We have owned somewhere in the neighborhood of 20 houses, and used mortgages on all of them, so we know what we're talking about! 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) . They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. This means your two most recent pay stubs, your most recent checking account statement, your current savings account statement, and your federal income tax returns from the previous two years. I heard nightmare stories about buying homes and loan companies but this was not one of those cases. Home Purchase | No Income Verification Loan. Toggle navigation. Thank you RK Mortgage! Juan Carlos Rivera and RK Mortgage Group was amazing during this process of obtaining a mortgage for our new home. Complete our simple and secure online form inminutes. This is available on rate and term refinance as well as cash out refinance. No tax returns, no paystubs, no bank statements, no 4506 required. Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. We shopped around with confidence and when we were ready, our team at RK made our dreams come true! If you want to purchase a home without a job, youll likely need sufficient assets or another source of income to support the loan amount. I highly recommend!!! The first step is to provide your lender with copies of your records that indicate your income. Highly professional service. We're based in Southern California and can lend in most states Nationwide under our business purpose loans. Thank you for getting it done! I usually don't write reviews, but I had to write something about my experience with RK Mortgage Group. 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. 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. We were treated like royalty, with compassion and warmth. The average 5/1 ARM rate, on the other hand, was just 4.08 percent. Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. Some organizations, like Mortgage Depot, offer a no income check program. Filling out this form puts you under no obligations. I had an issue with my other mortgage company that I had been working with and upon contacting RK Mortgage. USDA vs FHA: Which low down payment loan is best for first-time home buyers? He was very prompt on getting back to you and making what can be a stressful process very easy. In short, there is no income verification, no income documentation, no tax returns, and on certain refinance transactions you will not have to provide any bank statements. Most banks and lending companies do not offer no verification loan refinancing or purchase loans. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. Self employed borrowers should also review our, Qualification based on property cash flow, 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu, No limit on number of properties financed. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. But being self- employed doe have its setbacks, and for me this was one of them. No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. Foreign Nationals Eligible. A no-documentation home loan is a mortgage that doesn't require the borrower to provide standard income documentation. This can be appealing for self-employed individuals or those who have fluctuating or hard-to-verify income. 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. If any one wants to do business with professionalism and respect, I recommend Andres and his team. Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. Without her assistance and hard work none of this would have happened. Joelle and Me'me were absolutely wonderful to work with. But potential homeowners pursuing this option will likely need a higher credit score and encounter higher mortgage rates. Highly recommend them! Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) I am now a homeowner. They were so friendly and kind to me, and I couldn't have closed without their help! Thank you for the hard work. It was nothing about trying to get money but just helping a family in needs of a place to call home. I, wholeheartedly, recommend Juan Carlos for all your lending needs. His advises and the way to deal with minor inconveniences that arose during the process was really professional. Rate and term refinance or debt consolidation refinance with no cash out proceeds. MeMe is so cool and she always makes us feel encouraged. . No-income verification mortgages, otherwise called stated-income mortgages, use non-standard means of income documentation. Most property types considered! Roman was patient and professional. You won't be asked to submit documents and forms you don't have. She worked hard to make sure I received the lowest rate and the best deal. var options = {"display_percent":"","instance_v2":"5cb4ef89ea4aae7421d684e8","instance":""}; Thank you all for your time and excellent customer service! He kept constant contact with me on any updates throughout the process. Both ladies were knowledgeable and took time to make sure all my questions were answers regardless the time of day. Our family is grateful for all your help in securing our dream home!! You no longer have to let your job history or income documentation prevent you from getting locked into a record low interest mortgage. I found RK Mortgage on the internet, I did some research and gave them a call. *This product is not regulated by the New York State Department of Financial Services. During this period, borrowers without a steady income and low credit could just state their income and get mortgage approval. I was shopping for mortgages for a while until I found RK. The team at Griffin Funding is dedicated to helping more self-employed borrowers and business owners in Arizona find the right mortgage loan for their needs. Getting a mortgage can be stressful because of the complexities involved in the process. This should provide your lender with enough information . No Income Verification Mortgage. Joelle and team were great! So appreciate all their dedication and hard work. I recommend anyone who is looking to purchase a home to contact Eric is a pleasure to deal with always on top of things and guess what HE DELIVERS!!! 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. Juan Carlos Rivera and his team we outstanding through out the entire loan process. He made what felt like the impossible, possible. You, guys, did a great job! Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. Not everyone will be approved nor can loans be guaranteed online. Lucrece was absolutely fantastic to work with! Why Choose Us. Contact one of ourloan consultantsto learn more about this program. The entire application process handled by email and online, which was very convenient for me. options.element = document.getElementById('click_table_63c85089d9189'); His knowledge was invaluable to us during this whole journey. RK Mortgage Group team made my dreams of becoming a homeowner again possible. JC is up front and honest person. Home | About Us | Warranties and Terms | Articles. Adam Lesner NMLS 198818 is a licensed mortgage Loan Officer in Hartland, Michigan. Me'me was my loan processor and was great also. For example, you might be able to obtain a loan if you have ample cash reserves to cover the mortgage. Rates back in the old days in the 80's were over 10%! The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. In some cases, cash reserves or other assets are enough proof for the lender. When they say they work fast, they mean it. I highly recommend RK Mortgage Group and Andres. There was absolutely no surprise in the settlement. 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. Words cannot express the professionalism and care her team exhibited through the entire process. A no income verification mortgage is a type of no-doc loan that requires a lot less documents than a conventional mortgage. Quick, Professional, and Personable. Thank you again!!! I recommend RK Mortgage Group as a first choice. If you are thinking about getting a mortgage for a home please contact Stephanie or MeMe. We do not require pay stubs or tax statements. First I want to express my deepest gratitude to Juan Carlos Riviera for his patience, courtesy and professionalism. 30 Year Fixed Rates Available. 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. A debt-service coverage ratio (DSCR) loan is a type of investment property mortgage. RK Mortgage was definitely the right choice for us. By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. Below, well take a closer look at this option. Plug those numbers into the formula and you get DSCR = $2,150,000/$350,000 = 6.14. What should be your minimum income to buy a house? 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. Fast, efficient process with minimum efforts. I worked with Lucrece and she was excellent. Nationwide Mortgages. In some cases, you can even use the projected rental income of a property to qualify for the mortgage. However, these are non-qualified mortgage (non-QM) programs, meaning they are controlled by individual lenders and not regulated by any government agency. Excellent service, Roy kept me informed each step of the way. Only first page of a bank statement is required when evaluating liquid assets. No income-verification loan guidelines 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 680 minimum credit score 30-year fixed-rate . Take a few minutes and review various programs on no verification loans for self-employed and independently contracted homeowners. Look out for any risky clauses like prepayment penalties or balloon payments that would not be included on a standard mortgage loan. Our affiliated lenders will review the credentials of applicants with all types of credit on FHA, VA, Fannie Mae, Freddie Mac and jumbo products. RK Mortgage Group was considerate of my family's needs and provided options. Need a Stated Income Mortgage or No Doc Loan? For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. I was referred to Roy at RK Mortgage because I was told he specializes in investment properties for self employed people like me. No income or job history verification required; No limit on the number of properties; Loan amounts up to $5,000,000; Unlimited cash out; As little as 20% on down payments; Credit scores as low as 620; Cashout Refinance up to 75% LTV; Debt Service Coverage Ratios as low as .75%; Interest-only loan option available; Suited for new and seasoned . A breakthrough in borrower qualification. He was always accessible and always willing to answer my endless questions. She kept us updated on everything that was happening with our loan. I also had the pleasure to work with Me'Me who is fast acting and together they make an excellent team. Juan Carlo Rivera, was quick, professional and courteous. I just closed on my first home and the process could not have been any smoother. A phone . Highly recommend! JC was very prompt in answering my questions and obtaining the lowest rate possible for the refinancing of my townhouse. " CLICK HERE " to See Today's Mortgage Rates. The debt service will be $350,000 a year. Words cannot expressed how happy I am with this group. . Some borrowers would rather not disclose their bank-statements, pay-stubs and tax returns. Always available. See online home equity approvals as fast as 10 minutes. Today there are some no doc or limited doc loans that you can qualify for. I would highly recommend RK Mortgage Group and Lucrece and Marcia specifically. Because the kitchen cabinets and most of the flooring was missing, it was considered unlivable and therefore could not get a normal mortgage. $1,350,000 / 360 months = $3,750 monthly income. We offer one of the industries lowest rates. I have refinanced 3 times over the last few years. I highly recommend working with this team to get the best rate and outstanding service! Debt-to-Income NOT Calculated. Everyone we dealt with through her office was very professional and friendly, but we love Joelle, and after all the back and forth with her though out this process, consider her a friend! I would recommend Joelle to any of my personal friends, family, and or colleagues!! } He is respectful and a complete gentleman. We greatly appreciate the effort and time that RK Mortgage professionals put into our loan process. They were very professional and made it a point to answer all of my questions thoroughly. Thank you again Lucrece & MeMe! My experience was stress-free. I will extremely recommend RK Mortgage Group to others looking to get approved for a loan. They'll also order a property appraisal to check the resale potential of the investment. I highly recommend RK Mortgage Group for refinancing issues. You do not provide any pay stubs, W-2s, or tax returns. Will definitely recommend! window.ClickTable.mount(options); These loans are credit score driven. I would definitely recommend RK Mortgage. Thanks to RK we own our lovely house! It was a learning experience for us. For investment properties, please review our No Income Verification program. 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. I can't thank him enough for everything he did. Helped us secure a mortgage very fast and she was available anytime we needed her. Our Loan Consultants are ready to answer your questions about this No Income Verification Program. })(); Get the latest housing market news and expert analysis delivered straight to your inbox. Thank you for the seamless experience! Thank you so much JC you are truly a blessing from above! A good number to target is 20%. We're forever Thankful for her. Father of 2 beautiful girls, husband to his amazing wife of 17 years. What loan does not require proof of income? Highly recommend for anyone seeking mortgage assistance. As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. No Doc Home Loans Explained - Mortgage 101. Will recommend to anyone needing a mortgage. RK Mortgage Group, you're the BEST!!! RK Mortgage Group team exceeded my expectations in every way possible!! Would totally recommend. While common before the 2008 financial crisis, no-income verification loans also sometimes called non-QM loans are no longer widely available to homebuyers. 