I am here to make your purchase or refinance process smooth! Thank you very much. California no income verification mortgages, also called California no-doc mortgages or stated income mortgage loans, used to be more commonplace before the real estate housing crisis in 2008.With more restrictions in place in terms of how money is lent, particularly in the real estate world, it has become more of a challenge to get a no doc loan, however it is still . Juan Carlos Rivera and his team we outstanding through out the entire loan process. Her professionalism and strong work ethic make a big difference in the loan process. 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available I will only be using RK for my future financing needs. What should be your minimum income to buy a house? Joelle and processor Me Me were amazing! It was a pleasure to work with him and his team. Smooth and easy to work with an extreme pleasure all around. She goes above and beyond for her clients. Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. I recommend anyone who is looking to purchase a home to contact Eric is a pleasure to deal with always on top of things and guess what HE DELIVERS!!! If their payments were on time, their credit scores were still good enough to get approved for a stated income loan. Starting from the communications, rates and processing time, everything was on the top. No-income verification mortgages, otherwise called stated-income mortgages, use non-standard means of income documentation. Joelle and Me'me have been hanging there with me and my lousy builder for 16 months. Great team to work with. Rocket Mortgage does not offer this type of mortgage. MortgageDepot Sets Up a Blanket Loan with a Gift of Equity, Stated Income on Primary Residence Properties, Investors with passive losses that offset earnings, Workers with seasonal fluctuations in income. Adam responded to emails "We can't say enough good things about Adam. Will recommend to anyone needing a mortgage. It is nice to have someone that cares and also has your best interest at heart. If you have the necessary funds to repay the mortgage, then there is nothing inherently unsafe about a no-income verification mortgage. Father of 2 beautiful girls, husband to his amazing wife of 17 years. Lucrece worked with me through the entire process and was easy to work with. Highly recommend them! This company was such a pleasure to work with. Nationwide offers no cost home loan quotes for people seeking refinancing, home equity, purchase mortgages in the United States. Whether you need an equity loan, purchase mortgage or refinance, Nationwide will help you find companies that continue to offer alternative lending with no income verification programs for qualified applicants. Interest rates continue to hover near record lows, but the availability for alternative financing, such as stated income mortgages is not always available, so don't miss out on these opportunities. Take a few minutes and review various programs on no verification loans for self-employed and independently contracted homeowners. It is always a pleasure working with her always a positive attitude and very knowledgeable in the field. We shopped around with confidence and when we were ready, our team at RK made our dreams come true! 30 Year Fixed Rates Available. In this type of "no income loan" income and assets info was not requested by the lender nor offered by the applicant. This can be appealing for self-employed individuals or those who have fluctuating or hard-to-verify income. I highly recommend working with this team to get the best rate and outstanding service! If you are refinancing, you need to find out what the fico score and loan to value requirements are before making a commitment. We are truly blessed to be first time homeowners! Today we cover everything you need to know about getting approved for a no income verification home loan. Thank you RK Mortgage Group and Thank you Joelle! I highly recommend RK Mortgage Group and Andres. . These loans are risky for lenders, so they require higher mortgage rates for borrowers. A no income verification home loan is a type of nonqualifying mortgage. A no income verification mortgage loan is a type of mortgage that does not require borrowers to provide documentation of their income. No doc loans, short for no documentation loans, are mortgages that require little to no paperwork to qualify. 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. Toggle navigation. No income verification loans on second mortgages are very . RK Mortgage was definitely the right choice for us. Available on 30 year fixed and ARM options as well. It was quite an experience with mixed feelings. He gave me all our options in a clear and concise manner. Our company provides rare opportunities to connect with companies offering finance programs that most lending sources consider too risky. Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. * Full-Document -Home Equity Loan up to $500,000. I have purchased a few houses in my day, and this by far as been my best experience. You can improve your credit score by paying your bills on time, keeping your credit card balances low, and avoiding applying for too much new credit. Licensed in CA, I offer a wide variety of programs for both first time buyers and experienced investors/flippers. From the minute I applied for my bank statement only mortgage to the day I closed Joelle and Me'me have gone above and beyond to make this happen. They really work with you to get the best rates and to help you get into your own home. We're super happy with the service received from RK Mortgage. No income or job history verification required; No limit on the number of properties; Loan amounts up to $5,000,000; Unlimited cash out; As little as 20% on down payments; Credit scores as low as 620; Cashout Refinance up to 75% LTV; Debt Service Coverage Ratios as low as .75%; Interest-only loan option available; Suited for new and seasoned . I was working with Roy and Me'Me. They are now required to make a good faith effort to determine if the borrower can repay the loan. When doing a debt consolidation loan, and not receiving any cash out proceeds from the loan, it can be considered a rate and term refinance. Broker rebate up to 2 points available. First and foremost, I would like to express how grateful I am to have had Juan Carlos Rivera as my mortgage broker. As first time byer I had million questions. It's no secret that mortgages with no income verification are not as easy to secure this year. A no-income mortgage, sometimes referred to as a no-doc mortgage, is an option for borrowers with a non-traditional income stream or another source of assets. 