Yes, a no-income verification mortgage enables you to buy a home without a regular job, or steady source of income. No-income verification loan rates are substantially higher than currently available mortgage rates, as they pose more risk for lenders. No Income Verification Mortgage. As a realtor, I have had excellent results recommending her my customers. . They have fixed arms options like 5/1, 7/ . More on DSCR loans for investment property here. Very professional and easy to work with. He gave me all our options in a clear and concise manner. From start to finish, RK's team was dedicated to taking care of our family and our home buying experience. This means your two most recent pay stubs, your most recent checking account statement, your current savings account statement, and your federal income tax returns from the previous two years. In lieu of pay stubs, W-2 forms and tax returns, lenders may accept bank statements as proof of income. You always need to prove to a lender that you can afford to repay the loan. This should provide your lender with enough information . Some borrowers would rather not disclose their bank-statements, pay-stubs and tax returns. Additionally, she is the founder of Adventurous Adulting, a personal finance blog dedicated to helping readers tackle their money and take control of the adventure of life. Both ladies were knowledgeable and took time to make sure all my questions were answers regardless the time of day. A phone . What credit score is needed for a no-income verification mortgage? Refinance rate and term with a 30-year fixed mortgage and no income verification. No tax returns! He also got me a great rate on my mortgage! 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. 680 minimum credit score RK Mortgage Rocks! They really work with you to get the best rates and to help you get into your own home. Constant and accurate information and updates. Banks and government agencies overreacted and required tough underwriting requirements for virtually all mortgage loans. Largest Access to Stated Income Loans and Lenders. Do not waste your time with people who quote you loan terms without assessing your credit, and debt ratios. window.ClickTable.mount(options); Stated Income Loans. You no longer have to let your job history or income documentation prevent you from getting locked into a record low interest mortgage. You won't be asked to submit documents and forms you don't have. If you get paid in cash, it might be possible to get a mortgage. As a realtor I want to make sure my clients are taken care of and with Joelle that is not even a concerned. Adam Lesner is a Mortgage Loan officer in Brighton, MI. Last Updated: November 15, 2022. 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. 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. A no-documentation home loan is a mortgage that doesn't require the borrower to provide standard income documentation. Before signing up for a no-income verification mortgage, be sure to carefully read and understand your loan terms. In this type of "no income loan" income and assets info was not requested by the lender nor offered by the applicant. Call 1-613-296-3892. Finding a company that offers a stated income mortgage refinance, or no income equity loan is not as easy as it was a decade ago. Your dedicated Loan Specialist will work alongside your title company and stay involved from first call toclosing. I am glad we have chosen RK Mortgage Group. No Tax Returns / No W2 . I would highly recommend RK Mortgage Group and Lucrece and Marcia specifically. I enjoy working with Joelle Maximilien-Miller. Office, Retail, Warehouse, Self Storage, Automotive Service ( No gas stations). We are a Top Leading Mortgage Broker that Specializes in No IncomeVerification Loans. Joelle worked tirelessly to help us get a hard money loan so that we could get this house and renovate it. Highly recommend! RK Mortgage and the staff were very supportive of our journey. Ms. Meme made sure we were happy with our mortgage experience. Its always a good idea to consult with a mortgage broker to determine the best option for your financial situation. Roman and Bella kept us informed every step of the way. Because the kitchen cabinets and most of the flooring was missing, it was considered unlivable and therefore could not get a normal mortgage. RK Mortgage Group, and Roy in particular, was amazing to work with. 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!! Ive made a call. 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. But its more challenging than obtaining a mortgage with a regular income stream. . We were able to complete a mortgage application online and electronically sign all the documents the next morning. For example, you might show bank statements or investment account balances to prove to the lender that you can afford the mortgage payments. I have worked with many different lenders in the past because I'm a Realtor. We just moved to the US from Thailand last year and bought a house. 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. . After that, your rate becomes variable. Very knowledgeable and professional! I never felt left out throughout the process until closing. Someone with a $300,000 mortgage at a 5.25% . Highly recommend! Thanx for having Ms. Meme on board. Highly recommend! We could never properly express our gratitude to MeMe or Roy! Great job ladies and gentlemen! Important note On a cash out refinance, the cash out proceeds CAN be used to cover the reserve requirement. I actually closed before the date promised. Thank you so much Joelle for your service. I would recommend Joelle to any of my personal friends, family, and or colleagues!! Instead, youll need to prove to the lender that you can cover the mortgage payments. I highly recommend RK Mortgage Group!! * Full-Document -Home Equity Loan up to $500,000. First I want to express my deepest gratitude to Juan Carlos Riviera for his patience, courtesy and professionalism. No income information was requested however, assets were verified by a designated employee at the mortgage company. Instead, you may be able to . I am now a homeowner. An excellent job! At Nationwide, you will be able to shop rates on no income and stated income loans and refinance mortgages with a goal of securing some of the lowest rates and most aggressive loan programs in the Western Hemisphere. Thank you RK Mortgage Group Inc. We highly recommend them to anyone purchasing a home. No income verification. Things got out of control and many of these old no doc loans defaulted, resulting in market chaos. Your loan payments can be interest only payments. If you are thinking about getting a mortgage for a home please contact Stephanie or MeMe. 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. 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. A: Yes, there are mortgages available with no tax returns required but they are only offered by certain lenders. She walked through all the steps with me. Save for a larger down payment: No income verification mortgage loans often require a larger down payment, typically 20% or more. Without her assistance and hard work none of this would have happened. The definition of "Above and Beyond". This can be appealing for those who do not want to disclose their income or employment to a lender. She was always available to answer my questions, and she guided me through the entire process. window.addEventListener('click-table-loaded', function(){ As such, they might lack important borrower protections that come with standard mortgage loans. I would definitely recommend this mortgage company. We always knew exactly what we needed to do during our refi process. Asset Seasoning only 30 days. We love her! $1,000,000 + $350,000 = $1,350,000 total assets. Joelle is the most professional loan officer we've had by far. I recommend RK Mortgage Group as a first choice. I'm writing this review in my new house and Im thankful to RK Mortgage Group for this. This is not an advertisement for credit. You won't be asked to submit documents and forms you don't have. 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. Borrowers hoping to get a mortgage with a non-traditional source of income have options. var options = {"display_percent":"","instance_v2":"5cb4ef89ea4aae7421d684e8","instance":""}; Thank you again for all of your help and support! While they can be a convenient option for many borrowers, there may be additional requirements that you need to meet. We know the Jumbo Mortgage Business call us at (800) 986-4580. Juan Carlos Rivera and RK Mortgage Group was amazing during this process of obtaining a mortgage for our new home. Privacy: No income verification mortgage loans allow borrowers to keep their financial information private. Juan Carlos Rivera and his team we outstanding through out the entire loan process. It is always a pleasure working with her always a positive attitude and very knowledgeable in the field. He was very prompt on getting back to you and making what can be a stressful process very easy. He made what felt like the impossible, possible. I am here to make your purchase or refinance process smooth! For example, if you are reporting this cash income on your tax returns, that might be enough evidence for the lender. I worked with Andres at RK Mortgage. Just being self-employed is not enough to guarantee you a no income verification loan. 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 again!!! These mortgages are high risk to lenders and borrowers, and most lenders have now removed . 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