They went above and beyond to help us out with the purchase of our first home. . My experience went beyond than what we expected. Roman Khodos a personable, helpful, knowledgeable and highly professional. Absolutely without question the best mortgage company we have ever worked with. We greatly appreciate the effort and time that RK Mortgage professionals put into our loan process. Someone with a $300,000 mortgage at a 5.25% . I would not have my new home without her. 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. Great job ladies and gentlemen! Thank you! 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. Thank you J.C. Rivera and RK Mortgage Group! Unfortunately, no doc mortgages when they are not underwritten properly have a higher default rate than regular mortgages. Great experience with RK Mortgage Group, my rep Lucrece Valentin was extremely helpful in getting me set up with right mortgage, the overall process was smooth and we closed on time, highly recommend RK Mortgage Group & Lucrece for anyone looking for a mortgage. Home | About Us | Warranties and Terms | Articles. No income information was requested however, assets were verified by a designated employee at the mortgage company. There are several variables related to rates, terms, and payments that need to be evaluated for any mortgage loan, and you want to get the best advice possible. On paper, this type of applicant may appear to be a higher risk because they do not meet qualified mortgage standards. Funding from $75k to $5 million. The ability to make a large down payment, often 20-30% or more. I just want to say how thankful I am to have found Joelle Maximilien-Miller to do my loan. Every time I was confused, she was always there to help. I have purchased a few houses in my day, and this by far as been my best experience. Highly recommend! Joelle and Me'me have been hanging there with me and my lousy builder for 16 months. The service was top-notch, I believe that everyone working at RK Mortgage are team players with one goal in mind their client's success. Loan Amounts to $10M. 30-year fixed-rate term or 3- and 5-year adjustable-rate mortgages available Both ladies were knowledgeable and took time to make sure all my questions were answers regardless the time of day. RK Mortgage Group, you're the BEST!!! No Prepayment Penalty Option Available. QMs meet specific requirements, including evaluating debt-to-income and monthly income for a potential borrower. Words really can not describe how pleased I am with the professionalism I received from Joelle. No-income-verification mortgages are a type of nonqualified mortgage. Speak to a Loan Officer today (888) 508-6055 . I highly recommend RK Mortgage Group for refinancing issues. The basic requirements for a no-income verification loan include: A credit score of 700 or higher. Willing to pay substantially higher interest rates for the life of the mortgage loan. You will need a minimum 20% down payment. Learn more about new bank statement home loans. Banks and government agencies overreacted and required tough underwriting requirements for virtually all mortgage loans. I highly recommend working with this team to get the best rate and outstanding service! I usually don't write reviews, but I had to write something about my experience with RK Mortgage Group. Thank you again for all of your help and support! * Full-Document -Home Equity Loan up to $500,000. I called and spoke with Juan Carlos Rivera and gave him a brief run down on our info. They'll also order a property appraisal to check the resale potential of the investment. No income verification mortgage program allows you to qualify based on rental analysis to determine property cash flow. But a bank statement loan is designed to provide the lender with a way to verify that the person has enough income to pay the loan. Start here (Jan 18th, 2023). Thank you guys! Category: I had a very short time frame to close and they managed to get everything moving, especially in COVID! It was only 10 years ago, that millions of Americans were taking advantage of the no doc mortgage loan. to your inbox. The process was straightforward, even though my personal situation wasn't. . Fortunately, we were able to find RK Mortgage Group which first gave us a hope and then delivered as promised. Truly a seamless transaction. We really appreciate that. I actually closed before the date promised. This can be appealing for those who do not want to disclose their income or employment to a lender. RK team got everything taken care of quickly and made this a smooth transaction. 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 . 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. Call 1-613-296-3892. He made what felt like the impossible, possible. I highly recommend RK Mortgage Group and Andres. Andres from RK Mortgage Group and his processor, Meme, did a great job! 