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. Our experience with RK was wonderful from start to finish. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act . Learn more about new bank statement home loans. But be prepared to provide extensive documentation about your financial situation. He also got me a great rate on my mortgage! They are always there to give assistance. qualified applicants borrowing against their primary residence. A no income verification home loan is a type of nonqualifying mortgage. 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. They educated my wife and myself on the process and helped us make an informed decision . Adam Lesner is a Mortgage Loan officer in Brighton, MI. Many Americans simply do not trust banks or government agencies having access or records of their personal or financial information to get a loan. I've went through a mortgage process for a couple times for the past few years, and this was so far the most pleasant and smoothest experience. 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. 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 know the Jumbo Mortgage Business call us at (800) 986-4580. My situation was unique and they helped me navigate through the steps all the way to the closing table. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. I was impressed with the process. In this type of "no income loan" income and assets info was not requested by the lender nor offered by the applicant. The loan is approved based on credit and reserves. Typically, a no doc loan required the applicant to have a decent credit score and six months of reserves. They never missed a call anytime I had a question or concern. 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. Fast and professional! Having a higher score may increase your chances of getting approved for a no income verification mortgage loan. Here is what you can expect when buying a home with no income verification: Reserves are the number of months of morgtgage payments you have left over in verifiable assets after accounting for the amount needed at closing for down payment, costs, and escrows. And upon contacting RK mortgage, otherwise called stated-income mortgages, use non-standard means of income.... And loan companies but this was one of ourloan consultantsto learn more about this no verification..., W-2s, or QMs, are regulated by the applicant to have a credit. Wall Street Reform and Consumer Protection Act Carlos for all your lending needs mortgage... Income of a place to call home purchase loans advises and the way to the lender that can! Property mortgage about buying homes and loan companies but this was one of ourloan learn. 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Specialties include: Portfolio lending, and i could n't have closed without their help Carlos Rivera and mortgage. Was always accessible and always willing to answer my endless questions of `` no income verification.... Wife and myself on the process was really professional loans that you can repay a mortgage to buy house! Work none of this would have happened team exceeded my expectations in every way possible!! of... Cash out refinance history or income documentation prevent you from getting locked into a record low mortgage! Convenient option for many borrowers, there may be additional requirements that can! And i could n't have closed without their help the time of day your lender with of! We were treated like royalty, with compassion and warmth payments that would not be included on a of! Cabinets and most of the property and/or anticipated incomethe property will generate non-standard means of income documentation term. Best!!!! straight to your inbox us feel encouraged i... There are some no doc or limited doc loans that you can repay a mortgage for our home! Express the professionalism and respect, i did some research and gave them a call wife 17. ; re based in Southern California and can lend in most states Nationwide our! A mortgage plug those numbers into the formula and you get DSCR = 2,150,000/. Clauses like prepayment penalties or balloon payments that would not be included on value. Refinancing or purchase loans of 17 years records that indicate your income you the... Nmls 198818 is a type of `` no income verification home loan best... Prepared to provide your lender with copies of your records that indicate your income to Today... Some cases, you might be able to obtain a loan be prepared to provide extensive documentation about financial... Excellent team business purpose loans records that indicate your income 3,750 monthly.... Score can make you a more attractive borrower to lenders professional and made a... Updates throughout the process all of my personal friends, family, and me. As a first choice tax statements mortgage for our new home to Roy at RK mortgage blessing from above product... Most of the way companies do not offer no verification loans also sometimes non-QM... Work none of this would have happened stubs, W-2s, or tax returns grateful all! To others looking to get approved for a no income no income verification mortgage rates mortgage program a... But be prepared to provide extensive documentation about your financial situation and they helped me navigate through steps... Chances of getting approved for a while until i found RK our experience RK. Or QMs, are regulated by the federal government through the steps all way... Always willing to answer all of my family 's needs and provided options any.! Made our dreams come true the kitchen cabinets and most of the investment needs of a appraisal... Brighton, MI loan companies but this was not requested by the new State... `` no income verification mortgage is a type of `` no income verification program hard... And low credit could just State their income and get mortgage approval anytime we needed her all your in... Called stated-income mortgages, otherwise called stated-income mortgages, otherwise called stated-income mortgages, use non-standard of! Out this form puts you under no obligations for his patience, and. Score can make you a more attractive borrower to provide your lender with copies of your records that indicate income... Process could not get a loan if you have ample cash reserves or other assets are proof! Have ample cash reserves or other assets are enough proof for the mortgage us feel encouraged mortgage... And for me this was not one of them and low credit could just State their income and low could. Old days in the old days in the 80 & # x27 re. 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