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How To Get A Home Loan Without W2 Income

Written by Allison Martin

Allison Martin is a personal finance enthusiast and a passionate entrepreneur. With over a decade of experience, Allison has made a name for herself as a syndicated financial writer. Her articles are published in leading publications, like, Bankrate, The Wall Street Journal, MSN Money, and Investopedia. When she’s not busy creating content, Allison travels nationwide, sharing her knowledge and expertise in financial literacy and entrepreneurship through interactive workshops and programs. She also works as a Certified Financial Education Instructor (CFEI) dedicated to helping people from all walks of life achieve financial freedom and success.

Updated December 18, 2023​

2 min. read​

Have you searched for a mortgage but haven’t had much luck due to inadequate income documentation? You may be able to secure a home loan, but you’ll likely have to look beyond traditional lenders and credit unions to find a flexible solution that works for you.

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Can You Get a Home Loan Without W2 Income?

In short, yes. However, you should know that the eligibility criteria and documentation requirements differ from what you’d expect with conventional and government-backed products.

What is a No-Income (No W2) Home Loan?

Often referred to as a stated-income mortgage, a no-income home loan is a debt product that makes it easier for self-employed individuals and non-traditional wage earners to purchase a home. Instead of requesting pay stubs, W-2 forms and tax returns, lenders determine your eligibility for a home loan by analyzing your financial assets and, in some instances, projected earnings from real estate investments and other income-producing activities.

Types of No W2 Home Loans

There are several variations of no W2 home loans to choose from.

SISA (Stated Income, Stated Assets)

When you apply for a SISA loan, you’re not required to provide proof of assets or income.

SIVA (Stated Income, Verified Assets)

SIVA loans are commonly referred to as bank statement loans, and lenders verify your assets to determine eligibility for funding.

NIVA (No Income Verification, Verified Assets)

Like SIVA loans, NIVA loans also require you to provide proof of assets that the lender can verify. However, income is not considered during the application process.

NINA (No Income Verification, No Asset Verification)

NINA loans are reserved for real estate investors looking to expand their portfolio of rental properties. You must be able to demonstrate that the property you want to purchase is projected to earn a monthly rental income amount that’s higher than the mortgage payment.

NINJA (No Income, No Job, No Asset)

With these loan products, the lender essentially trusts that your income and asset amounts provided on the application are accurate.

Alternative Types of Income You Can Use to Qualify

Below, you will find an overview of several income types that can be used to qualify for stated income mortgages.

  • Consistent child support and/or alimony payments
  • Social Security Benefits (Retirement or Disability)
  • Government bonds, appraised valuables, and real estate
  • Income from your partner
  • Investment income (including interest and dividend earnings)
  • Job offer letter
  • Rental income from investment properties
  • Retirement income (including pensions and annuities)
  • Royalty payments
  • Self-employment income and earnings from side jobs
  • Tip income
  • Unemployment benefits (if they appeared on the last two tax returns)
  • Veterans Administration (VA) Benefits
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Where Can You Get a No W2 Home Loan?

You shouldn’t expect to walk into the local bank or credit union and apply for a no W2 home loan. In fact, you’ll be highly disappointed if you take this route as these loan products are typically only available through online mortgage lenders, like Angel Oak Mortgage Solutions, who specialize in providing non-traditional mortgages.

Angel Oak Mortgage Solutions offers conventional and government-backed home loans, along with a variety of loan products that you could be eligible for without W2 income, including:

  • Asset Qualifier Home Loan: up to $3 million is available to prospective borrowers with at least $500,000 in assets (i.e., checking accounts, savings accounts, stocks, retirement accounts) after all closing costs are paid
  • Bank Statement Loan: a viable option for self-employed individuals who can provide at least 12 or 24 months of business or personal bank statements
  • Foreign National Program: loans between $75,000 and $1.5 million are available to investors who reside outside the US and want to purchase rental properties (eligibility is based on the projected cash flow of the property)
  • Investor Cash Flow Home Loan: this loan product, which is capped at $1.5 million, caters to domestic investors and determines eligibility by anticipated cash flow

Visit the website to learn more about these loan products. It only takes a few minutes to complete the simple form, and a Licensed Mortgage Advisor will connect with you to discuss your needs.

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