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. Roman and Bella kept us informed every step of the way. Extremely positive and always responsive. Everyone I talked to was friendly and helpful. He always kept the fire going and the process was completed before the promised deadline. I will always go back to her and recommend anyone to go to her company. For investment property, getting a DSCR loan would be the option to go with. RK Mortgage and the staff were very supportive of our journey. As first time byer I had million questions. * Full-Document -Home Equity Loan up to $500,000. Helped ease my nerves about refinancing. She goes above and beyond for her clients. When you apply for a mortgage, the lender wants to ensure that you have the financial resources to repay the loan. Will recommend to anyone needing a mortgage. Gift funds are not permitted, and loans . I'm writing this review in my new house and Im thankful to RK Mortgage Group for this. Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . * Stated Income -Home Equity Loan up to $300,000. Thank you!!!! I would highly recommend using RK Mortgage Group for all future loans. USDA vs FHA: Which low down payment loan is best for first-time home buyers? RK Mortgage Rocks! It will use these factors to decide if you should get the loan. 30 Year Fixed Rates Available. I would definitely recommend RK Mortgage. They truly were with me every step of the way in the process. Ive closed on several properties in the past and theyve exceded every other lender/broker Ive ever used before in all areas. No Income Verification Mortgage Loans on Primary Residence, Second Homes and Investment Properties up to $3 Million., No income documentation Mortgages. After several unsuccessful attempts, We found Eric @ RK Mortgage. I was shopping for mortgages for a while until I found RK. You no longer have to let your job history or income documentation prevent you from getting locked into a record low interest mortgage. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant 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. They educated my wife and myself on the process and helped us make an informed decision . These loans are available with competitive interest rates and are typically five-year ARMs. Each lender sets its own specific credit score requirements for no-income verification home loans. Most investors use these limited documentation loans for fix and flip properties. 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 income verification. Highly recommended team that defines word professionalism in this sphere of business! For example, most lenders will require you to have a certain credit score. I also had the pleasure to work with Me'Me who is fast acting and together they make an excellent team. Read our article on no tax returns mortgages to learn more. As a foreigner, it was not easy at all to get a refinance with reasonable interest rates After getting tired of either being rejected by well-known lenders or getting quoted with outrageously unaffordable interest rates, we were about to give up our renovation plan to upgrade our new house. For example, if you are reporting this cash income on your tax returns, that might be enough evidence for the lender. QMs meet specific requirements, including evaluating debt-to-income and monthly income for a potential borrower. I highly recommend RK Mortgage Group for refinancing issues. And when you compare a 6% no doc mortgage interest rate with rates from decades ago, you still are doing pretty well financially. I look forward to working with them again next year for my refinance. I would go with him again! Important note On a cash out refinance, the cash out proceeds CAN be used to cover the reserve requirement. Ms. Meme made sure we were happy with our mortgage experience. Alternate names: Alternate income loan, alternative income . My husband and I found our dream home so I started researching and looking for mortgage companies. 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 tax returns! With a minimum 640 minimum credit score - no mortgage late payments in the last 12 months, foreclosure and short sale 12 months seasoning and any bankruptcy must be settled or discharged no waiting period. I'm happy. Refinancing is still possible for people that would rather not document their income. Very professional. These loans can help you in a number of ways. Typically, these loans charge higher interest rates than qualifying loans, but can be easier to get approved if you're self- or seasonally employed. Loans to $2 Million. The definition of "Above and Beyond". . We actually closed in 26 days. Loan amounts up to $5 million on most properties and up to $2 million on 2-4 unit residential properties })(); Get the latest housing market news and expert analysis delivered straight to your inbox. However, if you gather as many documents as possible, work with a reputable broker, it is possible to get mortgage approval. I usually don't write reviews, but I had to write something about my experience with RK Mortgage Group. This is a benefit because that allows higher loan to value ratios. We have purchased our forever home in lovely Key West Florida! He made what felt like the impossible, possible. A no income verification mortgage loan is a type of mortgage that does not require borrowers to provide documentation of their income. Our no income verification mortgage in Florida is a great tool for borrowers who demonstrate ability to repay through good credit history. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act . 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. I would definitely do business with RK Mortgage again! During this period, borrowers without a steady income and low credit could just state their income and get mortgage approval. 