For people who are self-employed, you can expect to bring only one year of profit and loss statements. 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. In lieu of pay stubs, W-2 forms and tax returns, lenders may accept bank statements as proof of income. Extremely positive and always responsive. As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. Apply in 30 seconds with one quick, easy form. I've went through a mortgage process for a couple times for the past few years, and this was so far the most pleasant and smoothest experience. 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. They were so great to work with, Joelle and MeMe, thanks again. Highly recommend this company!! if (window.ClickTable) { He also does conventional loans. Thank you again. In this case, you could be a candidate for a no doc or no-income verification mortgage. We really appreciate that. I was referred to Roy at RK Mortgage because I was told he specializes in investment properties for self employed people like me. They truly were with me every step of the way in the process. Amazing helpful team! Before signing up for a no-income verification mortgage, be sure to carefully read and understand your loan terms. * Full-Document -Home Equity Loan up to $500,000. I'm happy. I wish them lots of clients (not like me), luck and prosperity! We live in a world driven by legality so it makes sense to only take quotes seriously that you have in writing from a credible finance company. Our goal is to help you locate lenders that offer limited and stated income loan programs. 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. I had a great experience with RK Mortgage. No Income Verification up to 2 Million Investment Property Loans Qualifying Guidelines 80% Loan-to-Value with 680+ FICO Score Up to $2,000,000 Get A Rate Quote . 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. The whole package from start to finish was straight forward and very quick to close . Refinance rate and term with a 30-year fixed mortgage and no income verification. Specialties: NMLS #322945. The lender will confirm that you can make the loan payments in one way or another. The no doc mortgage options and no income verification loans were popular programs before the default rates kicked in. Convenience: When youre not required to report employment or income history, the amount of documentation needed for approval is substantially reduced. Theyre extremely professional and great at what they do. They educated my wife and myself on the process and helped us make an informed decision . Complete our simple and secure online form inminutes. One-way lenders do this is to make a qualified mortgage or QM. *This product is not regulated by the New York State Department of Financial Services. Ms. Meme made our dreams of owning a home come true! Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. Exceptional FHA and VA loans up to 100% (up to $4 million with VA Jumbo . . I actually closed before the date promised. However, you do need to prove that you have enough cash flow, savings, or other assets to make consistent mortgage payments over the life of the loan. They do not require borrowers to . No Income Verification Mortgage Loans on Primary Residence, Second Homes and Investment Properties up to $3 Million., No income documentation Mortgages. window.ClickTable.mount(options); Start Online. This is a benefit because that allows higher loan to value ratios. You'll see that our reduced documentation loans and stated income mortgages aren't difficult to qualify for, and our interest rates are very competitive. Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. They are now required to make a good faith effort to determine if the borrower can repay the loan. They never missed a call anytime I had a question or concern. No tax returns! Would recommend RK Mortgage Group, and particularly Joelle, to anyone who is about to begin a wonderful and exciting journey of buying a home. In addition, all assets counted . But be prepared to provide extensive documentation about your financial situation. Without her assistance and hard work none of this would have happened. Stated Income Loans. People are raving about home equity loans with no documentation required. From the very first conversation that I had with both of these ladies, I knew that I was in the right hands and on my way of owning my first home. qualified applicants borrowing against their primary residence. I couldn't be happier with Joelle and Me'Me. I am now a homeowner. No Income Verification Mortgage. No Income Verification mortgage program is a perfect fit for investors who don't qualify for traditional financing based on their tax returns. Up to 75% LTV Purchase /Rate & Term. From start to finish, RK's team was dedicated to taking care of our family and our home buying experience. 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. I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. Will definitely recommend! Loan was closed on time. 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. RK Mortgage Group was considerate of my family's needs and provided options. Excellent rates, no junk fees and great loan terms. I heard nightmare stories about buying homes and loan companies but this was not one of those cases. Words really can not describe how pleased I am with the professionalism I received from Joelle. She was reliable and always reachable one way or the other. I am very grateful for your quick and professional work! This was the smoothest mortgage transaction we have ever had. Someone with a $300,000 mortgage at a 5.25% . Our no income verification mortgage in Florida is a great tool for borrowers who demonstrate ability to repay through good credit history. You can get approved for a mortgage loan without proof of income by providing proof of assets. Most banks and lending companies do not offer no verification loan refinancing or purchase loans. Plug those numbers into the formula and you get DSCR = $2,150,000/$350,000 = 6.14. 5+ Unit Multifamily & Mixed-Use. If you want to buy a home without a two-year income history, then youll likely need a great credit score and a large down payment. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. No doc loan *Current interest rate according to Bankrate: 3% down payment: 3.5% down payment: We highly recommend him and RK Mortgage Group! Many self-employed clients choose the no income loan options for home refinancing and house flipping loans. Very stress free and would recommend him and RK Mortgage Group to anyone! What en excellent experience! 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. The best way to find out if a no income verification loan is the right financing choice is to speak with a MortgageDepot loan officer. Consent is not required to purchase goods or services from lenders that contact me. 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. 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. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. 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. He always kept the fire going and the process was completed before the promised deadline. They work well after hours to help get the paperwork done! Always fast to respond to phone calls and any concerns, great with answering unlimited questions of first time homebuyers, explaining every step of the way, and simply getting things done. What loan does not require proof of income? Of course, the lender still needs to know that you can afford the loan. If you have enough assets, the lender might be willing to move forward regardless of income. Instead, youll need to prove to the lender that you can cover the mortgage payments. So appreciate all their dedication and hard work. No-income verification mortgages, or no doc loans, dont require you to provide proof of a traditional income stream through W-2s or tax returns. However, today things have changed and there are alternative stated income loans available for people who have a need for a limited or no doc mortgage. 5/1 ARM, 30-Year Fixed. He is a well disciplined and well-mannered and is the best representation for any mortgage company. 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. So you dont need a traditional income to qualify. I can tell you that she really did a great job during the entire process. Request a call backor email us your questions! Thank you again! 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. Thank you guys! Talk to lenders and find competitive pricing. Why Choose Us. Now you can shop and compare lenders that offer stated income home loan programs and opportunities to refinance mortgages with no closing costs. This website has no affiliation with any government entities. Our affiliated lenders will review the credentials of applicants with all types of credit on FHA, VA, Fannie Mae, Freddie Mac and jumbo products. Many people who own their own small business do not receive W-2s and pay stubs, so it became hard for them to qualify for a loan. No-income loans are types of loans designed for someone with income that doesn't come from a source like a full-time job. With the passing of the Frank-Dodd Act of 2010, stated income loans for owner-occupied properties are now illegal. Andres was fast and efficient. I just closed on my first home and the process could not have been any smoother. We just moved to the US from Thailand last year and bought a house. We found the home we fell in love with and the deal was completed within 5 weeks. Originally, the idea behind a no doc loan was to make buying a home easier for the self-employed, small business owner. (function() { We had an unusual condo purchase that most banks would not touch. I'm writing this review in my new house and Im thankful to RK Mortgage Group for this. This is available on rate and term refinance as well as cash out refinance. An excellent job! For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. Largest Access to Stated Income Loans and Lenders. Thank you! Lucrece was the best! She kept me informed and closed on time. 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. There was absolutely no surprise in the settlement. Eric was always a phone call away to assist me with any questions.. (Lords knows I had a lot.) 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. That she really did a great tool for borrowers who demonstrate ability to repay through good credit history ( (... 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