Home Loan Without Income Verification
At least one program we offer qualifies a primary residence or second home without using income or employment, from a 620 credit score. It still looks at your credit history, reserves, and the property.
What this loan checks instead of income
No income or employment is stated, so credit history, reserves and the property decide the loan.
- Homeowner education counseling completed by at least one borrower*
- A loan amount from $100,000 to $3,000,000, with higher minimums in some states.
- Two tradelines reporting for 12 months or more, or one reporting for 24 months or more.
- Homeowner education counseling completed by at least one borrower.
- Reserves of 6 or 9 months, or 2 months for first-time homebuyers.
- An escrow account for the loan.
No income used
Bankruptcy seasoning of 48 months
Homes on up to 20 acres
Counseling required
Gifts can cover it
Waiting periods apply
How A No Income Verification Loan Works
At least one program we offer qualifies you without using income or employment.
At least one program we offer is a consumer no-ratio loan: no income and no employment are used to qualify. It covers primary residences and second homes for purchases, rate and term refinances, and cash-out, with loan amounts from $100,000 to $3,000,000. Rates can be fixed or a 7/6 or 10/6 adjustable rate.
The program does not permit a prepayment penalty or interest-only payments, and an escrow account is required. At least one borrower must complete homeowner education counseling on every loan. Loans above $1,500,000 need two appraisals, and homes rated in C5 or C6 condition are not eligible. Buying a rental instead? See our no-ratio DSCR loan page.
Credit history still matters: you need two tradelines reporting for 12 months or more, or one for 24 months or more, and first-time homebuyers can apply 12 months of satisfactory rent history. Waiting periods are 7 years after a foreclosure and 48 months after a bankruptcy discharge, short sale, or deed in lieu. You also need no 30-day late mortgage payments in the last 12 months, and if you resolved missed payments through forbearance or a loan modification, you are eligible after at least three on-time payments.
Why choose Saxton for a loan without income verification
For buyers of a primary residence or second home whose income is hard to document.
No Income Used
At least one program qualifies you without using income or employment, so there is no debt-to-income ratio to calculate.
Second Homes Yes, Rentals No
Eligible occupancy here means your own residence or a second home, nothing else. A rental or investment property needs a different program, such as a DSCR loan, and we can compare the two for you.
Pay Off Early, No Penalty
A prepayment penalty is not permitted on this program, so selling or refinancing early carries no prepayment charge. Interest-only payments are not offered either.
Counseling Required
At least one borrower completes homeowner education counseling on every loan.
Gifts Can Cover It
Gift funds can cover the whole down payment and cash to close, though not reserves, and seller concessions can go up to 6%.
Waiting Periods Apply
The program requires 7 years after a foreclosure and 48 months after a bankruptcy discharge, short sale, or deed in lieu.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about home loans without income verification.
Yes, with at least one program we offer. It qualifies a primary residence or second home without using income or employment, so no income or employment documents are used to qualify. Credit, reserves, and the property still are.
Yes, a no income verification mortgage is available on a second home as well as a primary residence, with a $100,000 minimum loan and a $3,000,000 maximum. Investment properties are not eligible on this program. Second homes follow the same credit score and reserve grid as primary homes.
Two tradelines reporting for 12 months or more, or one for 24 months or more. First-time homebuyers can apply 12 months of satisfactory rent history. Credit scores start at 620, with no 30-day late mortgage payments in the last 12 months.
No, a prepayment penalty is not permitted on this no income verification mortgage, so you can sell or refinance at any time without that fee. Gift funds can cover the entire down payment and cash to close, but gifts cannot be counted toward reserves.
Yes. Most borrowers need 6 or 9 months of reserves, and first-time homebuyers need 2 months. Gift funds cannot be used for reserves, but on cash-out loans under $1,000,000 the cash-out proceeds can cover them. Each additional financed property you own adds more.
U.S. citizens, permanent resident aliens, and non-permanent resident aliens with U.S. credit and an acceptable visa. At least one borrower on the loan must complete homeowner education counseling.
No. We cannot offer it in Massachusetts, and it is not available in Hawaii lava zones 1 and 2, Puerto Rico, Guam, the U.S. Virgin Islands, or Baltimore, Maryland. Iowa has a $125,000 minimum loan, North Carolina has a $300,000 minimum, and Texas 50(a)(6) loans are not permitted.
Saxton Mortgage does. At least one program we offer qualifies you with no income and no employment information, on a primary residence or second home. Homeowner counseling is required.
Find out what you qualify for
Tell us about the home you want and why income is hard to show, and we will tell you if this program fits.
Get Pre-QualifiedLoan amounts, rates, terms, and eligibility are subject to credit approval, appraisal, and program guidelines. Program availability varies by state. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.