Primary Residence No Income Loan

Bluestar Mortgage of Orlando, is the preferred choice for Primary Residence No Income Mortgage Loan. Give us a call at 321-400-5545 to speak with a Primary Residence No Income Mortgage Loan expert who can assist you in determining if a Primary Residence No Income Mortgage Loan is the right option for you. You can also click on the schedule a free consultation button above.

What is a No-Income Verification Mortgage?

Otherwise known as the stated-income loans, a no-income verification mortgage is a home loan granted by lenders to borrowers without providing typical documentation for approval, such as income tax returns or pay stubs. Instead, alternative documentation or assets like home equity, pensions, overall cash flow are allowed to prove the loan paid off.

What are the forms of No Income Verification Mortgage programs, and to whom are they best suited?

Lenders provide varied kinds of no-doc or low-doc mortgages that best suit your needs. Below are the usual forms for which they might be suitable:

1. Bank Statement Mortgage.

In this type of program, the lender determines the income based on your personal or business account deposits during the 12 to 24 months.
Suited for: People or small business owners receiving regular deposits with bank statements.

2. Asset-Based Mortgages

This is also known as an asset-depletion mortgage. This loan option is used for significant assets rather than regular employment income. Borrowers can qualify for this option if they have enough assets for loan payoff since the calculation will depend exclusively on the available assets.

Suited for: Borrowers with a high net worth or retirees who get proceeds from their retirement accounts.

3. No-income, No-asset loans

This kind is accessible for investment properties since lenders’ concern is solely based on the value of the property and its capacity to generate income. This loan is usually accompanied by a higher down payment and credit scores.
Suited for: Investors of real property with sufficient money for a high down payment

4. Stated Income, Verified Assets

This kind of loan is most suitable if a large portion of your revenue is difficult to document and you have an available asset that lenders can verify.
Suited for: Anyone making revenue from rewards, bonuses, stipends, or tips and has a personal bank account under their name.

Requirements for a No-Income Verification Mortgage

Below are the standard requirements which lenders will verify if you can meet the payoffs of your loan:

  • Good credit score. The no-income verification mortgage usually needs a higher credit score of 700 or above.
  • Enormous Down Payment. Minimum initial payment generally commences at 20 percent.
  • Higher Interest Rates. Lenders may charge as high as 5% market rates to protect the greater risk of renouncing the loan documentation.
  • Evidence in paying off the loan. Lenders will require you to show evidence, such as a personal bank account deposit statement, rental, or property investment, to prove that you can make monthly payments on your loan.

Advantages and Disadvantages of a No Income Mortgage Loan


  • No income documentation is needed.
  • Maybe eligible merely with your assets.
  • Maybe approved regardless of a current income drop.


  • Require a greater down payment.
  • Need to pay a tremendous interest rate.
  • Need a good credit score.

Connect with a Bluestar Mortgage FHA Loan Expert

If you are interested in a Primary Residence No Income Mortgage Loan, call us at: 321-400-5545 to speak with a Primary Residence No Income Mortgage Loan loan expert who can assist you in determining if a FHA loan is the right option for you.

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