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We are truly blessed to be first time homeowners! From start to finish he was courteous, responsive, specializes in no income verification mortgage loans, How to get a No Income Verification Mortgage Loan, 12 Month Bank Statement Mortgage | How to get Approved, How to get Approved for a VA Loan with Low Credit Score, Cash Out Refinance 500 Credit Score | How to Get Approved, DSCR Loan Program | Real Estate Investor Cash Flow Loan, 5 Ways to Get Approved for a Non QM Mortgage, Mortgage for Small Business Owner | 3 Ways to Get Approved, At least 20% down, with 740+ credit and 12 months reserves, As low as 640 credit allowed, with 35% down payment and 24 months reserves, Available on 30 year fixed and ARM options as well, Up to 80% loan to value ratio, with 740+ credit score, and 12 months reserves, As low as 640 credit score, with max of 65% loan to value ratio, and 24 months reserves, Up to 70% loan to value ratio, with 12 months reserves, As low as 660 credit score, with max loan to value ratio of 70%, with 24 months reserves. As low as 640 credit allowed, with 35% down payment and 24 months reserves. I highly recommend RK Mortgage Group and Andres. We could not have asked for a more professional and compassionate person to help us refinance. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. Most investors use these limited documentation loans for fix and flip properties. $100K - $5M. No Income Verified Assets: This type of loan doesnt require standard income documents to finalize your loan. Instead, you can qualify for the loan based on your assets. Being self-employed made it difficult to get a mortgage but, with the bank statement mortgage the process was a lot easier. We would recommend them with enthusiasm! Extremely positive and always responsive. I could not have done this without her expertise and guidance. Typically, these loans charge higher interest rates than qualifying loans, but can be easier to get approved if you're self- or seasonally employed. There is no application fee from participating lenders or banks. Fast and professional! For investment property, getting a DSCR loan would be the option to go with. He was very prompt on getting back to you and making what can be a stressful process very easy. We found the home we fell in love with and the deal was completed within 5 weeks. No Income Investor Loan Key Loan Features. We were able to complete a mortgage application online and electronically sign all the documents the next morning. These loans are risky for lenders, so they require higher mortgage rates for borrowers. By saving for a larger down payment, you can make yourself a more attractive borrower to lenders and increase your chances of getting approved. 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. 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. When you apply for a mortgage, the lender wants to ensure that you have the financial resources to repay the loan. 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. You should have your financial life in tip-top condition if possible. Took the time to explain everything. Thank you very much Eric C and your whole team for your unbelievable efforts to help me and my wife buy our first home. 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. We offer one of the industries lowest rates. If you need a mortgage I recommend you call RK Mortgage Group. In this type of "no income loan" income and assets info was not requested by the lender nor offered by the applicant. No Income Verification Mortgages . Stated Income Loans. . 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. The definition of "Above and Beyond". If for some reason we cant help, well do our very best to point you in the right direction. People do not trust institutions to safely guard their data and many for good reason are terrified of identity theft. 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available Lucrece was absolutely fantastic to work with! Thank you RK Mortgage Group Inc. We highly recommend them to anyone purchasing a home. Joelle provided my family with amazing service. Take a few minutes and review various programs on no verification loans for self-employed and independently contracted homeowners. . No Income Verification Loans. Yes, its possible to get a mortgage without a verifiable income. Home | About Us | Warranties and Terms | Articles. This can be appealing for those who do not want to disclose their income or employment to a lender. This can be appealing for self-employed individuals or those who have fluctuating or hard-to-verify income. This is not a commitment to lend. I started working with JC on getting the financing done, he is the most patient man on earth. When considering a no income loan, it makes sense to take some time and review the lenders and brokers that you are considering. This website has no affiliation with any government entities. The problem came in where people could easily borrow cash temporarily to show they had 'reserves,' and could pay bills by using credit cards. I am eternally grateful. Both ladies were knowledgeable and took time to make sure all my questions were answers regardless the time of day. Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. What credit score is needed for a no-income verification mortgage? Would recommend RK Mortgage Group, and particularly Joelle, to anyone who is about to begin a wonderful and exciting journey of buying a home. }) No-income loans are types of loans designed for someone with income that doesn't come from a source like a full-time job. Would highly recommend them for anyone on the market looking to purchase a new home. He also got me a great rate on my mortgage! Juan Carlos Rivera and his team we outstanding through out the entire loan process. The debt service will be $350,000 a year. Self employed borrowers should also review our Bank Statement program. For example, most lenders will require you to have a certain credit score. 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. I worked with Andres at RK Mortgage. No Doc Home Loans Explained - Mortgage 101. There are 3 main types of No Income Mortgages available: Refinance Loans, Home Equity Loans and Debt Consolidation Loans. A breakthrough in borrower qualification. As an insurance agent that works with many lending officers throughout the state, team Joelle Maximilien-Miller & MeMe Gray are by far the standard for professionalism and efficiency. 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. Tips for Making the Best Garden Improvements for Your Home's Values. Today there are some no doc or limited doc loans that you can qualify for. Up to 80% LTV Purchase / Rate & Term or 75% LTV Cash Out Refinance. to your inbox. 680 minimum credit score Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. No-doc . 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 traveled for business and my wife stayed home. RK Mortgage was definitely the right choice for us. No Income Verification Mortgage. The whole team was very attentive and trustworthy, they guided us through the process. Can I get a mortgage if I get paid in cash? Call 1-613-296-3892. Toggle navigation. After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. Available on 30 year fixed and ARM options as well. I highly recommend RK Mortgage Group and Andres. Joelle and Me'me were absolutely wonderful to work with. Whether you need an equity loan, purchase mortgage or refinance, Nationwide will help you find companies that continue to offer alternative lending with no income verification programs for qualified applicants. We're based in Southern California and can lend in most states Nationwide under our business purpose loans. no doc mortgage, no doc home, with no income verification, mortgage with no income requirements, 100% no doc mortgage, no income verification refi, no documentation mortgage, no doc stated income Saatchi, Ogilvy amp Rosenthal today 39 fees once your school come together are entitled. . As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. Roman was patient and professional. I cannot say enough good things about him! 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. These loans carry high interest and are offered to investors based upon the value of the property. I had a great experience with RK Mortgage. As first time byer I had million questions. Approval is based on the cash flow generated by the property, and loans between $75,000 and $1.5 million are available. 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. No income verification loans on second mortgages are very . Our no income verification mortgage in Florida is a great tool for borrowers who demonstrate ability to repay through good credit history. Our Loan Consultants are ready to answer your questions about this No Income Verification Program. Since lenders won't be looking at pay stubs and W2's, they might look to other . He took numerous calls, emails and texts from me daily. Our affiliated lenders will review the credentials of applicants with all types of credit on FHA, VA, Fannie Mae, Freddie Mac and jumbo products. If you have the necessary funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage. Highly recommend! We were pleased on how efficiently and promptly everything was handled. But potential homeowners pursuing this option will likely need a higher credit score and encounter higher mortgage rates. No Income Verification Mortgage Loans on Primary Residence, Second Homes and Investment Properties up to $3 Million., No income documentation Mortgages. From the initial mortgage company i was working with, they guided us through the process us Refinance programs no! 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