}) They are both knowledgeable, kind, thorough, prompt, responsive, and professional. Thank you again. I usually don't write reviews, but I had to write something about my experience with RK Mortgage Group. I closed on my first home last week and not without the help of Stephanie Ventura and Me'Me Gray. The no doc mortgage options and no income verification loans were popular programs before the default rates kicked in. Why Choose Us. Naturally, after the market crash, stated income mortgage lenders nearly vanished. If I had to do it again rest assured it would be with Eric @ RK Mortgage. I would highly recommend using RK Mortgage Group for all future loans. We had a very complicated and non conforming situation but they both made it work! You always need to prove to a lender that you can afford to repay the loan. Thank you for all your hard work and dedication! Roman was patient and professional. Many Americans simply do not trust banks or government agencies having access or records of their personal or financial information to get a loan. Debt-to-Income NOT Calculated. As first time byer I had million questions. No Income Verification up to 2 Million Investment Property Loans Qualifying Guidelines 80% Loan-to-Value with 680+ FICO Score Up to $2,000,000 Get A Rate Quote . Of course, having a good idea what the value of your house is very important for getting a genuine quote. I was shopping for mortgages for a while until I found RK. 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. A no income verification home loan is a type of nonqualifying mortgage. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. States Income Loans Making a Comeback - Bankaholic. Every time I was confused, she was always there to help. Strongly recommend to call RK Mortgage for all your mortgage needs. Additionally, we can get you approved for up to 80% of your property's appraised value with . Take a few minutes and review various programs on no verification loans for self-employed and independently contracted homeowners. | 2023. People are raving about home equity loans with no documentation required. Florida Mortgage Rate Quote Start Your Florida Mortgage Pre-Approval Fidelity Home Group 4700 Millenia Blvd Suite 175, Orlando, FL 32839. He made what felt like the impossible, possible. This type of loan doesnt require standard income documents to finalize your loan. Joelle and Me'me were the only positive experience in our 16 months journey building a home in Lakewood Ranch, FL. We just moved to the US from Thailand last year and bought a house. Thanks guys so much. The debt service will be $350,000 a year. Highly recommend! He gave me all our options in a clear and concise manner. It was a pleasure to work with him and his team. More on DSCR loans for investment property here. Andres was excellent and perfectly understood what I was looking for. Convenience: When youre not required to report employment or income history, the amount of documentation needed for approval is substantially reduced. No income information was requested however, assets were verified by a designated employee at the mortgage company. 2000-2019 NationwideMortgages.net - All rights reserved. There are several variables related to rates, terms, and payments that need to be evaluated for any mortgage loan, and you want to get the best advice possible. 5/1 ARM, 30-Year Fixed. Fixed-rate mortgagesalso called "conventional mortgages"are basically the bread and butter of the mortgage industry. Thanx for having Ms. Meme on board. Our experience with RK was wonderful from start to finish. I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. Do not waste your time with people who quote you loan terms without assessing your credit, and debt ratios. No-income verification mortgages dont require proof of income. They really work with you to get the best rates and to help you get into your own home. They went above and beyond to help us out with the purchase of our first home. Less Paperwork is paves the road for a smooth loan process. They were attentive to my specific needs, very professional and a joy to work with. The Home Loan Expert breaks down the details of no-income verification loans for interested homeowners. I never expected such a good rate given my self-employed situation. Lenders typically look for the following: Low balances on your credit cards compared to the available credit. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. Me'me was my loan processor and was great also. Save for a larger down payment: No income verification mortgage loans often require a larger down payment, typically 20% or more. The ability to make a large down payment, often 20-30% or more. I was referred to Roy at RK Mortgage because I was told he specializes in investment properties for self employed people like me. Today we cover everything you need to know about getting approved for a no income verification home loan. Need a Stated Income Mortgage or No Doc Loan? We could never properly express our gratitude to MeMe or Roy! 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. A: Yes, there are mortgages available with no tax returns required but they are only offered by certain lenders. 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. 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 . (Stated income loans still exist for real estate investors, however, because they aren't purchasing an owner-occupied home.) Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. Great team to work with. "Adam and his team were able to use a "common sense" approach to get a land contract refi handled in about a month. options.element = document.getElementById('click_table_63c85089d9189'); Fast, efficient process with minimum efforts. