In addition, all assets counted . The no doc mortgage options and no income verification loans were popular programs before the default rates kicked in. The lender will confirm that you can make the loan payments in one way or another. If you dont have standard proof of income, like pay stubs and W-2s, then a lender might approve your mortgage based on other financial factors. Thank you all for your time and excellent customer service! Getting a mortgage can be stressful because of the complexities involved in the process. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. As a realtor I want to make sure my clients are taken care of and with Joelle that is not even a concerned. Stated Income Stated Assets: I have worked with many different lenders in the past because I'm a Realtor. I highly recommend them. Loan was closed on time. In the past, I had to deal with different companies that takes four to six months, after a lot of papers, to tell me no, for whatever reason, after ask me to send again and again my information, that is the same again and again. There is no application fee from participating lenders or banks. Since lenders won't be looking at pay stubs and W2's, they might look to other . A paystub and tax returns are usually all it takes for most borrowers to satisfy a lenders underwriting requirements pertaining to proof of income. No Income Verified Assets: Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. 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! Took the time to explain everything. Andres was excellent and perfectly understood what I was looking for. Roy and Me'Me closed my loan even after some condo issues we had that other Mortgage company could not close. He was quick to respond any my questions (even after standard business hours). An excellent job! My personal situation was complicated, but he managed to get me into my DREAM HOME. Office, Retail, Warehouse, Self Storage, Automotive Service ( No gas stations). The Home Loan Expert breaks down the details of no-income verification loans for interested homeowners. Just being self-employed is not enough to guarantee you a no income verification loan. USDA vs FHA: Which low down payment loan is best for first-time home buyers? The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. No tax returns, no paystubs, no bank statements, no 4506 required. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. Thanks again, and we definitely recommend Lucrece and her team! 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. Today there are some no doc or limited doc loans that you can qualify for. No Income Investor Loan Key Loan Features. Adam Lesner is a Mortgage Loan officer in Brighton, MI. Thank you again Lucrece & MeMe! Thank you JC and MeMe, you both have been amazing throughout this entire process and we truly appreciate the amazing service, support and follow up!! We are a Top Leading Mortgage Broker that Specializes in No IncomeVerification Loans. Stephanie and Me'Me were the best, everything was fast, smooth and easy. However, if you gather as many documents as possible, work with a reputable broker, it is possible to get mortgage approval. 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 . They helped us along the way. I called Joelle in a panic, and she got me approved and saved my contract. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. He always had our best interest at the forefront and we are so grateful he led us through the process. Constant and accurate information and updates. These loans are available with competitive interest rates and are typically five-year ARMs. Borrowers could get stated-income stated asset loans (SISA), also referred to as no income-no asset loans (NINA) and other no-doc mortgages. This company was such a pleasure to work with. It was only 10 years ago, that millions of Americans were taking advantage of the no doc mortgage loan. Nationwide offers no cost home loan quotes for people seeking refinancing, home equity, purchase mortgages in the United States. Adam responded to emails "We can't say enough good things about Adam. You can get approved for a mortgage loan without proof of income by providing proof of assets. Up to 75% LTV Purchase /Rate & Term. 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. Home Purchase | No Income Verification Loan. Our Experience with RK Mortgage Group was superb. Fixed rates/Adjustable. 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. They answered all my questions and concerns in a nick of time. We were buying a house that needed renovation in a neighborhood we loved. Joelle and Me'me were absolutely wonderful to work with. Loans to $2 Million. I will only be using RK for my future financing needs. No-doc loans . However, today things have changed and there are alternative stated income loans available for people who have a need for a limited or no doc mortgage. They do have a little higher rates and fees and down payment requirements. Foreign Nationals Eligible. Process was simple, quick, and nothing left to chance. 