Want to purchase or refinance a home but struggling with documenting your income? Consider a no-income mortgage. This game-changing product is designed to help retirees, self-employed individuals, seasonal workers, and those who have experienced a life event to secure a mortgage without income documentation. In this article, we dive into the features of a no-income mortgage and how it can benefit you.

Features of a No Income Mortgage

• Not for investors. This is for Primary and second homes
• This is not a low down payment loan
• Requires minimum of 20%-30% equity OR down payment
• Income documentation is not required
• DTI (debt to income ratio) is not calculated
• Loan amounts up to $3 million
• 12 month minimum reverses needed (12 times the mortgage payment)
• Minimum credit score 680

Type of Borrower is this for?

A no-income mortgage is suitable for:

• Retired borrowers
• Self-employed
• Seasonal workers
• Recent LIFE event occurred

Home Purchase Scenario Requirements

If you're planning to purchase a home with a no-income mortgage, you'll need to meet the following requirements:

• 20% down payment required.
• Credit scores of 680 minimum
• Primary residence and second homes
• Loan amounts up to $3 million

Home Refinance Scenario Requirements

If you're planning to refinance your home with a no-income mortgage, you'll need to meet the following requirements:

• 20% equity in home if you are paying off current mortgage with no cash-out
• 30% equity in home if you want to take cash-out
• Credit scores of 680 minimum
• Primary residence and second homes
• Loan amounts up to $3 million

Benefits of a No Income Mortgage

A no-income mortgage can offer several benefits for borrowers who don't meet traditional mortgage requirements. Here are some of the benefits of a no-income mortgage:

• No income documentation: A no-income mortgage allows you to secure a mortgage without having to provide income documentation.
• Higher loan amounts: Depending on your equity or down payment, you can borrow up to $3 million with a no-income mortgage.
• With a minimum credit score of 680, a no-income mortgage may be more accessible for borrowers with average credit scores.

Conclusion

A no-income mortgage can be a great option for borrowers who don't meet traditional mortgage requirements. If you're retired, self-employed, a seasonal worker, or have recently experienced a life event, a no-income mortgage can help you secure a mortgage without having to provide income documentation. With faster approval, higher loan amounts, and lower credit score requirements, a no-income mortgage can be a game-changer for homebuyers and homeowners. Contact us today to learn more about your options for a no-income mortgage.

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