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. *This product is not regulated by the New York State Department of Financial Services. Overall my experience was painless and i never felt alone, pressured or cheated. I would definitely recommend this mortgage company. No Doc Home Loans Explained - Mortgage 101. Nationwide offers no cost home loan quotes for people seeking refinancing, home equity, purchase mortgages in the United States. Nationwide Mortgages. The speed at which my communications were received and answered was outstanding. My experience went beyond than what we expected. RK Mortgage Rocks! If you have enough assets, the lender might be willing to move forward regardless of income. Great company. 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 No tax returns 30-year terms. I am eternally grateful. . Apply in 30 seconds with one quick, easy form. Thank you again! No Income Verification Mortgage. Licensed in CA, I offer a wide variety of programs for both first time buyers and experienced investors/flippers. As such, they might lack important borrower protections that come with standard mortgage loans. She goes above and beyond for her clients. Thank you J.C. Rivera and RK Mortgage Group! A no-income-verification mortgage is a home loan that doesn't require the documentation that standard loans typically require like pay stubs, W2s or tax returns. She is very professional and asks questions to help you make the best financial decision available. They work well after hours to help get the paperwork done! Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. As with all mortgage types, including conventional loans and government-backed loan programs, there is a risk that the lender will repossess your home if you dont make your payments on time. The last thing you want to do is to get involved with a predatory lender, so make sure you are shopping loans from companies that have a solid record in delivering the type of home loan products you are searching for. Highly recommend this company!! In lieu of pay stubs, W-2 forms and tax returns, lenders may accept bank statements as proof of income. You won't be asked to submit documents and forms you don't have. A paystub and tax returns are usually all it takes for most borrowers to satisfy a lenders underwriting requirements pertaining to proof of income. Its important to carefully consider the pros and cons of a no income verification mortgage loan before applying. No-documentation mortgage loans, also called no-income verification loans, make it possible to buy real estate without providing things like W-2s or pay stubs to prove your income. Thank you Joelle and RK Mortgage Group you are amazing! As a foreigner, it was not easy at all to get a refinance with reasonable interest rates After getting tired of either being rejected by well-known lenders or getting quoted with outrageously unaffordable interest rates, we were about to give up our renovation plan to upgrade our new house. While common before the 2008 financial crisis, no-income verification loans also sometimes called non-QM loans are no longer widely available to homebuyers. Talk to lenders and find competitive pricing. Other requirements include a maximum loan-to-value of 70 percent (or 65 percent for cash-out refinances), 12 months of reserves in a U.S. bank, and asset seasoning of at least 60 days. No documentation loans come with a few different variations. 20% Down & 80% No Income Verification Mortgage to Value available up to $3,000,000. Plug those numbers into the formula and you get DSCR = $2,150,000/$350,000 = 6.14. 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, the lender still needs to know that you can afford the loan. $100K - $5M. I am here to make your purchase or refinance process smooth! This can be appealing for self-employed individuals or those who have fluctuating or hard-to-verify income. Low Rates. Im not one who provides reviews but for this company Im really happy to do so. In the future, when it's time to refinance our home again, we will choose RK Mortgage again.. No doubt.. as they have earned our trust! 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. Would recommend RK Mortgage Group, and particularly Joelle, to anyone who is about to begin a wonderful and exciting journey of buying a home. Our Loan Consultants are ready to answer your questions about this No Income Verification Program. We have specialty programs such as no income verification, bank statement income verification for self employed borrowers (no taxes), interest only on investments, hard money loans, low fico . Rates as low as 7%. No-doc . Yes there are several great options on these NonQM (as they are called) loans today. His knowledge was invaluable to us during this whole journey. I am very grateful for your quick and professional work! Here are some of the most common options: For the self-employed person, the bank statement loan is one of the best deals available. Smooth and easy to work with an extreme pleasure all around. Learn more about new bank statement home loans. There is no application fee from participating lenders or banks. Rates back in the old days in the 80's were over 10%! Helped us secure a mortgage very fast and she was available anytime we needed her. In the end, Stephanie, MeMe, and the staff have contributed all their time and effort to help us realized our dream to have a house of our own. Highly professional service. Foreign Nationals Eligible. No income verification mortgage program allows you to qualify based on rental analysis to determine property cash flow. I highly recommend them. Stephanie and Me'Me were the best, everything was fast, smooth and easy. non qm mortgage, portfolio loan. Of bank statements, to show that you can afford the loan in investment properties for self employed people me... Idea what the value of your house is very important for getting a genuine quote the debt service be! 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