For example, you might be able to obtain a loan if you have ample cash reserves to cover the mortgage. You won't be asked to submit documents and forms you don't have. We offer one of the industries lowest rates. Most investors use these limited documentation loans for fix and flip properties. If you are thinking about getting a mortgage for a home please contact Stephanie or MeMe. We do not require pay stubs or tax statements. Many small business people have good cash flow, but with a lack of paystubs and in many cases, limited taxable income due to business deductions, many of them could not qualify for the mortgage they wanted. They work well after hours to help get the paperwork done! Florida Mortgage Rate Quote Start Your Florida Mortgage Pre-Approval Fidelity Home Group 4700 Millenia Blvd Suite 175, Orlando, FL 32839. Loans to $2 Million. In the end, Stephanie, MeMe, and the staff have contributed all their time and effort to help us realized our dream to have a house of our own. Just refinanced with JC and Me'Me. Other requirements include a maximum loan-to-value of 70 percent (or 65 percent for cash-out refinances), 12 months of reserves in a U.S. bank, and asset seasoning of at least 60 days. It's no secret that mortgages with no income verification are not as easy to secure this year. They were so great to work with, Joelle and MeMe, thanks again. As a homebuyer, its often easier to work through the mortgage process if you have a steady W-2 income for your household. We shopped around with confidence and when we were ready, our team at RK made our dreams come true! By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan. The definition of "Above and Beyond". We are a Top Leading Mortgage Broker that Specializes in No IncomeVerification Loans. I am very grateful for your quick and professional work! 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. This type of loan doesnt require standard income documents to finalize your loan. No doc loan *Current interest rate according to Bankrate: 3% down payment: 3.5% down payment: My husband and I were so excited when we were pre-approved. This company was such a pleasure to work with. Save for a larger down payment: No income verification mortgage loans often require a larger down payment, typically 20% or more. The entire application process handled by email and online, which was very convenient for me. What is a no-income verification mortgage? To make the market safer, the CFPB introduced new rules for stated income lenders. We offer stated income loans and jumbo loans from $200k to $10 million. } Most property types considered! 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!! He was patient and complete in answering all my questions. And it was the best experience by far! Many thanks for their hard work. Roy and Me'Me closed my loan even after some condo issues we had that other Mortgage company could not close. I would definitely recommend RK Mortgage. 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. Many applicants are good and qualified borrowers that have difficulty documenting their income the way traditional lending underwriters require. Certain state restrictions and requirements may apply. Refinance rate and term with a 30-year fixed mortgage and no income verification. 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. Our no income verification mortgage in Florida is a great tool for borrowers who demonstrate ability to repay through good credit history. Purchased an investment property. I'm writing this review in my new house and Im thankful to RK Mortgage Group for this. At times, I became anxious about the process, but Juan Carlos did his best to put me at ease. Starting from the communications, rates and processing time, everything was on the top. I enjoy working with Joelle Maximilien-Miller. Lucrece was very helpful and gave us hope about the refinance. Always available. No Income Verification Mortgage. This was the smoothest mortgage transaction we have ever had. No-income verification loan rates are substantially higher than currently available mortgage rates, as they pose more risk for lenders. I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. Ive closed on several properties in the past and theyve exceded every other lender/broker Ive ever used before in all areas. I worked with Andres at RK Mortgage. I found RK Mortgage on the internet, I did some research and gave them a call. As a foreigner, it was not easy at all to get a refinance with reasonable interest rates After getting tired of either being rejected by well-known lenders or getting quoted with outrageously unaffordable interest rates, we were about to give up our renovation plan to upgrade our new house. Lucrece and her team were awesome! Standard income documentation is not required, Its possible to qualify with assets only, Most lenders offset the risk with a higher interest rate, A change to your income wont impact your application, Most lenders require a top-notch credit score. In this example, the real estate developer has more than six times the cash flow necessary to cover their debt obligations. Lucrece was absolutely fantastic to work with! I highly recommend!!! So easy and straight forward to work with and was truly the simplest mortgage we have ever had! They helped us along the way. 800 SE 4th Ave Suite 139 The problem came in where people could easily borrow cash temporarily to show they had 'reserves,' and could pay bills by using credit cards. Loans require a 25% down payment and other underwriting considerations may apply depending upon the type of property. They'll also order a property appraisal to check the resale potential of the investment. In short, there is no income verification, no income documentation, no tax returns, and on certain refinance transactions you will not have to provide any bank statements. You need to have an IRS 1099 or be retired, but with a steady income. 