, and she guided me through the entire process. Typically, a no doc loan required the applicant to have a decent credit score and six months of reserves. Thank so much for being on top of everything especially during the busiest time of the year. No Income Verification Mortgage Loans on Primary Residence, Second Homes and Investment Properties up to $3 Million., No income documentation Mortgages. 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. Credit Underwritten Based on LTV, FICO, and Liquidity. These loans can help you in a number of ways. Loan Amounts to $10M. I would definitely do business with RK Mortgage again! A borrower with a good credit score can lock in a better rate than a fair credit borrower. One-way lenders do this is to make a qualified mortgage or QM. Refinancing is still possible for people that would rather not document their income. Find Your No Doc Rate? But be prepared to provide extensive documentation about your financial situation. If you are refinancing, you need to find out what the fico score and loan to value requirements are before making a commitment. 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. You should have your financial life in tip-top condition if possible. 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 I could not have done this without her expertise and guidance. With the passing of the Frank-Dodd Act of 2010, stated income loans for owner-occupied properties are now illegal. Answered my numerous questions and always kept me informed during the busiest time of Frank-Dodd. 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