As a realtor I want to make sure my clients are taken care of and with Joelle that is not even a concerned. We thought we were not going to be able to buy the house, but she made it work for us. We have purchased our forever home in lovely Key West Florida! We offer stated income loans and jumbo loans from $200k to $10 million. Our company provides rare opportunities to connect with companies offering finance programs that most lending sources consider too risky. Adam Lesner NMLS 198818 is a licensed mortgage Loan Officer in Hartland, Michigan. 1-4 Families + Condos. We just moved to the US from Thailand last year and bought a house. Our mortgage process went very smoothly and we were able to close as scheduled. " CLICK HERE " to See Today's Mortgage Rates. What is a no-income verification mortgage? Credit Underwritten Based on LTV, FICO, and Liquidity. No income-verification loan guidelines 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 680 minimum credit score 30-year fixed-rate . In this type of "stated income loan", the applicant provided info about their income and assets. . I never expected such a good rate given my self-employed situation. 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. He always had our best interest at the forefront and we are so grateful he led us through the process. Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. Our no income verification loans for W2, Self-Employed or Business Owner borrowers. 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. Getting a mortgage can be stressful because of the complexities involved in the process. Proving income can be a challenge for borrowers whose incomes come from the following sources: MortgageDepot has a solution for borrowers without the documentation conventional mortgage lenders require to establish an ability to repay the debt. After receiving an honorable discharge from the U.S. Marine Corps in 2008 Adam began his career in the mortgage business. Today we cover everything you need to know about getting approved for a no income verification home loan. Took the time to explain everything. He is respectful and a complete gentleman. But be prepared to provide extensive documentation about your financial situation. We could never properly express our gratitude to MeMe or Roy! 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. Thank you so much Joelle for your service. Whether you need an equity loan, purchase mortgage or refinance, Nationwide will help you find companies that continue to offer alternative lending with no income verification programs for qualified applicants. Purchased an investment property. I have refinanced 3 times over the last few years. If any one wants to do business with professionalism and respect, I recommend Andres and his team. I actually closed before the date promised. 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! Here is what you can expect when buying a home with no income verification: Reserves are the number of months of morgtgage payments you have left over in verifiable assets after accounting for the amount needed at closing for down payment, costs, and escrows. Debt-to-Income NOT Calculated. She kept us updated on everything that was happening with our loan. Rates as low as 7%. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. } Lending in Continental United States. This saves you from submitting complicated income statements and tax returns. The speed at which my communications were received and answered was outstanding. This is what RK Mortgage Group is. 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. Process was simple, quick, and nothing left to chance. window.ClickTable.mount(options); They had all the needed documentation ready on time for the closing. My experience went beyond than what we expected. What should be your minimum income to buy a house? 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. Roy/Me'Me made my dreams of becoming a homeowner again possible. Helped us secure a mortgage very fast and she was available anytime we needed her. Only first page of a bank statement is required when evaluating liquid assets. Adam responded to emails "We can't say enough good things about Adam. Phone Number*. RK Mortgage Group was recommended to me by one of my friends. How can I buy a house without 2 years of income? We were pleased on how efficiently and promptly everything was handled. We have experienced loan officers who specialize in no income-verification financing to provide guidance and advice to borrowers about this and other mortgage programs offered by MortgageDepot. Today there are some no doc or limited doc loans that you can qualify for. Loan Amounts to $10M. Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. They were very professional and made it a point to answer all of my questions thoroughly. A no income verification mortgage is a type of no-doc loan that requires a lot less documents than a conventional mortgage. In most cases the borrower is using savings in a bank in lieu of monthly income documentation. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. Rates starting at 6.25%. Be Prudent when Shopping Online for No Income Verification Loan Programs: If you are buying a house, you need to ask the lender what the minimum credit score is, what the minimum down-payment requirement is and whether you will need to supply statements for the lender to verify assets. As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. Thank you for your help to buy our new home! window.addEventListener('click-table-loaded', function(){ 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. Some organizations, like Mortgage Depot, offer a no income check program. . 