How to get a mortgage with no income?

How to get a mortgage with no income?

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Getting a mortgage without any income can be a challenging task. Traditional lenders typically require borrowers to have a stable source of income to ensure they can make their monthly mortgage payments. However, there are some alternative options available for individuals who do not have a regular income. In this article, we will explore different strategies and potential avenues to secure a mortgage with no income.

Exploring Alternative Income Sources

Self-Employment: If you are self-employed, you may not have a traditional paycheck, but you can still demonstrate your income through tax returns and financial statements. Lenders often consider the average income over the past two years to assess your eligibility for a mortgage.

Investment Income: If you have investment portfolios, stocks, or bonds that generate regular income, you can provide documentation to support your ability to make mortgage payments. This can include bank statements, brokerage statements, or tax returns.

Retirement Income: If you are retired and receive a steady income from a pension, annuity, or Social Security, you can use this as a source of income to qualify for a mortgage. Lenders typically consider retirement income as stable and reliable.

Non-Traditional Mortgage Options

Asset-Based Mortgages: Some lenders offer asset-based mortgages, where the loan is secured against your assets rather than your income. These assets can include real estate, investments, or other valuable possessions. However, it’s important to note that the lender may seize the assets if you fail to make mortgage payments.

Co-Signer or Guarantor: If you have a family member or close friend with a stable income, they can act as a co-signer or guarantor for your mortgage. Their income will be taken into consideration, increasing your chances of getting approved for a mortgage.

Private Lenders: Private lenders, such as individuals or organizations, may be more flexible when it comes to income requirements. They often assess the overall financial situation and the value of the property rather than solely focusing on income. However, private mortgages may come with higher interest rates and fees.

Improving Your Chances

Good Credit Score: Having a good credit score is crucial when applying for a mortgage with no income. Lenders will closely evaluate your credit history to determine your creditworthiness. Paying bills on time, reducing debt, and maintaining a low credit utilization ratio can help improve your credit score.

Large Down Payment: Making a substantial down payment can demonstrate your commitment to the mortgage and offset the lender’s concerns about your income. A larger down payment reduces the lender’s risk and increases your chances of approval.

Collateral: Offering additional collateral, such as other properties or valuable assets, can provide lenders with additional security and increase your chances of getting approved for a mortgage.


While getting a mortgage with no income may seem challenging, there are alternative options available. Exploring non-traditional income sources, considering asset-based mortgages, finding a co-signer or guarantor, and approaching private lenders can increase your chances of securing a mortgage. Additionally, focusing on improving your credit score, making a larger down payment, and offering collateral can further enhance your eligibility.


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