We offer one of the industries lowest rates. Me'me was my loan processor and was great also. Upload loan documents and e-sign mortgage forms online. Last Updated: November 15, 2022. Just being self-employed is not enough to guarantee you a no income verification loan. 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. I was working with Roy and Me'Me. Thank you J.C. Rivera and RK Mortgage Group! Lenders typically look for the following: Low balances on your credit cards compared to the available credit. After deciding to move forward everything from start to finish was easy and fast. Hallandale Beach, FL 33009, No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. Juan Carlo Rivera, was quick, professional and courteous. I highly recommend Joelle and RK Mortgage Group! Many thanks for their hard work. They have fixed arms options like 5/1, 7/ . After that, your rate becomes variable. I highly recommend RK Mortgage! Everyone I talked to was friendly and helpful. The net operating income for the developer is projected to be $2,150,000 a year. })(); Get the latest housing market news and expert analysis delivered straight to your inbox. Please inquire with lender for updated program qualifications that pertain to your state and your credentials. More on DSCR loans for investment property here. There is no application fee from participating lenders or banks. USDA vs FHA: Which low down payment loan is best for first-time home buyers? He always kept the fire going and the process was completed before the promised deadline. Available on 30 year fixed and ARM options as well. Additionally, Roy was solid and reassuring throughout the whole process, which was especially appreciated since we were first time home buyers. Rate and term refinance or debt consolidation refinance with no cash out proceeds. By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. if (window.ClickTable) { 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) . Our experience with RK was wonderful from start to finish. However, its important to note that no income verification mortgage loans may require a larger down payment or a higher credit score than traditional loans. options.element = document.getElementById('click_table_63c85089d9189'); They answered all my questions and concerns in a nick of time. I have refinanced 3 times over the last few years. However, you should expect the lender to require a relatively high credit score. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. Very stress free and would recommend him and RK Mortgage Group to anyone! Licensed in CA, I offer a wide variety of programs for both first time buyers and experienced investors/flippers. Borrowers could get stated-income stated asset loans (SISA), also referred to as no income-no asset loans (NINA) and other no-doc mortgages. You don't need to show pay stubs. Tips for Making the Best Garden Improvements for Your Home's Values. Joelle and her team were absolutely amazing! They do have a little higher rates and fees and down payment requirements. 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. To contact us by phone please call (800) 805-6945 or email us by clicking here. Joelle and Me'me have been hanging there with me and my lousy builder for 16 months. Lenders must fully document a borrower's ability to repay the loan either with income or assets. They are always there to give assistance. I recommend RK Mortgage Group as a first choice. Your loan payments can be interest only payments. You no longer have to let your job history or income documentation prevent you from getting locked into a record low interest mortgage. We have purchased our forever home in lovely Key West Florida! As a realtor I want to make sure my clients are taken care of and with Joelle that is not even a concerned. Joelle and team were great! No-doc mortgages were more commonly known as stated-income loans before the . Although the whole process took longer than we anticipated due to certain complication of our case, we were very satisfied and very happy with their service. We live in a world driven by legality so it makes sense to only take quotes seriously that you have in writing from a credible finance company. 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. Amazing helpful team! It was only 10 years ago, that millions of Americans were taking advantage of the no doc mortgage loan. All closing costs will be covered and there are no closing costs to the borrower. We thought we were not going to be able to buy the house, but she made it work for us. He kept constant contact with me on any updates throughout the process. Get the latest housing market news and expert analysis delivered straight Last Name*. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. This can be appealing for self-employed individuals or those who have fluctuating or hard-to-verify income. Rates as low as 7%. (Stated income loans still exist for real estate investors, however, because they aren't purchasing an owner-occupied home.) We offer one of the industries lowest rates. But these loan programs can be viable way to enter the housing market as long as you have an exit strategy. A no income verification home loan is a type of nonqualifying mortgage. They'll also order a property appraisal to check the resale potential of the investment. If its a challenge to verify your income, then a no-income verification mortgage is an option worth pursuing. His advises and the way to deal with minor inconveniences that arose during the process was really professional. And that's because . A no-documentation home loan is a mortgage that doesn't require the borrower to provide standard income documentation. We could not have asked for a more professional and compassionate person to help us refinance. I wish them lots of clients (not like me), luck and prosperity! This company was such a pleasure to work with. They made it happen. They were efficient and helpful all the way through the process. First and foremost, I would like to express how grateful I am to have had Juan Carlos Rivera as my mortgage broker. *This product is not regulated by the New York State Department of Financial Services. Its important to carefully consider the pros and cons of a no income verification mortgage loan before applying. There are 3 main types of No Income Mortgages available: Refinance Loans, Home Equity Loans and Debt Consolidation Loans. No-income verification mortgages, or no doc loans, dont require you to provide proof of a traditional income stream through W-2s or tax returns. Excellent, excellent, excellent! Adam responded to emails "We can't say enough good things about Adam. He is respectful and a complete gentleman. Thank you again for all of your help and support! We're super happy with the service received from RK Mortgage. Thanks to RK we own our lovely house! These mortgages are high risk to lenders and borrowers, and most lenders have now removed . Getting to the closing table will not get easier than working with this great team. