Yes True no-income are available. However, assets must be documented and non-QM loans like bank statement loans, asset-based loans, and DSCR loans serve a similar purpose for specific borrowers.

Yes

Lenders look at other strong financial factors to mitigate risk. This includes high credit scores (typically 680+), significant down payments (20%–30%), and substantial liquid reserves (6–12 months of mortgage payments).

Yes, most lenders require a strong credit history, often with a minimum FICO score of 680 or higher, as it demonstrates a track record of financial responsibility.

Yes. Because they are higher-risk, non-QM loans, they generally carry an interest rate premium, often 1% to 3% higher than a conventional loan.

The primary risk is potential foreclosure if the borrower's financial situation changes. The high interest rates and larger down payment requirements make these loans inherently riskier for the borrower, as they offer less protection than conventional mortgages.

Yes, even though personal income is not used for qualification, the loan is typically reported to credit bureaus and impacts the borrower's personal Additional frequently searched questions on No-Income purchase loans, especially in the context of today's market, include searches about specific alternative documentation programs, the eligibility for various borrower types, and the practical process of getting these specialized loans.