NO INCOME VERIFICATION MORTGAGE NEW JERSEY

What is a No Income Verification Mortgage?  

A no income verification mortgage is meant for borrowers who want to buy or refinance a primary residence or second home but cannot document enough income to qualify for a mortgage using tax returns, W2’s, 1099 or bank statements. These borrowers are usually turned down by most banks and lenders.

There are many reasons why a borrower may not be able to document their income. A perfect example with be a business owner who just sold their business and now has no income or a person whose income is based on tips or gratuities and they do not deposit the cash into their personal bank account.

Are No Income Verification Mortgage Still Available in 2025?  

Almost all lenders require borrowers provide income documentation to qualify for a mortgage and do not offer a true no income verification mortgage no matter if it’s a purchase or a refinance. They may say they have a no income verification mortgage, but it must be an investment property which uses the rental income to qualify for the loan also known as a debt service coverage ratio. Even with a DSCR loan your employment history will be verified.

Yes, you can qualify for a mortgage with no income and no employment verification. Purchase loans require a 680 credit score and the maximum loan-to-value is 75% up to $2 million dollars loan amount. 720 credit score is required for 80% loan-to-value. Higher loan amount are available with a lower LTV. First-time homebuyers eligible (Max 80% LTV). The minimum loan amount is $100,000.00.

Asset Verification

• 1 Month bank statement (covering at least 30 days)
• 100% Gifts allowed for down payment, closing costs, reserves
• Cash-out proceeds may be used towards reserves