In short
A no-income purchase loan is a non-QM mortgage that qualifies you on credit, down payment and reserves instead of income or employment. At Waymaker Mortgage Company, the minimum credit score is 680 for a primary residence and 620 for an investment property using DSCR.
Reviewed by Scottie Campbell, NMLS #1610726 · Last updated October 18, 2026
What is a no-income purchase loan?
A no-income purchase loan is a non-QM mortgage where income and employment are not listed on the application and are not used to qualify. Instead, approval leans on your credit history, the size of your down payment and the cash reserves you have left after closing. With Waymaker Mortgage Company, the minimum credit score is 680 for a primary residence. If you're buying an investment property, the same idea runs through a DSCR loan, where the property's rent qualifies the loan, starting at a 620 credit score.
Key takeaways
Some buyers have plenty of money and a strong track record, but their income doesn't fit on a standard application. Maybe you're between ventures, recently retired, living off investments, or you simply don't want your personal income in the file. A no-income purchase loan is built for that. Quite frankly, it isn't for everyone, but for the right buyer it's a clean, simple way to get a home closed. I'm Scottie Campbell, Mortgage Advisor and owner of Waymaker Mortgage Company, and I'll walk you through it straight.
Buying a Home Without Income on the Application
Most mortgages start with one question: how much do you make? A no-income purchase loan skips it. Income and employment simply aren't part of the application. The investor looks at the things you can show clearly: your credit, your down payment and your reserves.
What that means for you is no tax returns, no pay stubs, no profit and loss statements and no explaining a complicated year to an underwriter. If your finances are strong but hard to package, this is one of the cleanest paths I know.
Who I See Using This Loan
Here's who tends to come to me for a no-income purchase in Georgetown, TX and across the states I'm licensed in (Texas, Florida, Pennsylvania and Ohio):
- Recently retired buyers who have savings and strong credit but no paycheck, or income that hasn't settled into a pattern yet
- Business owners between seasons whose tax returns show heavy write-offs or a down year
- Buyers changing careers who don't yet have the job history a conventional loan wants
- Privacy-minded buyers who would rather keep their personal income out of the file
- Investors buying rentals, who use the DSCR version so the property's rent does the qualifying
Two Versions: Primary Residence and Investment
| Primary residence | Investment property (DSCR) | |
|---|---|---|
| Minimum credit score | 680 | 620 |
| Income on application | None | None (the property's rent qualifies the loan) |
| What drives approval | Credit, down payment, reserves | Credit, down payment, rent compared to the payment |
| Who lives there | You | Tenants |
For investment property, the DSCR loan is one of the five loan types Waymaker Mortgage Company closes and funds in house under our own name, with underwriting through multiple investor partners. For a primary residence no-income loan, I work through non-QM investor partners and take the file to the one whose guidelines fit you.
What You'll Need to Show
No income doesn't mean no documentation. Plan on:
- Credit: 680 or higher for a primary home, 620 or higher for a DSCR investment purchase
- Down payment: expect a larger down payment than a standard conventional loan, since the investor is relying on your equity
- Reserves: bank or investment statements showing money left over after closing
- Source of funds: where the down payment came from, so it can be verified
- Property details: for DSCR, a rent estimate or lease on the home
Every investor sets its own down payment and reserve rules, and they shift with credit score and loan size. That's exactly why it matters that I can shop the file instead of being stuck with one underwriting desk.
How I'd Structure It
When you come to me, I build a Mortgage Action Plan before we ever talk about a specific house. I look at your credit, your assets and your goals, and then I run a Total Cost Analysis so you can see the cost over the years you expect to own the home, not just the payment on day one.
Sometimes that analysis shows a no-income loan is the right call. Sometimes it shows a bank statement loan, an asset utilization loan or even a conventional loan is a better fit. I kinda like laying all of them side by side, because the right answer is the one you understand and choose. My job is to educate and empower you. Your job is to decide.
Making a Strong Offer
Sellers want certainty. Once your file is put together, I pre-underwrite as much of it as possible for a Greenlight Approval, the highest assurance I can give a seller that your financing is solid. When several buyers want the same house, that can make your offer as strong as cash, and sometimes stronger.
A Word on Pricing
Because this loan relies on credit and equity instead of income, pricing is set by the investor based on your full scenario. Your rate depends on your scenario and the day's market. Reach out and I'll price it for real.
Let's Talk It Through
If a lender has told you no because your income doesn't fit their form, here's how I see it: it's never a no. It's always a how. You're talking to the owner of this company, and I've been doing this since 2003. Feel free to text me, tell me what you're trying to buy, and we'll get you rocking and rolling.
Information on this page is general and educational. It is not a commitment to lend or an offer of credit. Programs, guidelines and eligibility change and depend on your full scenario. Waymaker Mortgage Company, NMLS 2440476. Equal Housing Lender.
Quick facts
- Loan type
- Non-QM, no income or employment on the application
- Minimum credit score
- 680 primary residence; 620 investment property (DSCR)
- Qualifies on
- Credit, down payment and reserves (rent for DSCR)
- Occupancy
- Primary residence or investment property
- In-house funding
- DSCR investment version funded under the Waymaker name
- Licensed states
- Texas, Florida, Pennsylvania, Ohio
Is this loan right for you?
Who it's for
- Retirees or near-retirees with savings and strong credit
- Business owners whose tax returns understate their real financial strength
- Buyers in a career change without the usual job history
- Buyers who want to keep personal income out of the file
- Investors buying rentals through DSCR
Who it may not fit
- Buyers with limited savings who need a low down payment
- W-2 earners who qualify easily with standard documentation
- Primary residence buyers with credit below 680 (other programs may fit better today)
Pros and cons
Pros
- No tax returns, pay stubs or employment verification
- Simple, focused documentation
- Works for primary residences and, through DSCR, investment properties
- Can pair with a Greenlight Approval for a strong offer
- Multiple investor partners, so one set of guidelines doesn't decide your file
Trade-offs to weigh
- Larger down payment and reserve requirements than standard loans
- Higher credit minimum (680) for a primary residence
- Not the best fit when you could easily qualify with standard income documents
Frequently asked questions
Do I really not have to show any income?
Correct. On a no-income purchase loan, income and employment are not on the application and are not used to qualify. You will still document your credit, your down payment, where those funds came from and the reserves you'll have after closing.
What credit score do I need?
The minimum is 680 for a primary residence. If you're buying an investment property, the DSCR version starts at 620, and the property's rent is what qualifies the loan.
How much do I need to put down?
More than you would on a typical conventional loan, because the investor is relying on your equity instead of your income. The exact amount depends on your credit score, the loan size and the investor. I'll show you real numbers once I see your scenario.
Is this the same as a bank statement loan?
No. A bank statement loan still calculates income, just from deposits instead of tax returns. A no-income loan doesn't calculate income at all. If you have steady deposits, a bank statement loan may be worth comparing, and I'll run both for you.
What will my rate be?
Your rate depends on your scenario and the day's market. Reach out and I'll price it for real.
Can I use this for a home outside Georgetown, TX?
Yes, as long as the property is in a state where I'm licensed: Texas, Florida, Pennsylvania or Ohio. My office is in Georgetown, and I work with buyers by phone, text and video too.
Related loan programs
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Last updated October 18, 2026 · Reviewed by Scottie Campbell, NMLS #1610726. This page is educational and not a commitment to lend; program details change — ask for current figures.