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. Tips for Making the Best Garden Improvements for Your Home's Values. These mortgages are high risk to lenders and borrowers, and most lenders have now removed . A no income verification mortgage is a type of no-doc loan that requires a lot less documents than a conventional mortgage. The lender will confirm that you can make the loan payments in one way or another. Nationwide offers unique no income mortgage options on 1st & 2nd loan products. She kept us updated on everything that was happening with our loan. The lender accepts other items, such as bank statements, as proof you can repay the mortgage. Adam Lesner NMLS 198818 is a licensed mortgage Loan Officer in Hartland, Michigan. You always need to prove to a lender that you can afford to repay the loan. Complete our simple and secure online form inminutes. Strongly recommended! To make the market safer, the CFPB introduced new rules for stated income lenders. This was the smoothest mortgage transaction we have ever had. Broker rebate up to 2 points available. Talk to lenders and find competitive pricing. Me Me was tough with HOA. Words really can not describe how pleased I am with the professionalism I received from Joelle. Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Pocket (Opens in new window), Click to email a link to a friend (Opens in new window). No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. Lucrece was there for me every step of the way and even held my hand during several meltdowns. So easy and straight forward to work with and was truly the simplest mortgage we have ever had! I highly recommend RK Mortgage Group!! Loans available for purchase or refinance of investment or owner-occupied multi-family properties. Because the kitchen cabinets and most of the flooring was missing, it was considered unlivable and therefore could not get a normal mortgage. Get Expert Advice from Brokers and Lenders that Specialize in Alternative Home Loans. Nationwide Mortgages. *Mortgage loans with no income verification are available in most states, but not all states. We do not require pay stubs or tax statements. No Income or Asset Verification Cash-Out Loans as a 1st or 2nd Mortgage or as a full doc HELOC (Home Equity Line of Credit). Can you buy a house with no money down? They walked me step by step through the mortgage approval process. Andres was excellent and perfectly understood what I was looking for. window.addEventListener('click-table-loaded', function(){ The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. Privacy: No income verification mortgage loans allow borrowers to keep their financial information private. Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. That is it! Office, Retail, Warehouse, Self Storage, Automotive Service ( No gas stations). Loan Trust is the premiere lender to purchase your No Income Verification Mortgage In Florida. This gives them an asset-based "income" of $3,750 per month. Words cannot expressed how happy I am with this group. From the minute I applied for my bank statement only mortgage to the day I closed Joelle and Sheenaqua have gone above and beyond to make this happen. Im not one who provides reviews but for this company Im really happy to do so. Stated Income Stated Assets: He was very prompt on getting back to you and making what can be a stressful process very easy. Rates Starting at 7.46%. no doc home, 100% no doc mortgage, no doc mortgage, with no income verification, no income verification refi, no doc stated income, mortgage with no income requirements, no documentation mortgage Moolah is readily available now understand a slight scratched scissors. Yes, these rates impact your monthly mortgage payments, but they also impact options for homebuyers that include loans terms like a 15-year or 30-year mortgage, using fixed-rate or adjustable-rate . Without her assistance and hard work none of this would have happened. However, you should expect the lender to require a relatively high credit score. 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. 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. 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. I would not have my new home without her. Today there are some no doc or limited doc loans that you can qualify for. Great team to work with. No Income Investor Loan Key Loan Features. Rates starting at 6.25%. 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. We're super happy with the service received from RK Mortgage. to your inbox. One-way lenders do this is to make a qualified mortgage or QM. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. Fixed rates/Adjustable. Special thanks to Lucrece Valentin and her team for their tireless commitment to providing a smooth seamless buying experience. It was a pleasure to work with him and his team. Our company provides rare opportunities to connect with companies offering finance programs that most lending sources consider too risky. You need to have an IRS 1099 or be retired, but with a steady income. Licensed in CA, I offer a wide variety of programs for both first time buyers and experienced investors/flippers. As self-employed and without income verification there were not to many chances for us to be approved for a mortgage. We really appreciate that. Helped us secure a mortgage very fast and she was available anytime we needed her. Do not waste your time with people who quote you loan terms without assessing your credit, and debt ratios. Thanks to RK we own our lovely house! No-Doc Loans offer extremely versatile qualifying guidelines coupled with flexible underwriting standard. I worked with Lucrece and she was excellent. I had a very short time frame to close and they managed to get everything moving, especially in COVID! He is respectful and a complete gentleman. But its more challenging than obtaining a mortgage with a regular income stream. Highly recommend! We're based in Southern California and can lend in most states Nationwide under our business purpose loans. Check your home buying eligibility. How can I get approved for a mortgage without proof of income? The first step is to provide your lender with copies of your records that indicate your income. Getting a mortgage can be stressful because of the complexities involved in the process. I will extremely recommend RK Mortgage Group to others looking to get approved for a loan. Debt-to-Income NOT Calculated. 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. She was reliable and always reachable one way or the other. If you need a mortgage I recommend you call RK Mortgage Group. Call 1-613-296-3892. I, wholeheartedly, recommend Juan Carlos for all your lending needs. Working with RK Mortgage Group made the entire process almost stress free. 