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. Lucrece was absolutely fantastic to work with! She worked hard to make sure I received the lowest rate and the best deal. These loans are risky for lenders, so they require higher mortgage rates for borrowers. Always fast to respond to phone calls and any concerns, great with answering unlimited questions of first time homebuyers, explaining every step of the way, and simply getting things done. My experience was stress-free. Being self-employed made it difficult to get a mortgage but, with the bank statement mortgage the process was a lot easier. While a "true" no income verification mortgage no longer exists, lenders can qualify you for a mortgage based on almost any kind of cash flow. Thank you Joelle and RK Mortgage Group you are amazing! LTV up to 70% on Cash Out Refinance. . . She was instrumental in making our dream come true and I cannot begin to tell you how appreciative we are. Theyre extremely professional and great at what they do. 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. A good number to target is 20%. . I surely will use his services again in the future!!!!!!!! We renovated and of course went back to her to refinance on a normal mortgage. If you get paid in cash, it might be possible to get a mortgage. 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. After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. See online home equity approvals as fast as 10 minutes. Borrowers hoping to get a mortgage with a non-traditional source of income have options. 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. Have gone through the mortgage process a number of times, and this was by far the easiest! Contact one of ourloan consultantsto learn more about this program. I would definitely recommend this mortgage company. Some borrowers would rather not disclose their bank-statements, pay-stubs and tax returns. 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. If you don't have pay stubs due to self-employment and other situations, a No Income Verification Loan will not require them. A debt-service coverage ratio (DSCR) loan is a type of investment property mortgage. I actually closed before the date promised. I had a very short time frame to close and they managed to get everything moving, especially in COVID! If you need a mortgage I recommend you call RK Mortgage Group. Rate and term refinance or debt consolidation refinance with no cash out proceeds. When they say they work fast, they mean it. Totally recommend her to everyone we know! Gift funds are not permitted, and loans . 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. What en excellent experience! Start afree quote toget aninterest rate and payment estimate. We greatly appreciate the effort and time that RK Mortgage professionals put into our loan process. This saves you from submitting complicated income statements and tax returns. 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! I closed on my first home last week and not without the help of Stephanie Ventura and Me'Me Gray. The definition of "Above and Beyond". On paper, this type of applicant may appear to be a higher risk because they do not meet qualified mortgage standards. non qm mortgage, portfolio loan. Up to 80% LTV. " CLICK HERE " to See Today's Mortgage Rates. 650 mid FICO to qualify. Highly recommend them! 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. Would totally recommend. She was reliable and always reachable one way or the other. Here are some of the most common options: For the self-employed person, the bank statement loan is one of the best deals available. It will use these factors to decide if you should get the loan. She was always available to answer my questions, and she guided me through the entire process. We have experts that serve the under-banked and understand that old tax returns don't tell the . (Stated income loans still exist for real estate investors, however, because they aren't purchasing an owner-occupied home.) Rates back in the old days in the 80's were over 10%! Highly professional service. Up to 80% LTV Purchase / Rate & Term or 75% LTV Cash Out Refinance. Many thanks for their hard work. Additionally, Roy was solid and reassuring throughout the whole process, which was especially appreciated since we were first time home buyers. Complete our simple and secure online form inminutes. But its more challenging than obtaining a mortgage with a regular income stream. 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. They work well after hours to help get the paperwork done! 5+ Unit Multifamily & Mixed-Use. I enjoy working with Joelle Maximilien-Miller. No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. Excellent, excellent, excellent! We were pleased on how efficiently and promptly everything was handled. RK Mortgage Group was recommended to me by one of my friends. Thanks for getting me to the finish line. *This product is not regulated by the New York State Department of Financial Services. From first contact to closing, Lucrece and Marcia were amazing. They never missed a call anytime I had a question or concern. I was shopping for mortgages for a while until I found RK. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. Lucrece was there for me every step of the way and even held my hand during several meltdowns. 680 minimum credit score The problem came in where people could easily borrow cash temporarily to show they had 'reserves,' and could pay bills by using credit cards. 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. I usually don't write reviews, but I had to write something about my experience with RK Mortgage Group. 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