One-way lenders do this is to make a qualified mortgage or QM. Purchased an investment property. 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. Great Job thank you. Lucrece and her team were awesome! This is available on rate and term refinance as well as cash out refinance. They really work with you to get the best rates and to help you get into your own home. 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. 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. Our Experience with RK Mortgage Group was superb. He also got me a great rate on my mortgage! The loan is approved based on credit and reserves. People are raving about home equity loans with no documentation required. There was absolutely no surprise in the settlement. If their payments were on time, their credit scores were still good enough to get approved for a stated income loan. To contact us by phone please call (800) 805-6945 or email us by clicking here. Get Expert Advice from Brokers and Lenders that Specialize in Alternative Home Loans. She kept me informed and closed on time. An excellent job! Highly recommend them! They worked diligently to ensure the process was efficient and stayed in touch each step of the way. She walked through all the steps with me. These loans are credit score driven. You should have your financial life in tip-top condition if possible. Qualify For Your No-Doc Loan or Alternative Mortgage Loan Today. Loan Amounts to $10M. Types of No Income Mortgages. Stated Income Loans. Less Paperwork is paves the road for a smooth loan process. This is a benefit because that allows higher loan to value ratios. Rates starting at 6.25%. Yes, a no-income verification mortgage enables you to buy a home without a regular job, or steady source of income. I was impressed with the process. As the CEO of a company, I would not hesitate to recommend RK Mortgage Group for their excellent performance in dealing with the clients. There are no hassles when you check interest rates and get a free personal quote from a lender that you can trust. However, these are non-qualified mortgage (non-QM) programs, meaning they are controlled by individual lenders and not regulated by any government agency. options.element = document.getElementById('click_table_63c85089d9189'); But these types of loans require proof of other assets. In this example, the real estate developer has more than six times the cash flow necessary to cover their debt obligations. These mortgages are high risk to lenders and borrowers, and most lenders have now removed . My husband and I were so excited when we were pre-approved. Alternate names: Alternate income loan, alternative income . Many thanks for their hard work. Thank you RK Mortgage! No tax returns, no paystubs, no bank statements, no 4506 required. Working with Juan Carlos Rivera was great. This was the smoothest mortgage transaction we have ever had. They truly were with me every step of the way in the process. Excellent, excellent, excellent! Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. This is what RK Mortgage Group is. So easy and straight forward to work with and was truly the simplest mortgage we have ever had! First and foremost, I would like to express how grateful I am to have had Juan Carlos Rivera as my mortgage broker. As a homebuyer, its often easier to work through the mortgage process if you have a steady W-2 income for your household. We're super happy with the service received from RK Mortgage. I'd recommend them to anyone. 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! Find Nationwide lenders that specialize in no income refinancing, no doc mortgages and stated income home loans. if (window.ClickTable) { 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. From the very first conversation that I had with both of these ladies, I knew that I was in the right hands and on my way of owning my first home. As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. 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. While true no income verification mortgages no longer exist, lenders can qualify you based on almost any kind of cash flow. She was always available to answer my questions, and she guided me through the entire process. He was always accessible and always willing to answer my endless questions. RK Mortgage Group, you're the BEST!!! After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. A++++. Then, I decided to give one last broker a try RK Mortgage Group. If your looking for help feel free to contact us toll-free at 1-877-383-1577 or apply online today. Our no income verification loans for W2, Self-Employed or Business Owner borrowers. Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. I was shopping for mortgages for a while until I found RK. Not everyone will be approved nor can loans be guaranteed online. Our experience with RK was wonderful from start to finish. No Income Verification Mortgage. Borrowers hoping to get a mortgage with a non-traditional source of income have options. Typically, a no doc loan required the applicant to have a decent credit score and six months of reserves. I would recommend Joelle to any of my personal friends, family, and or colleagues!! They walked me step by step through the mortgage approval process. By improving your credit score and having the ability to document strong assets, you can increase your chances of getting approved for a no income verification mortgage loan. Thank you Joelle and RK Mortgage Group you are amazing! This saves you from submitting complicated income statements and tax returns. 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 good number to target is 20%. This saved us a lot of time. A no-income-verification mortgage does not require the borrower to provide the lender standard proof of income documents, such as pay stubs, W-2 forms and tax returns. Every time I was confused, she was always there to help. Thank you for your help to buy our new home! Sometimes lenders call these bank statement loans or stated income loans. No income verification No tax returns 30-year terms. Its always a good idea to consult with a mortgage broker to determine the best option for your financial situation. 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. Thank you! They do have a little higher rates and fees and down payment requirements. 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. Up to 80% LTV. 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. Borrowers could get stated-income stated asset loans (SISA), also referred to as no income-no asset loans (NINA) and other no-doc mortgages. 2000-2019 NationwideMortgages.net - All rights reserved. Your loan payments can be interest only payments. I was applying for mortgages for my dream home in Florida. 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. Took the time to explain everything. Stated Income Stated Assets: Apply in 30 seconds with one quick, easy form. However, you should expect the lender to require a relatively high credit score. It is nice to have someone that cares and also has your best interest at heart. We love her! We're forever Thankful for her. Roman Khodos a personable, helpful, knowledgeable and highly professional. For investment property, getting a DSCR loan would be the option to go with. Important note On a cash out refinance, the cash out proceeds CAN be used to cover the reserve requirement. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. That is it! Up to 75% LTV Purchase /Rate & Term. No-income-verification mortgages are a type of nonqualified mortgage. Through complications on the closing of my previous home and new turns and twists in the purchase of our new home, Joelle and Me'Me were there through it all to make sure things closed. Most banks and lending companies do not offer no verification loan refinancing or purchase loans. For people who are self-employed, you can expect to bring only one year of profit and loss statements. 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. 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. I highly recommend RK Mortgage Group!! Thank you again for all of your help and support! Thanks. 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