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. Foreign Nationals Eligible. 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. 680 minimum credit score He gave me all our options in a clear and concise manner. Since lenders won't be looking at pay stubs and W2's, they might look to other . The net operating income for the developer is projected to be $2,150,000 a year. After several unsuccessful attempts, We found Eric @ RK Mortgage. Awesome job RK Mortgage Group! My husband and I found our dream home so I started researching and looking for mortgage companies. * Stated Income -Home Equity Loan up to $300,000. Great team to work with. 5 stars to Joelle and Me'me for the exceptional service and attention they provided during the process. But being self- employed doe have its setbacks, and for me this was one of them. This option is for primary residence and 2nd homes, and can be used to purchase or refinance a property. When considering a no income loan, it makes sense to take some time and review the lenders and brokers that you are considering. I have worked with many different lenders in the past because I'm a Realtor. Very stress free and would recommend him and RK Mortgage Group to anyone! She was reliable and always reachable one way or the other. Absolutely without question the best mortgage company we have ever worked with. Joelle of RK Mortgage Group and I were destined to do business together. Why Choose Us. If you are purchasing a property, bank statements are only needed to . The Facts about No Income Verification Loans. I have purchased a few houses in my day, and this by far as been my best experience. Someone with a $300,000 mortgage at a 5.25% . At Mortgage Captain, we work with you to obtain a no income verification mortgages through our network of lenders in Ontario. I have refinanced 3 times over the last few years. Highly recommend! There was absolutely no surprise in the settlement. Many self-employed clients choose the no income loan options for home refinancing and house flipping loans. Our loan officers work with lenders that specialize in no income-verification loans with the type of flexible underwriting policies to overcome financing challenges. Father of 2 beautiful girls, husband to his amazing wife of 17 years. 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. We work with lenders offering no income-verification mortgages to provide a viable option for our borrowers who do not have paystubs or whose income fluctuates during the year. A borrower with a good credit score can lock in a better rate than a fair credit borrower. 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. if (window.ClickTable) { The basic requirements for a no-income verification loan include: A credit score of 700 or higher. It can also be useful for those who want to keep their employment information private. Additionally, youll likely need significant cash savings, assets, and a low debt-to-income ratio. Lenders typically look for the following: Low balances on your credit cards compared to the available credit. We really didn't think we would be able to refinance but these guys were able to make it happen. Your dedicated Loan Specialist will be your guide from application to closing. Additionally, Roy was solid and reassuring throughout the whole process, which was especially appreciated since we were first time home buyers. Have gone through the mortgage process a number of times, and this was by far the easiest! Yes, a no-income verification mortgage enables you to buy a home without a regular job, or steady source of income. It was a learning experience for us. I would highly recommend this company. Thanks to RK we own our lovely house! I was googling a mortgage company before purchasing my house and found RK Mortgage Group offering programs for self-employed borrowers. If their payments were on time, their credit scores were still good enough to get approved for a stated income loan. A good number to target is 20%. The loan is approved based on credit and reserves. No-income verification mortgages dont require proof of income. We are truly blessed to be first time homeowners! Request a call backor email us your questions! to your inbox. Low Credit Score FHA Home Buyers Might Qualify in 2023, 100% Financing Home Loans 2023 (USDA, VA, FHA), Current Mortgage Interest Rates | January 2023, Mortgage Relief | Mortgage Stimulus Program 2023. 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. 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. options.element = document.getElementById('click_table_63c85089d9189'); We have purchased our forever home in lovely Key West Florida! Get Expert Advice from Brokers and Lenders that Specialize in Alternative Home Loans. I never expected such a good rate given my self-employed situation. I can't thank him enough for everything he did. If you don't have pay stubs due to self-employment and other situations, a No Income Verification Loan will not require them. Improve your credit score: A higher credit score can make you a more attractive borrower to lenders. })(); Get the latest housing market news and expert analysis delivered straight to your inbox. Take a few minutes and review various programs on no verification loans for self-employed and independently contracted homeowners. Lorie C, Fort Myers, Florida Ms. Meme made sure we were happy with our mortgage experience. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act . It was nothing about trying to get money but just helping a family in needs of a place to call home. My situation was unique and they helped me navigate through the steps all the way to the closing table. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. When they say they work fast, they mean it. 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