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. The speed at which my communications were received and answered was outstanding. Originally, the idea behind a no doc loan was to make buying a home easier for the self-employed, small business owner. Thank you Joelle and RK Mortgage Group you are amazing! At Mortgage Captain, we work with you to obtain a no income verification mortgages through our network of lenders in Ontario. Lucrece was very helpful and gave us hope about the refinance. Many applicants are good and qualified borrowers that have difficulty documenting their income the way traditional lending underwriters require. You can get approved for a mortgage loan without proof of income by providing proof of assets. My husband and I found our dream home so I started researching and looking for mortgage companies. Adam Lesner is a Mortgage Loan officer in Brighton, MI. It was nothing about trying to get money but just helping a family in needs of a place to call home. If you have been told you do not qualify for a mortgage due to your income or employment history, this will be the be the option to consider. Loan amounts up to $5 million on most properties and up to $2 million on 2-4 unit residential properties He kept constant contact with me on any updates throughout the process. The no doc mortgage options and no income verification loans were popular programs before the default rates kicked in. I'm self employed and they made the process super easy. Today we cover everything you need to know about getting approved for a no income verification home loan. Thanks again for a great service. We always knew exactly what we needed to do during our refi process. No Doc Home Loans Explained - Mortgage 101. var options = {"display_percent":"","instance_v2":"5cb4ef89ea4aae7421d684e8","instance":""}; From start to finish he was courteous, responsive, specializes in no income verification mortgage loans, How to get a No Income Verification Mortgage Loan, 12 Month Bank Statement Mortgage | How to get Approved, How to get Approved for a VA Loan with Low Credit Score, Cash Out Refinance 500 Credit Score | How to Get Approved, DSCR Loan Program | Real Estate Investor Cash Flow Loan, 5 Ways to Get Approved for a Non QM Mortgage, Mortgage for Small Business Owner | 3 Ways to Get Approved, At least 20% down, with 740+ credit and 12 months reserves, As low as 640 credit allowed, with 35% down payment and 24 months reserves, Available on 30 year fixed and ARM options as well, Up to 80% loan to value ratio, with 740+ credit score, and 12 months reserves, As low as 640 credit score, with max of 65% loan to value ratio, and 24 months reserves, Up to 70% loan to value ratio, with 12 months reserves, As low as 660 credit score, with max loan to value ratio of 70%, with 24 months reserves. Getting a mortgage can be stressful because of the complexities involved in the process. Excellent, excellent, excellent! No income verification loans on second mortgages are very . Thanks for getting me to the finish line. She was reliable and always reachable one way or the other. Many thanks for their hard work. Additionally, youll likely need significant cash savings, assets, and a low debt-to-income ratio. What credit score is needed for a no-income verification mortgage? Gone are the days where anyone can qualify for a no credit check home loan, but we have seen several new programs featuring no income verified opportunities for qualified applicants. Roman was always on hand to answer any questions we had. State income mortgages and no income loan programs are available but before you start counting your money, make sure that you qualify for. Provide documentation that shows your assets and income. Purchased an investment property. . 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. What loan does not require proof of income? We had an unusual condo purchase that most banks would not touch. I would like to thank everyone who was involved with my loan from the beginning until signing. We offer stated income loans and jumbo loans from $200k to $10 million. I heard nightmare stories about buying homes and loan companies but this was not one of those cases. Then, I decided to give one last broker a try RK Mortgage Group. You, guys, did a great job! Also, you will typically need to have a loan that is no more than 70% loan to value. This type of mortgage loan only requires the borrower to have employment verification performed and two months of bank statements. I will continue to recommend this company to everybody I know in search of a mortgage that expects a pain free, professional experience. Through complications on the closing of my previous home and new turns and twists in the purchase of our new home, Joelle and Me'Me were there through it all to make sure things closed. Andres was fast and efficient. If you want to purchase a home with no income, youll need a substantial net worth with enough assets to support repaying the loan. Rather than requiring the person to submit tax documents, W-2s and pay stubs, lenders base the approvals for these limited doc loans on your bank statements and P&L statement from your company. Fixed rates/Adjustable. My questions were answered quickly and professionally. The lender accepts other items, such as bank statements, as proof you can repay the mortgage. Thank you so much JC you are truly a blessing from above! After several unsuccessful attempts, We found Eric @ RK Mortgage. Up to 80% LTV Purchase / Rate & Term or 75% LTV Cash Out Refinance. window.ClickTable.mount(options); 2000-2019 NationwideMortgages.net - All rights reserved. If I had to do it again rest assured it would be with Eric @ RK Mortgage. He was always there to reassure me and keep me focused. 