Mortgage Loan with No Income Restrictions

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Mortgage Loan with No Income Restrictions

Manny Rojas
NY · Member since 2013 · 2 posts · 2 votes

Hi everyone - I am looking for a mortgage loan that has no income restrictions and no PMI? For example, FHA loans has no income limit but has PMI.


Is there such program or would these offers be best by checking out local bank or credit union?

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Eliott Elias
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
4y

Try DSCR loans, they don't qualify you as the individual. Rather the property

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  • John Acheson
    Renter · Las Vegas, NV · Member since 2018 · 278 posts · 71 votes
    4y

    The new BofA community program with $0 down and NO PMI I believe if you can qualify socioeconomically and geographically??

    0Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    4y

    Try DSCR loans, they don't qualify you as the individual. Rather the property

    2Reply
  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    4y
    Quote from @Eliott Elias:

    Try DSCR loans, they don't qualify you as the individual. Rather the property

    Yes - a DSCR loan sounds like it might be your best option. There is no DTI, no PMI and no income verification. @River Sava

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    1Reply
  • River SavaPro Member
    Lender · USA · Member since 2022 · 1k+ posts · 1k+ votes
    4y

    Hi Manny- Would love to connect and discuss !

    [email protected]
    0Reply
  • Brandon BeardtPro Member
    Lender · La Crescenta, CA · Member since 2021 · 261 posts · 157 votes
    4y
    Quote from @Manny Rojas:

    Hi everyone - I am looking for a mortgage loan that has no income restrictions and no PMI? For example, FHA loans has no income limit but has PMI.


    Is there such program or would these offers be best by checking out local bank or credit union?


     Hi Manny,

    Not sure if you're looking for financing for a primary residence or an investment property. Either way, if it's an investment property, DSCR loan seems to only check one of your boxes. DSCR doesn't require any income verification if the property is projected to cashflow, however, you'll typically have to put down 20%+. Based on you not wanting any PMI, I would assume you want to finance at a lower down payment, sub 20% right? If so, I would check out what some of the local banks or credit unions in your area are offering. They may give you some leeway if you start a banking relationship with them but that's not always the case. Guidelines for primary residences and investment property's are drastically different so everything depends on what you're trying to do and your goals. Knowledge is key so explore as many avenues as you can - Best of luck!

    [email protected]818-726-2418
    1Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    4y
    Quote from @Manny Rojas:

    Hi everyone - I am looking for a mortgage loan that has no income restrictions and no PMI? For example, FHA loans has no income limit but has PMI.


    Is there such program or would these offers be best by checking out local bank or credit union?

    Hey Manny, 

    Is this for a primary residence or investment property? 

    A DSCR loan will work if you are looking to purchase or refinance a non-owner occupied investment property. Typically the down payment is at 20-25% for a purchase. 

    A bank statement only loan will work if you have trouble proving income for a primary residence. They will look at 12 months to qualify you. The lowest I have seen is 15% down for a purchase. 
    [email protected]818-269-7983
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  • Salvador Auciello
    Lender · Irvine CA · Member since 2019 · 71 posts · 22 votes
    4y

    Hello Manny,

    For no income to Qualify if you have 20% down best option is DSCR loan since it's based on what is called a debt service ratio.

    Another Option is a variation that some lenders do is a No DSCR or another way of saying it is a no debt ratio loan a true no income verification on both you and the property.

    3rd option for owner occupied loan there are lenders that do if you are Self Employed self generated Profit and Loss statement if you own a business.

    4th option that I have seen lenders do is Verification of Employment only at only 15% down payment. 

    All those programs don't carry PMI

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