What do you need to qualify for a No Income Verification loan?

You typically need a 640+ credit score, at least 20% down, and 6-9 months of liquid reserves after you close on this mortgage transaction.

How are No Income Verification loan rates different from Conventional loan rates?

No Income Verification loan interest rates are often higher than conventional loan rates due to the increased risk for lenders, since they do not verify your ability to repay with your income. However, with a strong credit score and a larger down payment, you can lower your interest rate.Also, this loan program does not require monthly Private Mortgage Insurance (PMI), saving you a few hundred dollars a month, which offsets the higher interest payments.

Can I use a No Income Verification loan to refinance my existing mortgage?

Yes, you can use a No Income Verification loan to refinance your home. And in Florida, you can even do a cash-out refinance (Texas ineligible).

Do I need a job or proof of income to qualify?

No. The program is described as a No Income and No Employment Verification mortgage option. Your qualification will solely be based on having sufficient liquid assets.

What documents are required to apply for a Jumbo Loan?

You’ll need to provide documents like proof of income, bank statements, tax returns, credit history, and property details. Lenders require these to verify your financial stability and the property’s value.

No Income Verification Mortgage Loan

Qualify for a mortgage without needing any proof of income or employment. Eligibility is based on credit history & assets in the bank. Perfect for those who have less than 12 months of employment history or little to no income documented. This program can be used for purchases & refinances.

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Quick Eligibility
Facts

20% minimum down payment
640 minimum credit score
$3M maximum loan amount
Primary Residence or Second Home only
6 months minimum liquid reserves (= monthly housing payment x 6 months)
No proof of income or employment required
Cashout refinance available (except in Texas)
6% maximum seller credit for purchases
Available to US Citizens, Permanent & Non Permanent Residents, and ITIN holders with eligible work authorization

Who is a No Income Verification loan for?

This program is useful for borrowers who earn income in ways that are difficult to document through traditional W-2 or Tax Returns, who are unable to document their employment history, or who have a high debt-to-income ratio.

Great for borrowers who are:

Self-employed workers
Small business owners
W2 employees with many employers in the past 24 months
Seasonal workers
Gig-based workers
Online business owners
Cash-based business owners
Union workers with inconsistent income
Artists

No W-2 or Tax Returns?

Traditional mortgage programs often rely on W-2 income, pay stubs, tax returns, or other standard employment documentation.

For borrowers who do not fit that profile, a Non-QM mortgage may offer another path to home financing.

This can make the program worth exploring for entrepreneurs, independent contractors, business owners, creators, seasonal workers, and other borrowers whose earnings may fluctuate or come from multiple sources.

Example on Qualifying

A $350,000 home price in Florida with a 20% down payment, 6% seller credit, and 720 credit score, will require an $96,250 minimum balance to qualify.

(+) $70,000

(+) $21,000

(-) $21,000

(+) $26,250

Down payment

Closing costs

6% Seller credit

9 Months of reserves (monthly housing payment = $2,916.67)

(=) $96,250

MINIMUM BANK BALANCE TO QUALIFY FOR $350k PRICE

In this example above, if you have $96,250 to show in bank balances, then you will qualify for a $350k price home and you will only spend $70,000 out of pocket. No need to show income or employment like other traditional loan programs.

Figures may vary depending on the transaction scenario and borrower profile.

Purchase a Home without Traditional Income Verification

Eligible borrowers may use the program to finance a home purchase without traditional income or employment verification.

This can be particularly useful for borrowers who have strong overall financial profiles but whose income does not fit neatly within conventional mortgage documentation requirements.

Refinance without Traditional Income Verification

The program is also available for homeowners looking to refinance.

Rate-and-Term Refinance

A rate-and-term refinance replaces an existing mortgage with a new loan, typically to change the interest rate, repayment term, or overall loan structure. The No Income Verification program permits rate-and-term refinances under its no-income and no-employment-verification guidelines.

Cash-Out Refinance

Eligible homeowners may also use the program for a cash-out refinance, allowing them to refinance their mortgage while accessing available home equity. Maximum net cash-out proceeds will be: = 80% x Home Value - Closing Costs Texas not permitted

Eligible Liquid Reserves

Qualification requires minimum liquid reserves of:

6 months with at least a 25% down payment
9 months with less than 25% down payment

Eligible Liquid reserves include:

Checking/Savings Account

Funds in bank checking/savings account

Investment Accounts

Stocks, bonds, mutual funds, ETF, crypto, checking deposits (CD)

Retirement Accounts

401k, IRA

Profit from a Home Sale

Net profit received from selling a real estate property

Cash Out Refinance Proceeds

Net cash received from a cash-out refinance

How To Apply for a No Income Verification Loan

Applying & qualifying for this No Income Verification loan program is straightforward and can be completed easily with the following steps.

Complete an Online Application

Complete an online application. Submitting an application will not automatically run your credit.

Upload Documents

Upload your documents such as Bank Statements and Government ID.

Get Pre-Approved

Once Pre-Approved, you'll be able to tour homes and put in offers on properties that you like.

Make Offers & Begin Underwriting

Once your offer is accepted, you'll begin the underwriting process to get final approval, which generally takes 22-30 days.

Contact Our Mortgage Team Today

Contact our experienced Mortgage Loan Officers today to get pre-approved and find out how much you can qualify for with this No Income Verification loan program.