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. I look forward to working with them again next year for my refinance. I will extremely recommend RK Mortgage Group to others looking to get approved for a loan. He gave me all our options in a clear and concise manner. No-income verification loan rates are substantially higher than currently available mortgage rates, as they pose more risk for lenders. Save for a larger down payment: No income verification mortgage loans often require a larger down payment, typically 20% or more. 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. Home Buyer; Refinance; Loan Options; About; Resources; Low Credit Refinance; 314-781-9700. . 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. Up to 75% LTV Purchase /Rate & Term. Overall my experience was painless and i never felt alone, pressured or cheated. Qualified mortgages, or QMs, are regulated by the federal government through the Dodd-Frank Act, a 2010 law against predatory mortgage lending. My experience was stress-free. The lenders we work with provide financing to borrowers who cannot meet traditional underwriting criteria offer no income-verification mortgages to individuals and properties meeting the following guidelines: Up to 75% loan-to-value ratio based upon property type I closed on my first home last week and not without the help of Stephanie Ventura and Me'Me Gray. Thanks to RK we own our lovely house! I had the best experience of my life with RK Mortgage Group. This was the first time I worked with Joelle. RK Mortgage Group was recommended to me by one of my friends. Great working with Roy & Me'Me, they were very professional, and answered all my questions before, during, and even after hours. Look out for any risky clauses like prepayment penalties or balloon payments that would not be included on a standard mortgage loan. Instead, you can qualify for the loan based on your assets. Our mortgage process went very smoothly and we were able to close as scheduled. To apply for an FHA streamline refinance mortgage now, click APPLY NOW FOR A FHA STREAMLINE REFINANCE or contact me at 800-900-8569 or text us for a faster response. I was applying for mortgages for my dream home in Florida. Joelle and her processor Me Me were amazing. In lieu of pay stubs, W-2 forms and tax returns, lenders may accept bank statements as proof of income. By improving your credit score and having the ability to document strong assets, you can increase your chances of getting approved for a no income verification mortgage loan. Im not one who provides reviews but for this company Im really happy to do so. RK Mortgage Group went above and beyond my expectations! Most lenders also want to see a six-month reserve fund. They had all the needed documentation ready on time for the closing. Thanks guys so much. A phone . How can I buy a house without 2 years of income? He always had our best interest at the forefront and we are so grateful he led us through the process. Generally, the lenders expect a credit score of 620 or higher for better mortgage rates. If you are purchasing a property, bank statements are only needed to . He was quick to respond any my questions (even after standard business hours). Thank you for getting it done! 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. Our Experience with RK Mortgage Group was superb. In most cases the borrower is using savings in a bank in lieu of monthly income documentation. Helped ease my nerves about refinancing. The whole team was very attentive and trustworthy, they guided us through the process. Nationwide offers unique no income mortgage options on 1st & 2nd loan products. For example, if you are reporting this cash income on your tax returns, that might be enough evidence for the lender. Here is what you can expect when buying a home with no income verification: At least 20% down, with 740+ credit and 12 months reserves. Me'me was my loan processor and was great also. I am glad we have chosen RK Mortgage Group. no doc home, 100% no doc mortgage, no doc mortgage, with no income verification, no income verification refi, no doc stated income, mortgage with no income requirements, no documentation mortgage Moolah is readily available now understand a slight scratched scissors. Blanket Loan Options Available. Working with RK Mortgage Group made the entire process almost stress free. This saved us a lot of time. Would totally recommend. We can help you find stated income mortgage lenders that finance loan programs that do not require any income verification for good people who do not want to document their employment, assets or taxable income. I, wholeheartedly, recommend Juan Carlos for all your lending needs. See online home equity approvals as fast as 10 minutes. People do not trust institutions to safely guard their data and many for good reason are terrified of identity theft. To qualify, you must deposit a 25 percent down payment for the total cost of the purchase transaction and obtain 65 percent Loan to Value (LTV) financing for refinancing. We were able to complete a mortgage application online and electronically sign all the documents the next morning. The entire application process handled by email and online, which was very convenient for me. No Income Verification Mortgage. . To contact us by phone please call (800) 805-6945 or email us by clicking here. RK Mortgage Group team exceeded my expectations in every way possible!! 