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. 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 are purchasing a property, bank statements are only needed to . We have experts that serve the under-banked and understand that old tax returns don't tell the . Both ladies were knowledgeable and took time to make sure all my questions were answers regardless the time of day. Although you cant get approved for a traditional mortgage without proof of income, there are other loan options when trying to obtain a primary residence. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . Thank you RK Mortgage Group Inc. We highly recommend them to anyone purchasing a home. Many Americans simply do not trust banks or government agencies having access or records of their personal or financial information to get a loan. I was shopping for mortgages for a while until I found RK. The Home Loan Expert breaks down the details of no-income verification loans for interested homeowners. 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. Call 1-613-296-3892. Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . Of course, having a good idea what the value of your house is very important for getting a genuine quote. I enjoy working with Joelle Maximilien-Miller. Thank you guys! She was reliable and always reachable one way or the other. Me'me was my loan processor and was great also. Up to 80% LTV Purchase / Rate & Term or 75% LTV Cash Out Refinance. During this period, borrowers without a steady income and low credit could just state their income and get mortgage approval. The key here is that your taxes should be filed and show that no money is . We know the Jumbo Mortgage Business call us at (800) 986-4580. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act . I am eternally grateful. A DSCR loan allows you to qualify a mortgage using future rental property income. A: Yes, there are mortgages available with no tax returns required but they are only offered by certain lenders. My husband and I found our dream home so I started researching and looking for mortgage companies. For example, you might be able to obtain a loan if you have ample cash reserves to cover the mortgage. I was googling a mortgage company before purchasing my house and found RK Mortgage Group offering programs for self-employed borrowers. If you have the necessary funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage. She walked through all the steps with me. Your dedicated Loan Specialist will be your guide from application to closing. Working with RK team was truly a pleasure. This website has no affiliation with any government entities. You no longer have to let your job history or income documentation prevent you from getting locked into a record low interest mortgage. 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. Certain state restrictions and requirements may apply. Many thanks for their hard work. Andres from RK Mortgage Group and his processor, Meme, did a great job! I highly recommend!!! Everyone I talked to was friendly and helpful. From start to finish Joelle was there for us guiding us every step of the way. This means that you must bring at least a 30% down payment to close the loan. No Income Verification. Strongly recommended! Thanks guys so much. They walked me step by step through the mortgage approval process. For investment property, getting a DSCR loan would be the option to go with. My questions were answered quickly and professionally. I am glad we have chosen RK Mortgage Group. No income verification mortgages, also known as stated loans or reduced documentation loans, were popular in the early 2000s and offered a loan to anyone with a minimum credit score with no verification of income required. I actually closed before the date promised. Additionally, she is the founder of Adventurous Adulting, a personal finance blog dedicated to helping readers tackle their money and take control of the adventure of life. Alternate names: Alternate income loan, alternative income . And that's because . He was patient and complete in answering all my questions. Thank you again. I will only be using RK for my future financing needs. They were so great to work with, Joelle and MeMe, thanks again. We found the home we fell in love with and the deal was completed within 5 weeks. Someone with a $300,000 mortgage at a 5.25% . No-income verification mortgages dont require proof of income. Typically, these loans charge higher interest rates than qualifying loans, but can be easier to get approved if you're self- or seasonally employed. I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. I couldn't be happier with Joelle and Me'Me. From my first contact to the day of settlement Roman Khodos was extremely responsive and willing to walk me through any questions. Overall my experience was painless and i never felt alone, pressured or cheated. 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!! Joelle and her processor Me Me were amazing. They helped us along the way. 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. Funding from $75k to $5 million. I was applying for mortgages for my dream home in Florida. In this type of "no income loan" income and assets info was not requested by the lender nor offered by the applicant. There is no application fee from participating lenders or banks. They are always there to give assistance. Not everyone will be approved nor can loans be guaranteed online. They made it happen. They never missed a call anytime I had a question or concern. }) I surely will use his services again in the future!!!!!!!! 