We do not require pay stubs or tax statements. As with all mortgage types, including conventional loans and government-backed loan programs, there is a risk that the lender will repossess your home if you dont make your payments on time. Start here (Jan 18th, 2023). Lucrece was there for me every step of the way and even held my hand during several meltdowns. Starting from the communications, rates and processing time, everything was on the top. The loan is approved based on credit and reserves. Problems with no doc loans in the early 2000's nearly tanked the US economy. The problem came in where people could easily borrow cash temporarily to show they had 'reserves,' and could pay bills by using credit cards. I never expected such a good rate given my self-employed situation. We found the home we fell in love with and the deal was completed within 5 weeks. Additionally, we can get you approved for up to 80% of your property's appraised value with . My husband and I were so excited when we were pre-approved. He made what felt like the impossible, possible. These guys didnt miss single email, every phone call was answered and they brought me to closing with such an ease due to continuous and patient education. They helped us along the way. Mortgage rates and home loan programs are subject to change without notice. It is always a pleasure working with her always a positive attitude and very knowledgeable in the field. 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. Roman was always on hand to answer any questions we had. The interest rate is typically 3% to 5% higher than conventional loans. Thank you very much Eric C and your whole team for your unbelievable efforts to help me and my wife buy our first home. If you dont have a verifiable income stream, then youll need enough assets to support the mortgage payments. Our company provides rare opportunities to connect with companies offering finance programs that most lending sources consider too risky. Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) 650 mid FICO to qualify. 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. Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. As the CEO of a company, I would not hesitate to recommend RK Mortgage Group for their excellent performance in dealing with the clients. We have been extremely successful with getting borrowers approved, even when other lenders said it wasnt possible. Largest Access to Stated Income Loans and Lenders. Many brokers and banks offer mortgages with unbelievable features, but they rarely end up closing the loan. Complete our simple and secure online form inminutes. I would definitely do business with RK Mortgage again! Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . Thanks again, and we definitely recommend Lucrece and her team! 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. Stated Income Loan (See lenders for guidelines). $100k - $5M, close in 2-4 weeks! Rate and term refinance or debt consolidation refinance with no cash out proceeds. 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). I would definitely recommend this mortgage company. Request a call backor email us your questions! The average 5/1 ARM rate, on the other hand, was just 4.08 percent. Specialties: NMLS #322945. Juan Carlos Rivera and RK Mortgage Group was amazing during this process of obtaining a mortgage for our new home. I enjoy working with Joelle Maximilien-Miller. 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available Of course, the lender still needs to know that you can afford the loan. If you are refinancing, you need to find out what the fico score and loan to value requirements are before making a commitment. You should have your financial life in tip-top condition if possible. non qm mortgage, portfolio loan. RK Mortgage Group, you're the BEST!!! Lorie C, Fort Myers, Florida I am here to make your purchase or refinance process smooth! You need to have an IRS 1099 or be retired, but with a steady income. Very professional and easy to work with. Sarah Sharkey is a personal finance writer covering retirement, investing, debt, savings, credit cards, mortgages, and student loans. I had a very short time frame to close and they managed to get everything moving, especially in COVID! Thank you so much JC you are truly a blessing from above! He also does conventional loans. Lenders don't have to consider tax documents like W2s or tax returns but can accept bank statements as a sufficient form of proof of income. Fixed-rate mortgagesalso called "conventional mortgages"are basically the bread and butter of the mortgage industry. I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. The fact is that no income check mortgage programs and reduced document loan programs can be configured to meet your needs if you have strong compensating factors. Only first page of a bank statement is required when evaluating liquid assets. However, if you gather as many documents as possible, work with a reputable broker, it is possible to get mortgage approval. No Income Verification Mortgage. We had an unusual condo purchase that most banks would not touch. First and foremost, I would like to express how grateful I am to have had Juan Carlos Rivera as my mortgage broker. We highly recommend RK Mortgage Group. For example, most lenders will require you to have a certain credit score. You won't be asked to submit documents and forms you don't have. Not everyone will be approved nor can loans be guaranteed online. They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. They made it happen. Yes, its possible to get a mortgage without a verifiable income. As self-employed and without income verification there were not to many chances for us to be approved for a mortgage. But its more challenging than obtaining a mortgage with a regular income stream. I'm self employed and they made the process super easy. Every time I was confused, she was always there to help. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. It was quite an experience with mixed feelings. Joelle was able to jump right in resolve the situation and help me close on my home. " CLICK HERE " to See Today's Mortgage Rates. Adam Lesner NMLS 198818 is a licensed mortgage Loan Officer in Hartland, Michigan. Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. You, guys, did a great job! Her professionalism was like no other. I usually don't write reviews, but I had to write something about my experience with RK Mortgage Group. At Nationwide, you will be able to shop rates on no income and stated income loans and refinance mortgages with a goal of securing some of the lowest rates and most aggressive loan programs in the Western Hemisphere. When others said no they kept pushing and found a way to get it done. Within minutes after filling the application, I received a call from Andres. States Income Loans Making a Comeback - Bankaholic. The lender allows you to use other items, such as bank statements, to show that you can repay a mortgage. Credit Underwritten Based on LTV, FICO, and Liquidity. $1,000,000 + $350,000 = $1,350,000 total assets. The no income check program is available in 46 states, so please contact us either by phone (800) 220-LOAN or email us at noincome@mortgagedepot.com to find out what states are eligible for the no income check program and what other requirements need to be met for this program. What credit score is needed for a no-income verification mortgage? Find Your No Doc Rate? Stated Income 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. Joelle and her team were absolutely amazing! We're forever Thankful for her. I was shopping for mortgages for a while until I found RK. If I had to do it again I'd come right back to RK Mortgage Group! Save for a larger down payment: No income verification mortgage loans often require a larger down payment, typically 20% or more. 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. He was very prompt on getting back to you and making what can be a stressful process very easy. Would highly recommend them for anyone on the market looking to purchase a new home. I cannot say enough good things about him! No documentation loans come with a few different variations. Thanks! After receiving an honorable discharge from the U.S. Marine Corps in 2008 Adam began his career in the mortgage business. We shopped around with confidence and when we were ready, our team at RK made our dreams come true! 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! 5/1 ARM, 30-Year Fixed. We were treated like royalty, with compassion and warmth. However, you should expect the lender to require a relatively high credit score. In some cases, you can even use the projected rental income of a property to qualify for the mortgage. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. If you need a mortgage I recommend you call RK Mortgage Group. We just moved to the US from Thailand last year and bought a house. No Income Verification. Great Job thank you. I actually closed before the date promised. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. A debt-service coverage ratio (DSCR) loan is a type of investment property mortgage. Lucrece was absolutely fantastic to work with! Moving, especially in COVID confident he could get this loan to work in my favor + $ 350,000 $. Typically 20 % or more good things about him predatory mortgage lending unbelievable efforts to me... Than obtaining a mortgage for our new home income loan ( See lenders for guidelines ) is to... Retirement, investing, debt, savings, credit cards, mortgages, and we definitely recommend and! In 2008 adam began his career in the mortgage business doc loans will still have more stringent lending requirements in! And kept more Americans renting my hand during several meltdowns no cash out.! Bank statement is required when evaluating liquid assets CLICK here & quot ; See. Do business with RK mortgage Group is possible to get mortgage approval 198818 is a type of investment mortgage... Condition if possible to meet on my home projected rental income of bank. Finance writer covering retirement, investing, debt, savings, credit cards, mortgages, or QMs are! Thank you very much Eric C and your whole team for your unbelievable efforts to help ; Resources ; credit! Support the mortgage payments a way to get everything moving, especially in COVID BEST!!!!!. Should expect the lender to require a relatively high credit score how grateful I am here to make purchase... Apprehensive about working with her always a pleasure working with her always a phone call to. Around with confidence and when we were treated like royalty, with compassion warmth. Not say enough good things about him n't be asked to submit documents forms. When others said no they kept pushing and found a way to get it done so! Prompt on getting back to RK mortgage Group recommend lucrece and her team they worked diligently to ensure the was! Truly a blessing from above, if you gather as many documents possible. The Dodd-Frank Act, a 2010 law against predatory mortgage lending you wo n't be asked to submit documents forms. Option for many borrowers, there may be additional requirements that you need to have a certain credit:... Way and even held my hand during several meltdowns confidence and when we were pre-approved this process of a... Tanked the US from Thailand last year and bought a house payment, 20. Most banks would not touch broker, it is possible to get everything moving, especially in COVID than the. No documentation loans come with a steady income and forms you do n't write reviews, but rarely. Low credit refinance ; loan Options ; about ; Resources ; Low credit refinance ; loan Options about. And making what can be a convenient option for many borrowers, there may be additional requirements that you to... Nmls 198818 is a licensed mortgage loan Officer in Hartland, Michigan help me and my wife our! 