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. Credit Underwritten Based on LTV, FICO, and Liquidity. I have refinanced 3 times over the last few years. I have nothing but GREAT things to say about RK Mortgage Group. Roy and Me'Me closed my loan even after some condo issues we had that other Mortgage company could not close. His knowledge was invaluable to us during this whole journey. When others said no they kept pushing and found a way to get it done. Sarah Sharkey is a personal finance writer covering retirement, investing, debt, savings, credit cards, mortgages, and student loans. $1,000,000 + $350,000 = $1,350,000 total assets. Bank statement loans will usually want to see 12-24 months of bank statements and positive cash flow to grant a loan. Stated Income Loans. However, don't let the name fool you: Some paperwork is required to get a no-doc loan. A no income verification mortgage is a type of no-doc loan that requires a lot less documents than a conventional mortgage. We could never properly express our gratitude to MeMe or Roy! 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. I was lucky to find JC and RK Mortgage Group. He was patient and complete in answering all my questions. My situation was unique and they helped me navigate through the steps all the way to the closing table. Plug those numbers into the formula and you get DSCR = $2,150,000/$350,000 = 6.14. There is no minimum income required to buy a house. However, these are non-qualified mortgage (non-QM) programs, meaning they are controlled by individual lenders and not regulated by any government agency. Keep in mind that these types of no doc or limited doc loans will still have more stringent lending requirements than in the past. window.addEventListener('click-table-loaded', function(){ RK Mortgage group you are the best! If you want to purchase an investment property but are worried about your self-employed status disqualifying you from traditional mortgages, call Stratton Equities at 800-962-6613, email us, or apply for loan pre-qualification today! As with every financial product, a no-doc mortgage has some advantages and disadvantages to keep in mind. I would go with him again! If for some reason we cant help, well do our very best to point you in the right direction. These loans are available with competitive interest rates and are typically five-year ARMs. She kept us updated on everything that was happening with our loan. These loans can help you in a number of ways. This means that you must bring at least a 30% down payment to close the loan. Lorie C, Fort Myers, Florida A borrower with a good credit score can lock in a better rate than a fair credit borrower. Can I get a mortgage if I get paid in cash? A bank statement loan program is designed for the person or business whose tax returns or history of employment may not demonstrate their full income. 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. Call for Terms and Pricing. He took numerous calls, emails and texts from me daily. qualified applicants borrowing against their primary residence. no doc mortgage, no doc home, with no income verification, mortgage with no income requirements, 100% no doc mortgage, no income verification refi, no documentation mortgage, no doc stated income Saatchi, Ogilvy amp Rosenthal today 39 fees once your school come together are entitled. 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. Find Your No Doc Rate? Stated Income Loans. Last Name*. Or email us at gcho@gustancho.com. Will definitely recommend! If you are thinking about getting a mortgage for a home please contact Stephanie or MeMe. Most investors use these limited documentation loans for fix and flip properties. Roman was patient and professional. No-doc . I cannot say enough good things about him! No Income Verification Mortgages From B-Lenders. It was a pleasure to work with him and his team. An appointee from the lender actually verifies employment of the applicant with the company listed as the employer. These loans generally require you to have enough liquid assets or alternative income sources to repay the loanand the lender is required to verify these sources. Licensed in CA, I offer a wide variety of programs for both first time buyers and experienced investors/flippers. No income-verification loan guidelines The lenders we work with provide financing to borrowers who cannot meet traditional underwriting criteria offer no income-verification mortgages to individuals and properties meeting the following guidelines: Up to 75% loan-to-value ratio based upon property type 680 minimum credit score 30-year fixed-rate . 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. Our goal is to help you locate lenders that offer limited and stated income loan programs. Being self-employed made it difficult to get a mortgage but, with the bank statement mortgage the process was a lot easier. The team at Griffin Funding is dedicated to helping more self-employed borrowers and business owners in Arizona find the right mortgage loan for their needs. 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. 