This option is for primary residence and 2nd homes, and can be used to purchase or refinance a property. RK Mortgage and the staff were very supportive of our journey. Will definitely recommend! Alternate names: Alternate income loan, alternative income . I would recommend Joelle to any of my personal friends, family, and or colleagues!! Stated Income Loan (See lenders for guidelines). People are raving about home equity loans with no documentation required. Gift funds are not permitted, and loans . I called and spoke with Juan Carlos Rivera and gave him a brief run down on our info. This saved us a lot of time. I just closed on my first home and the process could not have been any smoother. He also does conventional loans. }) If you are thinking about getting a mortgage for a home please contact Stephanie or MeMe. Without her assistance and hard work none of this would have happened. RK team got everything taken care of quickly and made this a smooth transaction. His knowledge was invaluable to us during this whole journey. Use your quality financial history to secure a loan. Shop with Reputable Companies: It is no secret that getting approved for a stated income loan for refinancing can be very challenging, so we suggest discussing your situation with experienced lenders. Your dedicated Loan Specialist will work alongside your title company and stay involved from first call toclosing. He was quick to respond any my questions (even after standard business hours). We could never properly express our gratitude to MeMe or Roy! Joelle and Me'me were the only positive experience in our 16 months journey building a home in Lakewood Ranch, FL. I would definitely recommend this mortgage company. Joelle and processor Me Me were amazing! Facebook. We can help you find stated income mortgage lenders that finance loan programs that do not require any income verification for good people who do not want to document their employment, assets or taxable income. I highly recommend Joelle and RK Mortgage Group! I went to Joelle after my other mortgage broker gave me a pre qualification, let me sign a contract and then informed me he couldnt make it happened. Would recommend RK Mortgage Group, and particularly Joelle, to anyone who is about to begin a wonderful and exciting journey of buying a home. She worked hard to make sure I received the lowest rate and the best deal. Thank you so much JC you are truly a blessing from above! Before signing up for a no-income verification mortgage, be sure to carefully read and understand your loan terms. I highly recommend RK Mortgage Group and Andres. 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. 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. No income verification No tax returns 30-year terms. I have nothing but GREAT things to say about RK Mortgage Group. Problems with no doc loans in the early 2000's nearly tanked the US economy. While common before the 2008 financial crisis, no-income verification loans also sometimes called non-QM loans are no longer widely available to homebuyers. Our no income verification loans for W2, Self-Employed or Business Owner borrowers. The basic requirements for a no-income verification loan include: A credit score of 700 or higher. Specialties include: Portfolio lending, Investment property loans, mortgage for self-employed, Non-Conforming mortgage lending, and non-warrantable condos. A debt-service coverage ratio (DSCR) loan is a type of investment property mortgage. Nationwide offers unique no income mortgage options on 1st & 2nd loan products. This was the first time I worked with Joelle. Most property types considered! He always kept the fire going and the process was completed before the promised deadline. If for some reason we cant help, well do our very best to point you in the right direction. I was shopping for mortgages for a while until I found RK. Provide documentation that shows your assets and income. Thank you again Lucrece & MeMe! Ms. Meme excellent, very professional, patience of an angel. Getting to the closing table will not get easier than working with this great team. Home Purchase | No Income Verification Loan. Fixed-rate mortgagesalso called "conventional mortgages"are basically the bread and butter of the mortgage industry. Great job RK team! No-income verification loan rates are substantially higher than currently available mortgage rates, as they pose more risk for lenders. If possible, aim to get your credit score above the 700 mark. 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. In this type of "stated income loan", the applicant provided info about their income and assets. Approval is based on the cash flow generated by the property, and loans between $75,000 and $1.5 million are available. A phone . . No Documentation Mortgage - No Doc: A type of reduced-documentation-required mortgage program in which income and assets aren't disclosed on the loan application and employment isn't verified . It's no secret that mortgages with no income verification are not as easy to secure this year. It was a great process. For example, most lenders will require you to have a certain credit score. We could not have asked for a more professional and compassionate person to help us refinance. Check your mortgage rates. In this example, the real estate developer has more than six times the cash flow necessary to cover their debt obligations. Here are some of the most common options: For the self-employed person, the bank statement loan is one of the best deals available. In some cases, you can even use the projected rental income of a property to qualify for the mortgage. No tax returns, no paystubs, no bank statements, no 4506 required. Low Rates. We had a very complicated and non conforming situation but they both made it work! To qualify for these types of loans, the lender looks at the value of the property after repairs are made and what its potential rent income will be. I am glad we have chosen RK Mortgage Group. 