I started working with JC on getting the financing done, he is the most patient man on earth. Smooth and easy to work with an extreme pleasure all around. Can I get a mortgage if I get paid in cash? 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. In most cases the borrower is using savings in a bank in lieu of monthly income documentation. Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. Joelle was able to jump right in resolve the situation and help me close on my home. Words cannot express the professionalism and care her team exhibited through the entire process. Most investors use these limited documentation loans for fix and flip properties. The lender accepts other items, such as bank statements, as proof you can repay the mortgage. Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. When considering a no income loan, it makes sense to take some time and review the lenders and brokers that you are considering. They do have a little higher rates and fees and down payment requirements. Andres Taillepierre and his team worked super hard and quick to give us the best deal refinancing our home. I also had the pleasure to work with Me'Me who is fast acting and together they make an excellent team. They are both knowledgeable, kind, thorough, prompt, responsive, and professional. I highly recommend RK Mortgage Group for refinancing issues. Thank you RK Mortgage and Joelle. RK Mortgage Group was considerate of my family's needs and provided options. *Mortgage loans with no income verification are available in most states, but not all states. Joelle and team were great! Save for a larger down payment: No income verification mortgage loans often require a larger down payment, typically 20% or more. They were attentive to my specific needs, very professional and a joy to work with. If you have the necessary funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage. Thanks guys so much. The mortgage company does verify that the applicant was in fact employed. Was initially not even likely to purchase, but Joelle thoroughly explained everything and made the entire process much easier. This can be beneficial for borrowers who are self-employed or who have other sources of income that are difficult to document. Loan Amounts up to $3 Million. 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. I wish them lots of clients (not like me), luck and prosperity! The whole package from start to finish was straight forward and very quick to close . Amazing helpful team! no doc mortgage, no doc home, with no income verification, mortgage with no income requirements, 100% no doc mortgage, no income verification refi, no documentation mortgage, no doc stated income Saatchi, Ogilvy amp Rosenthal today 39 fees once your school come together are entitled. These loans carry high interest and are offered to investors based upon the value of the property. There is no application fee from participating lenders or banks. He was always there to reassure me and keep me focused. Less Paperwork is paves the road for a smooth loan process. Bank statement loan makes life a million times easier for self employed people. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. No doc loan *Current interest rate according to Bankrate: 3% down payment: 3.5% down payment: LTVs up to 75%. 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. The interest rate is typically 3% to 5% higher than conventional loans. Highly recommended team that defines word professionalism in this sphere of business! RK Mortgage Group, especially J C Riviera, were very professional, respectful and easy to have help us refinance our mortgage. Words really can not describe how pleased I am with the professionalism I received from Joelle. Low Rates Not a Hard Money Loan. 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. Have gone through the mortgage process a number of times, and this was by far the easiest! No personal income required to qualify. This should provide your lender with enough information . Thank you RK Mortgage Group Inc. We highly recommend them to anyone purchasing a home. Adam Lesner NMLS 198818 is a licensed mortgage Loan Officer in Hartland, Michigan. State income mortgages and no income loan programs are available but before you start counting your money, make sure that you qualify for. Speak to a Loan Officer today (888) 508-6055 . Start Online. An appointee from the lender actually verifies employment of the applicant with the company listed as the employer. After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. The loan is approved based on credit and reserves. Many Americans simply do not trust banks or government agencies having access or records of their personal or financial information to get a loan. $1,000,000 + $350,000 = $1,350,000 total assets. Rate and term refinance or debt consolidation refinance with no cash out proceeds. Asset Seasoning only 30 days. Because the kitchen cabinets and most of the flooring was missing, it was considered unlivable and therefore could not get a normal mortgage. I must mention that I was very impressed with the great and prompt communication I had with Joelle and Me'me. Yes, a no-income verification mortgage enables you to buy a home without a regular job, or steady source of income. 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. No Income Verification Loans. However, don't let the name fool you: Some paperwork is required to get a no-doc loan. 650 mid FICO to qualify. Thanks again for a great service. No Tax Returns / No W2 . Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. Lucrece was the best! JC is up front and honest person. As soon as I sent her correspondence, she responded promptly. We just moved to the US from Thailand last year and bought a house. LTV up to 70% on Cash Out Refinance. Another option that more lenders are offering today is referred to as a Lite Doc loan. They answered all my questions and concerns in a nick of time. While it was good that some of the most reckless no doc loans were banned, going too far in the other direction is also not good. Thank you again Lucrece & MeMe! Highly recommend them! I cannot say enough good things about him! Ive closed on several properties in the past and theyve exceded every other lender/broker Ive ever used before in all areas. Very professional and easy to work with. Rates starting at 6.25%. 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. Very stress free and would recommend him and RK Mortgage Group to anyone! The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. 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. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. Most lenders also want to see a six-month reserve fund. This option is for primary residence and 2nd homes, and can be used to purchase or refinance a property. Great job RK team! On May 19, 2022, the average 30-year fixed rate was 5.25% according to Freddie Mac. You always need to prove to a lender that you can afford to repay the loan. I enjoy working with Joelle Maximilien-Miller. The loan is qualified based on a value of the property and/or anticipated income the property will generate. Last Updated: November 15, 2022. 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. 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. When others said no they kept pushing and found a way to get it done. 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 Me'me were absolutely wonderful to work with. Will definitely recommend! Need a Stated Income Mortgage or No Doc Loan? Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . I had a great experience with RK Mortgage. No income information was requested however, assets were verified by a designated employee at the mortgage company. I can tell you that she really did a great job during the entire process. Her professionalism and strong work ethic make a big difference in the loan process. However, its important to note that no income verification mortgage loans may require a larger down payment or a higher credit score than traditional loans. They are always there to give assistance. A good number to target is 20%. Our Loan Consultants are ready to answer your questions about this No Income Verification Program. They do not require borrowers to . A paystub and tax returns are usually all it takes for most borrowers to satisfy a lenders underwriting requirements pertaining to proof of income. Thank you so much JC you are truly a blessing from above! A no income verification home loan is a type of nonqualifying mortgage. After deciding to move forward everything from start to finish was easy and fast. I should say, my credit is perfect, my finances were great, and my income is solid. But these loan programs can be viable way to enter the housing market as long as you have an exit strategy. Stated Income Loans. I highly recommend RK Mortgage Group and Andres. Me'me was my loan processor and was great also. Thank you RK Mortgage Group and Thank you Joelle! A debt-service coverage ratio (DSCR) loan is a type of investment property mortgage. And that's because . You, guys, did a great job! I highly recommend!!! And care her team exhibited through the mortgage company i was very impressed with the and! % higher than conventional loans easier for self employed people she responded.... Exceded every other lender/broker ive ever used before in all areas were great, and.... Very professional and a joy to work with an extreme pleasure all around to 100 (... They are both knowledgeable, kind, thorough, prompt, responsive and. 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