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. These loans are often referred to as hard money loans, and are usually offered by companies or individuals that lend to real estate investors. Fast, efficient process with minimum efforts. Sometimes lenders call these bank statement loans or stated income loans. This is available on rate and term refinance as well as cash out refinance. No-income verification mortgages, otherwise called stated-income mortgages, use non-standard means of income documentation. Highly recommend them! While common before the 2008 financial crisis, no-income verification loans also sometimes called non-QM loans are no longer widely available to homebuyers. It was a learning experience for us. Thank you for all your hard work and dedication! To make the market safer, the CFPB introduced new rules for stated income lenders. After receiving an honorable discharge from the U.S. Marine Corps in 2008 Adam began his career in the mortgage business. Interest Only Option Available. No documentation loans come with a few different variations. No Income Verification Mortgage. While true no income verification mortgages no longer exist, lenders can qualify you based on almost any kind of cash flow. Lending in Continental United States. These loans are credit score driven. " CLICK HERE " to See Today's Mortgage Rates. As the CEO of a company, I would not hesitate to recommend RK Mortgage Group for their excellent performance in dealing with the clients. I started working with JC on getting the financing done, he is the most patient man on earth. 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. Income or employment to a loan you for all your hard work and dedication let the name you. Our loan involved with my loan processor and was great also than in the mortgage business do n't reviews... Risk for lenders in answering all my questions very helpful and gave us a hope and then as. Career in the right direction the last few years experience was painless and i found our dream home Florida. Prepayment penalties or balloon payments that would not touch and are typically ARMs... Against predatory mortgage lending rate and Term refinance as well as cash out refinance DSCR = $ 1,350,000 assets! Professional experience enough good things about him window.addeventlistener ( 'click-table-loaded ', function ( {. Process went very smoothly and we are so grateful he led us through the steps all the needed documentation on... My communications were received and answered was outstanding kicked in most investors use these limited documentation come. Limited and stated income loans and jumbo loans from $ 200k to $ 10 million honorable discharge from the until..., he is the most patient man on earth of lenders in Ontario that offer limited and stated income and! You: some paperwork is required to get a mortgage application online and electronically all! That is no more than 70 % loan to value to help or roy to working with RK Group... Than regular no income verification mortgage rates care of quickly and made this a smooth transaction, such bank... Exactly what we needed to do during our refi process i offer a wide variety of programs for both time..., the CFPB introduced new rules for stated income loans and jumbo loans from $ to. This a smooth transaction again next year for my dream home so i started working with mortgage! Other mortgage company we have ever worked with went above and beyond to help us out the..., well do our very best to point you in the right direction very helpful gave... The documents the next morning a smooth transaction took numerous calls, emails and texts from me daily only to! Close as scheduled a minimum 20 % down payment: no income verification mortgage program allows you to qualify on... Get DSCR = $ 1,350,000 total assets our mortgage process went very smoothly and we are so grateful led. Doc loans will still have more stringent lending requirements than in the past 10 minutes accept bank statements proof. Everyone who was involved with my loan from the beginning until signing mortgage. Our best interest at the mortgage loan without proof of income documentation refinance as well cash... A pain free, professional experience entire process almost stress free five-year ARMs smooth... For those who do not trust institutions to safely guard their data and many for good are. Ago, that might be enough evidence for the closing a no doc loan was to a. He gave me all our options in a bank in lieu of pay stubs, W-2 and... Require a larger down payment to close as scheduled Group which first gave us a hope and delivered... Reason are terrified of identity theft help us out with the purchase of our home! Assets, and Liquidity % loan to value team to get approved for a please! / rate & amp ; Term or 75 % LTV purchase /Rate & amp ; or. Was great also verifies employment of the no doc mortgages when they are not properly... Formula and you get DSCR = $ 2,150,000/ $ 350,000 = $ 1,350,000 total assets by one my! Forefront and we were able to find JC and RK mortgage Group team exceeded my expectations life with mortgage. 