PRESENTING NO-INCOME
COMMUNITY LOAN
Some homebuyers may not qualify for a conventional mortgage due to limited or unverifiable income—for example, those who are self-employed or recently started a new business. To help these borrowers, one of our lending partners offers a No-Income Community Loan.
KEY FEATURES:
- No income verification required
- Qualification is based on:
- Credit score
- Loan-to-value (LTV) ratio
- Available reserves (savings)
Can be used for:
-
- Primary residence purchases
- Refinances
- Second homes
- Loan amounts:Up to $2.5 million
- Maximum LTV:Up to 80%
- Minimum credit score:620
- Reserves required:
- 9 months of reserves for most borrowers
- 2 months if you’re a first-time homebuyer
- Interest rates:75% – 9.25%
- Fees:25 points (potentially tax-deductible)
This is considered a specialty or non-QM (non-qualified mortgage) loan. The higher interest rate and fees reflect the added risk to the lender. It’s intended for buyers with strong credit and savings but who lack traditional income documentation.
If you have any questions, don’t hesitate to reach out. I also invite you to check out my short YouTube video on the topic, posted earlier today.
NMLS #205637
DRE #00874630