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. Privacy: No income verification mortgage loans allow borrowers to keep their financial information private. I was lucky to find JC and RK Mortgage Group. 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. Learn more about new bank statement home loans. You will need a minimum 20% down payment. RK Mortgage Rocks! In addition, all assets counted . For investment property, getting a DSCR loan would be the option to go with. Find the Best No Income Loan Offer with No obligation. We highly recommend RK Mortgage Group. I worked with Andres at RK Mortgage. Bank statement loan makes life a million times easier for self employed people. No-income verification loan rates vary based on the lender, loan amount, loan term, and your specific financial circumstances. I called Joelle in a panic, and she got me approved and saved my contract. LTVs up to 75%. Blanket Loan Options Available. But these types of loans require proof of other assets. I highly recommend RK Mortgage Group for refinancing issues. For example, most lenders will require you to have a certain credit score. RK Mortgage and the staff were very supportive of our journey. Andres Taillepierre and his team worked super hard and quick to give us the best deal refinancing our home. They were attentive to my specific needs, very professional and a joy to work with. Request a call backor email us your questions! The debt service will be $350,000 a year. We were able to complete a mortgage application online and electronically sign all the documents the next morning. They found the right program that fit my needs. Specialties: NMLS #322945. 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. Working with RK Mortgage Group made the entire process almost stress free. No Tax Returns. While true no income verification mortgages no longer exist, lenders can qualify you based on almost any kind of cash flow. The loan is qualified based on a value of the property and/or anticipated income the property will generate. Great working with Roy & Me'Me, they were very professional, and answered all my questions before, during, and even after hours. Great job RK team! You may be able to get a mortgage without a job. No income verification. USDA vs FHA: Which low down payment loan is best for first-time home buyers? Some organizations, like Mortgage Depot, offer a no income check program. Stated Income Loan (See lenders for guidelines). No-doc mortgages were more commonly known as stated-income loans before the . And it was the best experience by far! qualified applicants borrowing against their primary residence. I closed on my first home last week and not without the help of Stephanie Ventura and Me'Me Gray. I was very apprehensive about working with another company, but Roy was confident he could get this loan to work in my favor. After a pre-approval letter was written from the initial mortgage company I was working with, they denied my loan. Andres from RK Mortgage Group and his processor, Meme, did a great job! They are always there to give assistance. We now have a significantly lower monthly payment and this is amazing! No Income Verification Mortgages . Yes there are several great options on these NonQM (as they are called) loans today. Getting a mortgage can be stressful because of the complexities involved in the process. If I had to do it again I'd come right back to RK Mortgage Group! She kept us updated on everything that was happening with our loan. Your loan payments can be interest only payments. Today there are some no doc or limited doc loans that you can qualify for. Will definitely Recommend. Stated Income Loans. She is very knowledgable about the mortgage industry and the various loan products that are available, She is also very responsive and goes the extra mile for her clients. Highly recommend! Excellent rates, no junk fees and great loan terms. Lorie C, Fort Myers, Florida Refinancing is still possible for people that would rather not document their income. To contact us by phone please call (800) 805-6945 or email us by clicking here. We were treated like royalty, with compassion and warmth. What credit score is needed for a no-income verification mortgage? He always had our best interest at the forefront and we are so grateful he led us through the process. Each lender sets its own specific credit score requirements for no-income verification home loans. Also, you will typically need to have a loan that is no more than 70% loan to value. Very easy happy close all the way!! We were pleased on how efficiently and promptly everything was handled. Thank you RK Mortgage and Joelle. Having a higher score may increase your chances of getting approved for a no income verification mortgage loan. Qualify For Your No-Doc Loan or Alternative Mortgage Loan Today. 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 all for your time and excellent customer service! 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. Originally, the idea behind a no doc loan was to make buying a home easier for the self-employed, small business owner. Of course, the lender still needs to know that you can afford the loan. Getting to the closing table will not get easier than working with this great team. 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. Well help you close quickly, so you can get the keys to your new home in no time. Juan Carlos Rivera and RK Mortgage Group was amazing during this process of obtaining a mortgage for our new home. A high score can get you a low interest rate, while a low score can result in higher rates. Loans to $2 Million. Roman was always on hand to answer any questions we had. 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