As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. For example, if you have a 3-year adjustable-rate mortgage, your rate is fixed for the first 3 years, or the initial fixed-rate period. We will help you locate online lenders that specialize in no income loans, no doc mortgages and stated income loan programs. Juan Carlo Rivera, was quick, professional and courteous. All closing costs will be covered and there are no closing costs to the borrower. . 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. Thank you so much Joelle for your service. I was working with Roy and Me'Me. We had issues with IRS, permits for the insurance, employment gaps - you name it; however, her team managed to work things out and we closed according to the plan. My husband and I have a very busy schedule at work but they were willing to stay after hours to help us. No Tax Returns. He was always accessible and always willing to answer my endless questions. But its more challenging than obtaining a mortgage with a regular income stream. 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. I just want to say how thankful I am to have found Joelle Maximilien-Miller to do my loan. You won't be asked to submit documents and forms you don't have. Debt-to-Income NOT Calculated. var options = {"display_percent":"","instance_v2":"5cb4ef89ea4aae7421d684e8","instance":""}; It was only 10 years ago, that millions of Americans were taking advantage of the no doc mortgage loan. 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! However, these are non-qualified mortgage (non-QM) programs, meaning they are controlled by individual lenders and not regulated by any government agency. Roy/Me'Me made my dreams of becoming a homeowner again possible. Our goal is to help you locate lenders that offer limited and stated income loan programs. Thank you all for your time and excellent customer service! He was quick to respond any my questions (even after standard business hours). Call for Terms and Pricing. Certain state restrictions and requirements may apply. No doc loan *Current interest rate according to Bankrate: 3% down payment: 3.5% down payment: Broker rebate up to 2 points available. He also got me a great rate on my mortgage! Andres was fast and efficient. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. Thank you for the hard work. Contact one of ourloan consultantsto learn more about this program. I started working with JC on getting the financing done, he is the most patient man on earth. No income loan programs provide another layer of protection that many people desire to buy or refinance a house. Loan amounts up to $5 million on most properties and up to $2 million on 2-4 unit residential properties Until she was given the required documentation to help close the loan. Helped ease my nerves about refinancing. Lorie C, Fort Myers, Florida 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. Of course, the lender still needs to know that you can afford the loan. Here are some of the most common options: For the self-employed person, the bank statement loan is one of the best deals available. Start Online. We're forever Thankful for her. We really appreciate that. RK Mortgage Group team made my dreams of becoming a homeowner again possible. No-doc . Many Americans simply do not trust banks or government agencies having access or records of their personal or financial information to get a loan. Thank you RK Mortgage Group and Thank you Joelle! Her professionalism and strong work ethic make a big difference in the loan process. RK Mortgage and the staff were very supportive of our journey. Great Job thank you. While true no income verification mortgages no longer exist, lenders can qualify you based on almost any kind of cash flow. We know the Jumbo Mortgage Business call us at (800) 986-4580. She is very professional and asks questions to help you make the best financial decision available. Highly recommend! But be prepared to provide extensive documentation about your financial situation. As a realtor I want to make sure my clients are taken care of and with Joelle that is not even a concerned. Im not one who provides reviews but for this company Im really happy to do so. . Rates as low as 7%. Although you cant get approved for a traditional mortgage without proof of income, there are other loan options when trying to obtain a primary residence. Special thanks to Lucrece Valentin and her team for their tireless commitment to providing a smooth seamless buying experience. If you dont have a verifiable income stream, then youll need enough assets to support the mortgage payments. Ms. Meme made sure we were happy with our mortgage experience. Check your mortgage rates. Last Name*. In most cases the borrower is using savings in a bank in lieu of monthly income documentation. 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. Office, Retail, Warehouse, Self Storage, Automotive Service ( No gas stations). No balloons- 30-year amortized term with a 3 or 8 year fixed period. I closed on my first home last week and not without the help of Stephanie Ventura and Me'Me Gray. I'm self employed and they made the process super easy. Joelle and Me'me were absolutely wonderful to work with. I highly recommend RK Mortgage Group!! People do not trust institutions to safely guard their data and many for good reason are terrified of identity theft. Nationwide offers no cost home loan quotes for people seeking refinancing, home equity, purchase mortgages in the United States. Strongly recommend to call RK Mortgage for all your mortgage needs. The analysis conducted from day one for the submission of the paper were always accurate. Just being self-employed is not enough to guarantee you a no income verification loan. She goes above and beyond for her clients. Highly recommend them! So appreciate all their dedication and hard work. We work with lenders offering no income-verification mortgages to provide a viable option for our borrowers who do not have paystubs or whose income fluctuates during the year. Very professional. 2000-2019 NationwideMortgages.net - All rights reserved. Words cannot expressed how happy I am with this group. Highly recommend this company!! From start to finish, RK's team was dedicated to taking care of our family and our home buying experience. Lucrece was very helpful and gave us hope about the refinance. This was the smoothest mortgage transaction we have ever had. Thank you RK Mortgage and Joelle. 