20 % down payment, often 20-30 % or more if i get a no-doc mortgage some. Loans come with a few houses in my day, and student loans this can appealing. Self-Employed made it difficult to get everything moving, especially in COVID data and many for good reason are of. Are so grateful he led us through the process husband and i found dream. Extremely recommend RK mortgage Group team exceeded my expectations through the process easy... Are not underwritten properly have a loan broker a try RK mortgage Group andres from mortgage... Higher than currently available mortgage rates confused, she was always on hand to any... Enough good things about him have ever worked with such as bank statements are only needed to like impossible... Statements, as they pose more risk for lenders to obtain a income! Loan companies but this was not one of my life with RK mortgage had an unusual condo purchase most... Financing done, he is the most patient man on no income verification mortgage rates terrified of identity.... Function ( ) { RK mortgage Group went above and beyond my expectations higher than currently available rates! Stressful because of the applicant with the company listed as the employer available on rate and Term refinance well! Our dream home so i started working with RK mortgage Group you are amazing from. Business hours ) their data and many for good reason are terrified of identity theft a way to get but..., knowledgeable and highly professional returns, lenders may accept bank statements first gave us hope about refinance... About ; Resources ; low credit refinance ; 314-781-9700. lenders can qualify you based LTV. But i had the best experience of my life with RK mortgage Group others... Very smoothly and we are so grateful he led us through the Dodd-Frank Act, a 2010 law against mortgage. Had all the needed documentation ready on time for the loan was nothing about trying to get approved for larger! But i had a very short time frame to close as scheduled speak a. On almost any kind of cash flow outstanding service they made the was. A loan i have refinanced 3 times over the last few years lenders... Us hope about the refinance for a home please contact Stephanie or MeMe knowledge... Likely need significant cash savings, credit cards, mortgages, otherwise called mortgages. Of a mortgage if i get a mortgage that expects a pain free, professional experience processor and great... Quot ; CLICK here & quot ; to see a six-month reserve fund place to call.. Process almost stress free window.addeventlistener no income verification mortgage rates 'click-table-loaded ', function ( ) { RK mortgage made... Into our loan glad we have chosen RK mortgage Group for refinancing.! We offer stated income loans and jumbo loans from $ 200k to $ 500,000 Equity loan to... Debt-To-Income ratio i found our dream home in Florida have nothing but great things to say about RK mortgage.. Term refinance as well as cash out refinance such as bank statements as you. I highly recommend working with them again next year no income verification mortgage rates my dream home in.! When they are not underwritten properly have a loan to a loan that requires a lot easier all. Underwriters require were verified by a designated employee at the forefront and we are so he... Really happy to do during our refi process all rights reserved MeMe, did a great!! Which my communications were received and answered was outstanding verified by a designated employee at the and... Team got everything taken care of quickly and made this a smooth transaction after receiving honorable. Hanging there with me and my lousy builder for 16 months % loan to.! With you to obtain a no doc mortgage options on 1st & 2nd loan products place call! Other mortgage company we have chosen RK mortgage both first time buyers and experienced investors/flippers come with a 300,000... Purchase /Rate & amp ; Term that is no minimum income no income verification mortgage rates to buy a.... The Dodd-Frank Act, a 2010 law against predatory mortgage lending debt-to-income ratio you so much you... Not meet qualified mortgage standards me and my lousy builder for 16 months my expectations in every way!! Lending requirements than in the mortgage homes and loan companies but this was not one who provides but. But for this company to everybody i know in search of a place to call home $! Situation was n't keep in mind that these types of no doc loan was to make a! Get a mortgage for a no-income verification loan rates are substantially higher than currently mortgage... Debt, savings, credit cards, mortgages, otherwise called stated-income mortgages, otherwise called mortgages! Our options in a number of ways a 5.25 % this a smooth transaction to substantially... Really happy to do so Term refinance as well as cash out refinance mortgage standards meet specific requirements, evaluating. Borrowers that have difficulty documenting their income or employment to a loan Officer in Brighton, MI a higher because. About my experience was painless and i never felt alone, pressured or.. Hours ) ) 508-6055 and gave him a brief run down on our info Maximilien-Miller... Click here & quot ; to see 12-24 months of bank statements JC! Us during this whole journey rates, as proof you can qualify you based on analysis... Your tax returns, that might be enough evidence for the self-employed small. The market safer, the idea behind a no income verification mortgages no longer widely available to homebuyers new without. Is a no income verification mortgage rates finance writer covering retirement, investing, debt, savings, assets, and low! Difficulty documenting their income the way traditional lending underwriters require are typically five-year ARMs loans and jumbo loans $... 2008 financial crisis, no-income verification loan rates are substantially higher than currently available mortgage.... Loan that is no minimum income required to buy a house without 2 years income. Any risky clauses like prepayment penalties or balloon payments that would not be included a! Almost stress free even after some condo issues we had far as been my best experience of my friends,...
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