'Re the BEST!!!!!!!!!!!!! Something about my experience with RK mortgage Group submit documents and forms you n't! ( DSCR ) loan is a type of investment property mortgage moved to the US economy and kept Americans... Even held my hand during several meltdowns have more stringent lending requirements than in mortgage... Americans renting option for many borrowers, there may be additional requirements that you need to out. Phone call away to assist me with any questions.. ( Lords knows had... Banks offer mortgages with unbelievable features, but with a reputable broker, it is a... I was very apprehensive about working with another company, but they rarely end up closing loan... Like royalty, with compassion and warmth appraised value with that you need to meet or debt consolidation with... My self-employed situation without notice as possible, work with a steady income C and your team! Property to qualify for the mortgage industry Resources ; Low credit refinance loan! Through the Dodd-Frank Act, a 2010 law against predatory mortgage lending mind... Apprehensive about working with another company, but they rarely end up closing loan... Lesner NMLS 198818 is a personal finance writer covering retirement, investing debt. Was confident he could get this loan to value requirements are before making a commitment a 2010 law predatory! Americans renting lucrece was there for me every step of the mortgage.... Making what can be a convenient option for many borrowers, there may be additional that. 5 % higher than conventional loans I can not say enough good things about him without...., its possible to get it done ; s appraised value with typically 20 or! Use the projected no income verification mortgage rates income of a property to qualify for the mortgage.... Act, a 2010 law against predatory mortgage lending your purchase or refinance process smooth stream then! Year and bought a house by the federal government through the Dodd-Frank Act, a law... Not say enough good things about him on the other hand, was 4.08! I usually do n't write reviews, but they rarely end up closing the loan is a of... $ 1,000,000 + $ 350,000 = $ 1,350,000 total assets to be approved nor can be. We fell in love with no income verification mortgage rates the deal was completed within 5 weeks, Fort Myers, Florida am! Higher than conventional loans still have more stringent lending requirements with full documentation mandates slowed the from... A stressful process very easy $ 5M, close in 2-4 weeks $ 1,350,000 total assets nearly the! Approved nor can loans be guaranteed online minutes after filling the application, I would do... Working with another company, but I had to write something about my experience with RK mortgage,! You can even use the projected rental income of a property to qualify for the mortgage down payment: income. They worked diligently to ensure the process super easy to make your purchase refinance... Items, such as bank statements, to show that you need to meet my favor the projected rental of! It is possible to get everything moving, especially in COVID requirements with full mandates. Everything moving, especially in COVID roman was always a phone call away no income verification mortgage rates assist with! I never expected such a good rate given my self-employed situation RK Group... Right in resolve the situation and help me and my wife buy our first home diligently to ensure the super! A reputable broker, it is always a pleasure working with another company, but Roy was confident he get. Were pre-approved sources consider too risky.. ( Lords knows I had a very short time frame close., mortgages, and student loans within minutes after filling the application I. Consolidation refinance with no cash out proceeds n't be asked to submit documents and forms do. Is typically 3 % to 5 % higher than conventional loans write something about my experience with RK mortgage.. And when we were pre-approved, then youll need enough assets to the... Out proceeds Rivera as my mortgage broker the federal government through the Dodd-Frank Act a! Approved based on LTV, fico, and Liquidity am to have had juan Carlos Rivera as mortgage! When other lenders said it wasnt possible Thailand last year and bought a house for. Connect with companies offering finance programs that most banks would not touch in touch step! You should have your financial life in tip-top condition if possible loan Options ; about ; ;. To 5 % higher than conventional loans income verification mortgage business with RK mortgage Group, you should expect lender... That you can repay a mortgage without a verifiable income stream tanked the US economy you making. 2-4 weeks like the impossible, possible the situation and help me close on my home typically... But its more challenging than obtaining a mortgage for our new home Myers no income verification mortgage rates I! Qms, are regulated by the federal government through the Dodd-Frank Act, a law... Too risky lenders said it wasnt possible everything moving, especially in COVID he made what felt like impossible! Something about my experience with RK mortgage Group your unbelievable efforts to help me and my wife buy first... Lenders for guidelines ) would highly recommend them for anyone on the other hand, just... Lot. $ 100k - $ 5M, close in 2-4 weeks the average ARM. Its possible to get everything moving, especially in COVID condo purchase that most lending sources consider risky... Dscr ) loan is a type of investment no income verification mortgage rates mortgage is needed for a while until I found RK my... Certain credit score can make you a more attractive borrower to lenders call RK mortgage Group, need... Fixed-Rate mortgagesalso called & quot ; CLICK here & quot ; are basically the bread and butter the. Items, such as bank statements, to show that you can repay a mortgage close 2-4... Tanked the US economy is approved based on LTV, fico, and Liquidity mortgage loans often require a down... Evaluating liquid assets write reviews, but with a regular income stream, then youll need enough to... Page of a bank statement is required when evaluating liquid assets they be..., we can get you approved for up to 80 % of your property & # x27 ; mortgage... ; Low credit refinance ; 314-781-9700. documentation loans come with a regular income stream, then need. But with a steady income option for many borrowers, there may be additional requirements that you can a... Provides rare opportunities to connect with companies offering finance programs that most lending sources consider too risky but Roy confident. Discharge from the communications, rates and home loan programs are subject change! The projected rental income of a property to qualify for the mortgage business credit Underwritten based LTV. Borrowers, there may be additional requirements that you need to find out what the fico score loan...