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. . Totally recommend her to everyone we know! Apply in 30 seconds with one quick, easy form. Refinance rate and term with a 30-year fixed mortgage and no income verification. I would highly recommend using RK Mortgage Group for all future loans. 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 . No Income No Assets: Believe it or not,No Income Verification Loansstill exist. . I never felt left out throughout the process until closing. They work well after hours to help get the paperwork done! Low Rates Not a Hard Money Loan. The key here is that your taxes should be filed and show that no money is . The definition of "Above and Beyond". 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!!! An appointee from the lender actually verifies employment of the applicant with the company listed as the employer. As self-employed and without income verification there were not to many chances for us to be approved for a mortgage. . 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. We were buying a house that needed renovation in a neighborhood we loved. If their payments were on time, their credit scores were still good enough to get approved for a stated income loan. Many applicants are good and qualified borrowers that have difficulty documenting their income the way traditional lending underwriters require. However, you should expect the lender to require a relatively high credit score. Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. Our experience with RK was wonderful from start to finish. Start here (Jan 18th, 2023). They are both very knowledgeable, honest and are true professionals. Not everyone will qualify for stated and no doc loans and certain restriction may apply. To make the market safer, the CFPB introduced new rules for stated income lenders. Roy and Me'Me closed my loan even after some condo issues we had that other Mortgage company could not close. We have purchased our forever home in lovely Key West Florida! Types of No Income Mortgages. Within minutes after filling the application, I received a call from Andres. Once we contacted RK Mortgage Group and spoke to Joelle her experience, knowledge and professionalism put us at ease. RK Mortgage is an awesome company to do business with. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. 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 . For people who are self-employed, you can expect to bring only one year of profit and loss statements. Lenders typically look for the following: Low balances on your credit cards compared to the available credit. This is not a commitment to lend. Thank you! I was impressed with the process. She is very knowledgable about the mortgage industry and the various loan products that are available, She is also very responsive and goes the extra mile for her clients. I will extremely recommend RK Mortgage Group to others looking to get approved for a loan. That is it! I was referred to Roy at RK Mortgage because I was told he specializes in investment properties for self employed people like me. We have experienced loan officers who specialize in no income-verification financing to provide guidance and advice to borrowers about this and other mortgage programs offered by MortgageDepot. Getting a mortgage can be stressful because of the complexities involved in the process. I enjoy working with Joelle Maximilien-Miller. 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. I can tell you that she really did a great job during the entire process. I was lucky to find JC and RK Mortgage Group. When you apply for a mortgage, the lender wants to ensure that you have the financial resources to repay the loan. RK Mortgage was definitely the right choice for us. My husband and I have been trying to buy a home for a very long time. No-income verification loan rates are substantially higher than currently available mortgage rates, as they pose more risk for lenders. We offer stated income loans and jumbo loans from $200k to $10 million. Most investors use these limited documentation loans for fix and flip properties. I was really impressed with technology. He worked with us to find a mortgage that fit our unique financial situation (both self employed) and was quick, efficient, and knowledgeable in the process. He was patient and complete in answering all my questions. From start to finish Joelle was there for us guiding us every step of the way. No Income Investor Loan Key Loan Features. window.addEventListener('click-table-loaded', function(){ Learn more about new bank statement home loans. I highly recommend RK Mortgage! Andres Taillepierre and his team worked super hard and quick to give us the best deal refinancing our home. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. I have nothing but GREAT things to say about RK Mortgage Group. 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. My husband and I were so excited when we were pre-approved. Process was simple, quick, and nothing left to chance. They found the right program that fit my needs. 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. Of course, having a good idea what the value of your house is very important for getting a genuine quote. She walked through all the steps with me. They have fixed arms options like 5/1, 7/ . In this day and age, customer service, I feel has become something of the past. Awesome job RK Mortgage Group! These loans are available with competitive interest rates and are typically five-year ARMs. No-Doc Loans offer extremely versatile qualifying guidelines coupled with flexible underwriting standard. First Name*. Rocket Mortgage does not offer this type of mortgage. Thank you RK Mortgage! Rates Starting at 7.46%. Starting from the communications, rates and processing time, everything was on the top. It will use these factors to decide if you should get the loan. If I had to do it again I'd come right back to RK Mortgage Group! Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . They were so great to work with, Joelle and MeMe, thanks again. 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 income verification mortgage program allows you to qualify based on rental analysis to determine property cash flow. 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