She was always available to answer my questions, and she guided me through the entire process. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act . No W2s, paystubs or Taxes needed! 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. Thank you very much Eric C and your whole team for your unbelievable efforts to help me and my wife buy our first home. Income Documentation is Not Required. His knowledge was invaluable to us during this whole journey. No-income verification loan rates are substantially higher than currently available mortgage rates, as they pose more risk for lenders. Unfortunately, no doc mortgages when they are not underwritten properly have a higher default rate than regular mortgages. However, youll need to have sufficient existing assets to repay the loan. Highly recommend! Hallandale Beach, FL 33009, No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. They worked diligently to ensure the process was efficient and stayed in touch each step of the way. I would go with him again! Thank you for getting it done! Always responded to any question or request immediately. We are truly blessed to be first time homeowners! No Prepayment Penalty Option Available. 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. This is not a commitment to lend. I must mention that I was very impressed with the great and prompt communication I had with Joelle and Me'me. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. Broker rebate up to 2 points available. 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. Stated Income Loans. All closing costs will be covered and there are no closing costs to the borrower. I was working with Roy and Me'Me. Blanket Loan Options Available. 5+ Unit Multifamily & Mixed-Use. We love her! I could not have done this without her expertise and guidance. Thanks for getting me to the finish line. As such, they might lack important borrower protections that come with standard mortgage loans. No Tax Returns. People do not trust institutions to safely guard their data and many for good reason are terrified of identity theft. . I called Joelle in a panic, and she got me approved and saved my contract. States Income Loans Making a Comeback - Bankaholic. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. Home | About Us | Warranties and Terms | Articles. I was really impressed with technology. By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. 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. His advises and the way to deal with minor inconveniences that arose during the process was really professional. If any one wants to do business with professionalism and respect, I recommend Andres and his team. })(); Get the latest housing market news and expert analysis delivered straight to your inbox. Joelle and Me'me were the only positive experience in our 16 months journey building a home in Lakewood Ranch, FL. Adam responded to emails "We can't say enough good things about Adam. In addition, all assets counted . You always need to prove to a lender that you can afford to repay the loan. If its a challenge to verify your income, then a no-income verification mortgage is an option worth pursuing. More on DSCR loans for investment property here. Approval is based on the cash flow generated by the property, and loans between $75,000 and $1.5 million are available. Someone with a $300,000 mortgage at a 5.25% . No Tax Returns / No W2 . My personal situation was complicated, but he managed to get me into my DREAM HOME. Most investors use these limited documentation loans for fix and flip properties. They stricter lending requirements with full documentation mandates slowed the US economy and kept more Americans renting. You do not provide any pay stubs, W-2s, or tax returns. 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. Can I get a mortgage if I get paid in cash? They work well after hours to help get the paperwork done! Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . As soon as I sent her correspondence, she responded promptly. No Income Verification Mortgage. A no income verification home loan is a type of nonqualifying mortgage. No personal income required to qualify. I closed on my first home last week and not without the help of Stephanie Ventura and Me'Me Gray. From start to finish Joelle was there for us guiding us every step of the way. No income information was requested however, assets were verified by a designated employee at the mortgage company. Joelle and Me'me were absolutely wonderful to work with. Overall my experience was painless and i never felt alone, pressured or cheated. No-income-verification mortgages are a type of nonqualified mortgage. Funding from $75k to $5 million. Loan Amounts to $10M. }) I'd recommend them to anyone. She goes above and beyond for her clients. The loan is qualified based on a value of the property and/or anticipated incomethe property will generate. *This product is not regulated by the New York State Department of Financial Services. No balloons- 30-year amortized term with a 3 or 8 year fixed period. For investment property, getting a DSCR loan would be the option to go with. Debt-to-Income NOT Calculated. Thank you so much JC you are truly a blessing from above! No Income Verification Loans. Filling out this form puts you under no obligations. While true no income verification mortgages no longer exist, lenders can qualify you based on almost any kind of cash flow. . 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. Purchase, Rate/Term and Cash-Out Refinance Loans $150k to $3 Million (Commercial is Higher) Fixed and ARM's 650 Min-FICO 80% Max LTV (depending on scenario) . 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. The Home Loan Expert breaks down the details of no-income verification loans for interested homeowners. RK Mortgage group you are the best! This company was such a pleasure to work with. It was a pleasure to work with him and his team. Of course, having a good idea what the value of your house is very important for getting a genuine quote. What en excellent experience! It will use these factors to decide if you should get the loan. No Income Verified Assets:
Joelle is the most professional loan officer we've had by far. Very professional. My husband and I found our dream home so I started researching and looking for mortgage companies. This is our 2nd time working with them and each time they provided exceptional service. They truly were with me every step of the way in the process. Andres from RK Mortgage Group and his processor, Meme, did a great job! I am very grateful for your quick and professional work! Get Expert Advice from Brokers and Lenders that Specialize in Alternative Home Loans. Instead, you can qualify for the loan based on your assets. 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. They are both knowledgeable, kind, thorough, prompt, responsive, and professional. She is very professional and asks questions to help you make the best financial decision available. I would definitely recommend RK Mortgage. The whole team was very attentive and trustworthy, they guided us through the process. She kept us updated on everything that was happening with our loan. I highly recommend them. Read our article on no tax returns mortgages to learn more. A debt-service coverage ratio (DSCR) loan is a type of investment property mortgage. They are always there to give assistance. Fixed rates/Adjustable. Yes, its possible to get a mortgage without a verifiable income. A B-lender will allow self-employed, commissioned and people earning tips to qualify up to 75% and in some cases 80% (with an in-house product) to refinance, get a home equity loan, or purchase a home with stated income. non qm mortgage, portfolio loan. No Income Verification. I traveled for business and my wife stayed home. The entire application process handled by email and online, which was very convenient for me. While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. Category:
How can no income-verification mortgages help our borrowers? In this case, the lender did not verify any of the income. After receiving an honorable discharge from the U.S. Marine Corps in 2008 Adam began his career in the mortgage business. . Thank you for your help to buy our new home! No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. A++++. Willing to pay substantially higher interest rates for the life of the mortgage loan. Fortunately, we were able to find RK Mortgage Group which first gave us a hope and then delivered as promised. Check your home buying eligibility. Im not one who provides reviews but for this company Im really happy to do so. No documentation loans come with a few different variations. Thank you all for your time and excellent customer service! | 2023. Instead, youll need to prove to the lender that you can cover the mortgage payments. Thanx for having Ms. Meme on board. I highly recommend RK Mortgage Group!! Thanks! This type of loan doesnt require standard income documents to finalize your loan. We were treated like royalty, with compassion and warmth. Loans available for purchase or refinance of investment or owner-occupied multi-family properties. 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. This is a type of no doc loan that has certain stable features and is more likely to be paid on time. And not without the help of Stephanie Ventura and Me'me Gray you can qualify you based the... Than regular mortgages was painless and I never felt alone, pressured or cheated are closing. A loan option to go with, getting a DSCR loan would be the to! You make the best financial decision available flow to grant a loan | Warranties and Terms | Articles Joelle there. 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