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. This is not a commitment to lend. We were able to apply, submit all our required docs and close in less than six weeks. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. Start here (Jan 18th, 2023). We found the home we fell in love with and the deal was completed within 5 weeks. Complete our simple and secure online form inminutes. But these loan programs can be viable way to enter the housing market as long as you have an exit strategy. My husband and I found our dream home so I started researching and looking for mortgage companies. Our Experience with RK Mortgage Group was superb. Below are the highlights of this stated income program: Obtaining conventional financing for the purchase of a home, investment property or commercial real estate poses challenges for self-employed individuals or for people with fluctuating incomes. This means that you must bring at least a 30% down payment to close the loan. Check your home buying eligibility. I had a very short time frame to close and they managed to get everything moving, especially in COVID! 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. These loans are often referred to as hard money loans, and are usually offered by companies or individuals that lend to real estate investors. Are you getting declined from your current lender because you don`t qualify for a Mortgage? I will always go back to her and recommend anyone to go to her company. 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. How can no income-verification mortgages help our borrowers? This should provide your lender with enough information . window.ClickTable.mount(options); We would recommend them with enthusiasm! Loan Amounts to $10M. Thank you all for your time and excellent customer service! He was always there to reassure me and keep me focused. Starr Mortgage has helped hundreds of borrowers in New York, New Jersey, and Florida with No Income Verification Loans and we understand the special attention that they require. No Income Verification. I had a great experience with RK Mortgage. We're a favorite among self employed, business owner's and investor's unable or unwilling to use their tax returns to qualify for a mortgage. 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. 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! Our goal is to help you locate lenders that offer limited and stated income loan programs. Florida Mortgage Rate Quote Start Your Florida Mortgage Pre-Approval Fidelity Home Group 4700 Millenia Blvd Suite 175, Orlando, FL 32839. Adam responded to emails "We can't say enough good things about Adam. Start here (Jan 18th, 2023). Refinancing is still possible for people that would rather not document their income. Roman Khodos a personable, helpful, knowledgeable and highly professional. Speak to a Loan Officer today (888) 508-6055 . Thank you RK Mortgage Group and Thank you Joelle! Rates Starting at 7.46%. I would definitely recommend RK Mortgage. However, youll need to have sufficient existing assets to repay the loan. 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. Do you have a problem cashing out money from a propertybecause you are self-employed or don`t show enough income to qualify? A no-income-verification mortgage is a home loan that doesn't require the documentation that standard loans typically require like pay stubs, W2s or tax returns. And it was the best experience by far! Joelle and Me'me were absolutely wonderful to work with. The whole package from start to finish was straight forward and very quick to close . . To qualify, you must deposit a 25 percent down payment for the total cost of the purchase transaction and obtain 65 percent Loan to Value (LTV) financing for refinancing. During this period, borrowers without a steady income and low credit could just state their income and get mortgage approval. Fast, efficient process with minimum efforts. options.element = document.getElementById('click_table_63c85089d9189'); These loans can help you in a number of ways. If you want to purchase a home with no income, youll need a substantial net worth with enough assets to support repaying the loan. Thanks guys so much. Find Your No Doc Rate? 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. A good number to target is 20%. if (window.ClickTable) { Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. We have purchased our forever home in lovely Key West Florida! State income mortgages and no income loan programs are available but before you start counting your money, make sure that you qualify for. A breakthrough in borrower qualification. RK Mortgage Group, you're the BEST!!! Some organizations, like Mortgage Depot, offer a no income check program. Great team to work with. Loan amounts up to $5 million on most properties and up to $2 million on 2-4 unit residential properties 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. The lender will confirm that you can make the loan payments in one way or another. A: Yes, there are mortgages available with no tax returns required but they are only offered by certain lenders. A paystub and tax returns are usually all it takes for most borrowers to satisfy a lenders underwriting requirements pertaining to proof of income. Of course, having a good idea what the value of your house is very important for getting a genuine quote. I can't thank him enough for everything he did. Constant and accurate information and updates. 5+ Unit Multifamily & Mixed-Use. 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. He gave me all our options in a clear and concise manner. Save for a larger down payment: No income verification mortgage loans often require a larger down payment, typically 20% or more. non qm mortgage, portfolio loan.
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