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Can I get a mortgage without tax returns or pay stubs?

Wednesday, January 1, 2014 - Article by: nationwidelenderforyou - AFG - Message

If you are self-employed, work as a freelancer or own a small business, you may not have the traditional pay stubs or tax return(s) required to secure a traditional mortgage. The inability to be able to provide pay stubs and or tax returns to an underwriter, can cause you to be turned down for a traditional mortgage. Despite, what you might have heard there are still alternative financing options for a home loan.

Call us at 800 315 8803 to discuss our alternative loan programs or visit

No-Documentation MortgagesSome borrowers are not traditionally employed and or are paid in non-traditional ways, and therefore the lack certain documentation. In other situations, because of how the borrower gets paid or is employed they "write off" significant expenses on their tax returns. Since the underwriter will review the net and not the gross, that borrower's tax return is considered "depreciated".

In such cases, special "no-documentation" or "no doc" loans are a possible option.

A no doc loan does not require pay stubs and tax returns. The loans base the eligibility on credit ratings, liquid assets and assets that can be used as collateral in case of default. If a borrower shows a long history of paying their debts on time, some lenders will make the loan without the borrower having to provide income documentation and or copies of tax returns. Such mortgages are secured by both the applicant's assets and the property. It is important to note, that a significant down payment is required for a no doc loan purchase. In most cases we require at least 30% down. Furthermore, the terms for a no doc loan, are not meant for long term. So rates will be higher, and in some cases points are charged. While no doc loans are limited in availability, they still exist.

Call us at 800 315 8803 to discuss a no doc loan program or visit us at

Stated Income LoansAnother option for borrowers that are not traditionally employed and are paid in non-traditional ways is a stated income loan. The loans also allow a borrower to apply without pay stubs or tax returns. The borrower will state how much they make in an average year. Additionally, the borrower's assets will be verified plus their credit must be excellent. Just like with a no doc loan, a significant down payment is required on a stated purchase or at least 30% equity is required for a refinance. Stated loan interest rates will be much higher than what is advertised for a traditional loan that requires all documentation. These loans are no longer being offered by traditional lenders. We offer these loans through various private money resources, in most states.

Call us at 800 315 8803 to discuss our alternative loan programs or visit

Bank STATEMENT LoansBank Statement Loans, are exactly what they sound like. A loan based on the deposits in the borrower's bank account over a consecutive period of 2 years or 24 months. The borrower's pay stubs and tax returns are not required for this loan. Depending on the type of property and the state it is located in, will determine how much additional information is required. Like the previous loan programs mentioned, the rates are higher for this limited documentation loan program. This program is offered in most states.Call us at 800 315 8803 to discuss our alternative loan programs or visit

Pledged AssetsPledged-Asset Mortgages, are sometimes referred to as Asset-Backed, or Asset-Integrated Mortgages, are specially designed for borrowers who have sufficient income to make monthly mortgage payments; however, they have all their available cash tied to an investment. Pledged-Asset Mortgages allow borrowers to capitalize on their investments without cashing them out to fulfill the down payment requirements, by pledging their financial assets. The borrower still maintains the investment, but cannot sell, cash in or trade, until the obligation to lender has been completed. In the event, the borrower defaults on the loan the pledged assets and the property become the lenders. This program is offered nationwide!Call us at 800 315 8803 to discuss our alternative loan programs or visit

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