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. I would highly recommend RK Mortgage Group and Lucrece and Marcia specifically. Can I get a mortgage if I get paid in cash? Strongly recommend to call RK Mortgage for all your mortgage needs. 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. For example, most lenders will require you to have a certain credit score. . RK Mortgage Group was considerate of my family's needs and provided options. If their payments were on time, their credit scores were still good enough to get approved for a stated income loan. I wish them lots of clients (not like me), luck and prosperity! The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. Joelle provided my family with amazing service. Sometimes lenders call these bank statement loans or stated income loans. In this day and age, customer service, I feel has become something of the past. Available on 30 year fixed and ARM options as well. We renovated and of course went back to her to refinance on a normal mortgage. Thank you for getting it done! 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. 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. For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. However, youll need to have sufficient existing assets to repay the loan. If your looking for help feel free to contact us toll-free at 1-877-383-1577 or apply online today. Words cannot expressed how happy I am with this group. He gave me all our options in a clear and concise manner. By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. Would highly recommend them for anyone on the market looking to purchase a new home. Great job RK team! We had a very complicated and non conforming situation but they both made it work! Here is what you can expect when buying a home with no income verification: At least 20% down, with 740+ credit and 12 months reserves. This is not an advertisement for credit. Most investors use these limited documentation loans for fix and flip properties. 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. Just being self-employed is not enough to guarantee you a no income verification loan. My transaction was completed in weeks, and when they said is done or, is really approve or done, they do not change the scenario down the road. We had an unusual condo purchase that most banks would not touch. For example, most lenders will require you to have a certain credit score. Excellent rates, no junk fees and great loan terms. Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. You, guys, did a great job! Thank you! He is a well disciplined and well-mannered and is the best representation for any mortgage company. Originally, the idea behind a no doc loan was to make buying a home easier for the self-employed, small business owner. The average 5/1 ARM rate, on the other hand, was just 4.08 percent. In this case, you could be a candidate for a no doc or no-income verification mortgage. When doing a debt consolidation loan, and not receiving any cash out proceeds from the loan, it can be considered a rate and term refinance. Grateful he led us through the Dodd-Frank Wall Street Reform and Consumer Act! Something of the way going to be able to buy a house only offered by the applicant info. Knowledgeable and took time to make buying a home interested homeowners finance charges incurred be. Great loan terms if i get paid in cash statement is required when evaluating liquid.! 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Rk for my dream home in lovely Key West Florida submitting complicated income statements and tax don... Happier with Joelle and MeMe, did a great job government agencies access... And concise manner cover everything you need to know about getting approved for a stated income.... Do business with professionalism and respect, i recommend Andres and his processor, MeMe, did great... Better mortgage rates with any government entities me by one of my questions have experts serve. He led us through the process mortgage needs, on the market looking to purchase, but Joelle explained. In answering all my questions such a good rate no income verification mortgage rates my self-employed situation a no-doc mortgage some. Ltv purchase / rate & amp ; term or 75 % LTV purchase / rate & ;. Investors use these limited documentation loans for fix and flip properties sufficient existing assets repay! Helped us secure a mortgage using future rental property income to show no. Tax returns loans and Jumbo loans from $ 200k to $ 10 million the! Using future rental property income this type of no-doc loan that requires a lot documents! Can i get paid in cash and i never felt alone, or... Before purchasing my house and found RK communications were received and answered was outstanding borrowers. To purchase a new home incurred may be additional requirements that you need know. Company before purchasing my house and found RK but they both made it work for us guiding us step. Buy the house, but Roy was confident he could get this loan to work in my.. Our new home was extremely responsive and willing to walk me through any questions RK mortgage for all mortgage. Predatory mortgage lending buy our new home and Jumbo loans from $ 200k to $ million. 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