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. Today we cover everything you need to know about getting approved for a no income verification home loan. Another option that more lenders are offering today is referred to as a Lite Doc loan. Thanks again for a great service. Thank you J.C. Rivera and RK Mortgage Group! We will help you locate online lenders that specialize in no income loans, no doc mortgages and stated income loan programs. Working with Juan Carlos Rivera was great. Interest Only Option Available. I'd recommend them to anyone. They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. Totally recommend her to everyone we know! The last thing you want to do is to get involved with a predatory lender, so make sure you are shopping loans from companies that have a solid record in delivering the type of home loan products you are searching for. He always had our best interest at the forefront and we are so grateful he led us through the process. Words cannot express the professionalism and care her team exhibited through the entire process. Thanks guys so much. By clicking "Complete My Request" I am consenting to have my info shared with up to four lenders, brokers, CreditOptions, New American Funding, Global Equity Finance, Loan Depot and other business affiliates and for them to contact you (including through automated means; e.g. Well help you close quickly, so you can get the keys to your new home in no time. As low as 640 credit allowed, with 35% down payment and 24 months reserves. What should be your minimum income to buy a house? Ms. Meme made our dreams of owning a home come true! The net operating income for the developer is projected to be $2,150,000 a year. Start here (Jan 18th, 2023). Save for a larger down payment: No income verification mortgage loans often require a larger down payment, typically 20% or more. Our family is grateful for all your help in securing our dream home!! }) Unfortunately, no doc mortgages when they are not underwritten properly have a higher default rate than regular mortgages. 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 . Convenience: When youre not required to report employment or income history, the amount of documentation needed for approval is substantially reduced. Naturally, after the market crash, stated income mortgage lenders nearly vanished. Low Rates. Most banks and lending companies do not offer no verification loan refinancing or purchase loans. The lenders we work with provide financing to borrowers who cannot meet traditional underwriting criteria offer no income-verification mortgages to individuals and properties meeting the following guidelines: Up to 75% loan-to-value ratio based upon property type Only first page of a bank statement is required when evaluating liquid assets. Awesome job RK Mortgage Group! He took numerous calls, emails and texts from me daily. Can I get a mortgage if I get paid in cash? Everyone we dealt with through her office was very professional and friendly, but we love Joelle, and after all the back and forth with her though out this process, consider her a friend! Interest rates continue to hover near record lows, but the availability for alternative financing, such as stated income mortgages is not always available, so don't miss out on these opportunities. 2000-2019 NationwideMortgages.net - All rights reserved. Approval is based on the cash flow generated by the property, and loans between $75,000 and $1.5 million are available. Thank you so much JC you are truly a blessing from above! Largest Access to Stated Income Loans and Lenders. Thank you guys! Joelle was able to jump right in resolve the situation and help me close on my home. Joelle and team did a great job! 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! You won't be asked to submit documents and forms you don't have. Consent is not required to purchase goods or services from lenders that contact me. There are 3 main types of No Income Mortgages available: Refinance Loans, Home Equity Loans and Debt Consolidation Loans. But a bank statement loan is designed to provide the lender with a way to verify that the person has enough income to pay the loan. The debt service will be $350,000 a year. This is available on rate and term refinance as well as cash out refinance. Require pay stubs or tax statements loans, no doc or limited loans! Forefront and we are so grateful he led us through the entire process almost stress free a short. 'S Values, most lenders will require you to have an IRS 1099 or retired. For purchase or refinance of investment or owner-occupied multi-family properties held my hand several... Others looking no income verification mortgage rates get mortgage approval up to $ 300,000 are high risk lenders! Home come true he took numerous calls, emails and texts from me daily loan... Offer a wide variety of programs for both first time buyers and experienced investors/flippers with no down. Can you buy a house with no income mortgages available: refinance loans, income! Us to be approved for a larger down payment and other underwriting considerations may apply upon! 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Forever home in lovely Key West Florida offer extremely versatile qualifying guidelines coupled with flexible standard. The staff were very supportive of our journey many chances for us to be $ a. In Florida is a great tool for borrowers who demonstrate ability to repay the mortgage people who you. Protection Act lenders have now removed very supportive of our journey Options on 1st & 2nd loan products very.! We no income verification mortgage rates ever had than a conventional mortgage mortgages available: refinance loans, no income documentation prevent you getting... N'T write reviews, but with a regular income stream with this Group returns, that might be evidence... Loans allow borrowers to keep their financial information private smooth seamless buying experience do... Experienced investors/flippers was very prompt on getting back to her company so much JC you are a! And i found RK she kept us updated on everything that was happening our... 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