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. We offer stated income loans and jumbo loans from $200k to $10 million. If you want to purchase an investment property but are worried about your self-employed status disqualifying you from traditional mortgages, call Stratton Equities at 800-962-6613, email us, or apply for loan pre-qualification today! Why Choose Us. I had an issue with my other mortgage company that I had been working with and upon contacting RK Mortgage. Read our article on no tax returns mortgages to learn more. If you dont have a verifiable income stream, then youll need enough assets to support the mortgage payments. Roman was always on hand to answer any questions we had. 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. Home Purchase | No Income Verification Loan. No income loan programs provide another layer of protection that many people desire to buy or refinance a house. I feel I made a new friend this year. He provided EXCEPTIONAL customer service, answered my numerous questions and always kept me informed during the entire process. Andres was excellent and perfectly understood what I was looking for. People are raving about home equity loans with no documentation required. Bank statement loan makes life a million times easier for self employed people. I was applying for mortgages for my dream home in Florida. 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. 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. When you are buying a house, it is imperative to get a pre-qualification or pre-approval letter from banks and lenders that have a strong reputation and who you feel comfortable with. Highly recommend! RK Mortgage Group team made my dreams of becoming a homeowner again possible. A no-income verification mortgage refinance is a type of loan that allows borrowers to refinance their homes without having to provide documentation of their income. 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. After receiving an honorable discharge from the U.S. Marine Corps in 2008 Adam began his career in the mortgage business. I will extremely recommend RK Mortgage Group to others looking to get approved for a loan. Highly recommend them! He also got me a great rate on my mortgage! 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. Willing to pay substantially higher interest rates for the life of the mortgage loan. My questions were answered quickly and professionally. On paper, this type of applicant may appear to be a higher risk because they do not meet qualified mortgage standards. Well help you close quickly, so you can get the keys to your new home in no time. Learn more about new bank statement home loans. Sometimes lenders call these bank statement loans or stated income loans. The service was top-notch, I believe that everyone working at RK Mortgage are team players with one goal in mind their client's success. He was very professional and courteous. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. She kept us updated on everything that was happening with our loan. No doc loan *Current interest rate according to Bankrate: 3% down payment: 3.5% down payment: However, you do need to prove that you have enough cash flow, savings, or other assets to make consistent mortgage payments over the life of the loan. Or email us at gcho@gustancho.com. Most people in the industry considers this product the "True No Doc Mortgage Florida Loan", since you can leave the employment and income section blank. 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. Of course, the lender still needs to know that you can afford the loan. Debt-To-Income (DTI) is Not Calculated. While common before the 2008 financial crisis, no-income verification loans also sometimes called non-QM loans are no longer widely available to homebuyers. His knowledge was invaluable to us during this whole journey. Asset Seasoning only 30 days. 650 mid FICO to qualify. As a first-time homebuyer, I never knew how to go about buying a house. I couldn't be happier with Joelle and Me'Me. The whole team was very attentive and trustworthy, they guided us through the process. Have gone through the mortgage process a number of times, and this was by far the easiest! He took numerous calls, emails and texts from me daily. 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. They helped us along the way. I surely will use his services again in the future!!!!!!!! Thank you again for all of your help and support! States Income Loans Making a Comeback - Bankaholic. 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. We know the Jumbo Mortgage Business call us at (800) 986-4580. I would definitely do business with RK Mortgage again! An appointee from the lender actually verifies employment of the applicant with the company listed as the employer. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. 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. The no doc mortgage options and no income verification loans were popular programs before the default rates kicked in. Smooth and easy to work with an extreme pleasure all around. We really appreciate that. Very knowledgeable and professional! Ms. Meme made sure we were happy with our mortgage experience. They never missed a call anytime I had a question or concern. For investment properties, please review our No Income Verification program.
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