In short
A no-income refinance replaces your mortgage with a non-QM loan that qualifies you on credit, equity 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 DSCR refinance.
Reviewed by Scottie Campbell, NMLS #1610726 · Last updated October 18, 2026
How does a no-income refinance work?
A no-income refinance replaces your current mortgage with a new non-QM loan where income and employment are left off the application. Approval is based on your credit, the equity in your property and your reserves. With Waymaker Mortgage Company, the minimum credit score is 680 to refinance a primary residence. To refinance an investment property, the DSCR version qualifies off the property's rent and starts at a 620 credit score.
Key takeaways
You've built equity. Maybe you want to pull cash out, replace a loan that no longer fits, or restructure after a big life change. The problem is that your income right now doesn't look the way a bank wants it to look on paper. A no-income refinance lets you work with the equity you already have, without tax returns or pay stubs. I'm Scottie Campbell, Mortgage Advisor and owner of Waymaker Mortgage Company, and I'll help you figure out whether this is the right tool or whether something else serves you better.
Refinancing When Your Income Doesn't Fit the Box
A standard refinance asks you to prove income all over again, even if you've paid your mortgage on time for years. For a lot of people, that's where it stops. A no-income refinance takes a different approach: income and employment aren't on the application, and the loan is underwritten on your credit, your equity and your reserves.
What that means for you is you can make a smart move with your home without rebuilding a two-year income story for an underwriter.
Why Homeowners Choose a No-Income Refinance
Here are the situations I see most often in Georgetown, TX and across Texas, Florida, Pennsylvania and Ohio:
- Cash out for a new chapter: funding a business launch, covering a gap between ventures, or consolidating debt while income is in transition
- Getting out of a loan that no longer fits: replacing a balloon, a private loan, a hard money loan or an adjustable-rate loan with a longer-term structure
- Life changes: a divorce buyout, a retirement, or a spouse leaving the workforce, where the remaining income doesn't match the old qualification
- Rental owners: refinancing an investment property through DSCR, where the rent qualifies the loan instead of your personal income
Primary Home vs. Rental Property
| Primary residence | Investment property (DSCR) | |
|---|---|---|
| Minimum credit score | 680 | 620 |
| Income on application | None | None (rent qualifies the loan) |
| Common goals | Cash out, payoff of a loan that no longer fits, buyout | Cash out to buy more property, restructure |
| Key factor | Equity and reserves | Equity and rent compared to the payment |
DSCR refinances are funded in house under Waymaker Mortgage Company's name, with underwriting through multiple investor partners. Primary residence no-income refinances go through non-QM investor partners. Either way, if one investor's guidelines don't fit your file, I take it to one that does.
What Lenders Look At
Even without income, the file still has to make sense. Expect the investor to review:
- Credit history and score: 680 or higher for a primary residence, 620 or higher for a DSCR rental
- Equity: how much you owe compared to what the home is worth, confirmed by an appraisal
- Reserves: money in the bank or investment accounts after closing
- Mortgage history: how your current loan has been paid
- Cash-out amount: how much you take out affects how much equity has to stay in the property
Cash-out limits and reserve requirements vary by investor, credit score and property type. I'll lay out the real limits for your situation instead of guessing.
Is Refinancing Even the Right Move?
This is where I slow things down. Quite frankly, a refinance isn't free, and pulling equity out of your home is a big decision. Before I recommend anything, I run a Total Cost Analysis that compares keeping your current loan, a no-income refinance and any other option you qualify for, measured over the time you expect to stay in the home.
Sometimes a home equity line or a second mortgage gets you there without touching a first mortgage you like. Sometimes a full-doc or bank statement refinance makes more sense. I kinda like showing you all of it on one page, because my job is to educate and empower you. Your job is to decide.
What It Costs
A no-income refinance has closing costs like any other refinance, and pricing depends on your credit, equity and property type. Your rate depends on your scenario and the day's market. Reach out and I'll price it for real. I'll walk you through the numbers line by line so there are no surprises at the closing table.
How the Process Works
- We talk: a quick call or text about your goals and your current loan
- Mortgage Action Plan: I map out the options and the Total Cost Analysis
- Application and appraisal: no income documents, just credit, assets and property details
- Underwriting: my team handles the back and forth with the investor
- Closing: you sign, and the new loan pays off the old one
High-tech, high-touch: you can upload documents from your phone, and you'll always have me to call.
Let's Look at Your Numbers
Can't do it now doesn't mean can't do it ever. If the timing or the equity isn't there yet, I'll tell you what needs to change and help you get there. Feel free to text me, and let's see what your equity can do for you. Here to serve.
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 refinance, no income or employment on the application
- Minimum credit score
- 680 primary residence; 620 investment property (DSCR)
- Refinance types
- Cash-out and rate-and-term
- Qualifies on
- Credit, equity and reserves (rent for DSCR)
- In-house funding
- DSCR refinances funded under the Waymaker name
Is this loan right for you?
Who it's for
- Homeowners with solid equity whose current income is hard to document
- Retirees or people between jobs who want cash out or a new structure
- Homeowners replacing a balloon, private or hard money loan
- Rental owners refinancing through DSCR
Who it may not fit
- Homeowners with little equity in the property
- Borrowers who qualify easily with full income documentation
- Homeowners who love their current first mortgage and only need a smaller amount of cash (a second lien may fit better)
Pros and cons
Pros
- No tax returns, pay stubs or employment verification
- Cash out or restructure while income is in transition
- Works for primary residences and, through DSCR, rentals
- DSCR refinances funded in house under the Waymaker name
- Multiple investor partners to match your file
Trade-offs to weigh
- Requires meaningful equity and reserves
- Higher credit minimum (680) for a primary residence
- Closing costs apply, so the move has to make sense over time
Frequently asked questions
Can I take cash out with a no-income refinance?
Yes, cash-out is one of the most common reasons people use it. How much you can take out depends on your equity, credit score and property type, and some equity always has to stay in the home. I'll show you the real limit for your scenario.
What credit score do I need?
680 for a primary residence. For an investment property, the DSCR refinance starts at 620, and the property's rent qualifies the loan.
Do I need to be employed?
No. Employment and income aren't part of the application. The investor focuses on your credit, your equity, your reserves and how your current mortgage has been paid.
Should I refinance or get a HELOC instead?
It depends on your current loan and your goals. If you like your first mortgage, a second lien may make more sense. I run a Total Cost Analysis on both so you can compare them over the time you plan to own the home.
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.
How long does it take?
Timing depends mostly on the appraisal and how quickly documents come in. Because there are no income documents to collect and review, the file is often simpler. I'll give you a realistic timeline once we start.
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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.