01
Full Doc
Personal Income
Traditional income documentation, such as pay stubs or tax returns, is used to qualify.
FLEXIBLE MORTGAGE OPTIONS
No-Doc & Alternative Documentation Mortgages
Traditional tax returns aren't the only way to qualify for a mortgage. Depending on your situation, other programs may use bank statements, assets or property rental income.
No-Doc Doesn't Always Mean No Documents
“No-Doc” is a common name for mortgage programs that don't rely on traditional income documents.
You will still need documents. The difference is which documents are used to qualify. For example, a program may use bank statements, eligible assets or property rental income instead of pay stubs and tax returns.
Four Ways to Qualify
02
Bank Statement
Bank Deposits / Cash Flow
Eligible bank-statement programs may use deposits or cash flow to help figure out qualifying income.
03
Asset-Based
Eligible Assets
Some programs may use eligible assets to help show you can afford the mortgage.
04
DSCR
Property Rental Income
For eligible investment properties, qualification may focus mainly on the property's rental income.
Learn About DSCRBank Statement Programs
Bank Statement mortgages may help self-employed borrowers whose tax returns don't show their full cash flow the way a salaried person's paperwork does.
Depending on the program, the lender may review eligible personal or business bank statements and deposits.
The goal: understand the income available to pay the mortgage. Program rules vary.
Using Assets to Help Qualify
Some borrowers have substantial assets but don't receive income in the traditional way.
Eligible programs may use certain assets as part of the qualification calculation, such as eligible:
- bank funds
- investment accounts
- other qualifying liquid assets (easy to turn into cash)
Not every asset qualifies, and the calculation varies by lender.
Investment Property? Look at DSCR.
For eligible investment properties, DSCR qualification focuses mainly on the property's rental income rather than your personal income.
A Simple Comparison
| Program | Main Qualification Source | Often Useful For |
|---|---|---|
| Full Doc | Personal documented income | Salaried or self-employed borrowers who can document income the traditional way |
| Bank Statement | Eligible bank deposits / cash flow | Self-employed borrowers and business owners |
| Asset-Based | Eligible assets | Borrowers with significant assets |
| DSCR | Property rental income | Real-estate investors |
General information only. Requirements vary by lender and program. If you can document income the traditional way, see Home Loans.
Who May Benefit?
- Self-Employed
- Business Owners
- Real Estate Investors
- Borrowers With Significant Assets
- Foreign Nationals, where eligible
The right program depends on your full situation: your income, assets, credit and the property.
What Documents May Be Needed?
Alternative documentation does not mean documentation-free. Depending on the program, documents may include:
- Identification
- Bank statements
- Asset statements
- Business information
- Property documents
- Lease / rental information
- Purchase contract
- Insurance
The exact document list depends on the program selected.
More Flexibility Can Come With Different Loan Terms
Compared with traditional Full Doc financing, alternative-documentation programs may have different:
- Interest-rate pricing
- Down-payment or equity requirements
- Reserve requirements (savings left after closing)
- Prepayment terms (rules for paying off early)
- Fees
We compare the available options so you can see the differences before choosing a program.
Purchase, Refinance or Cash-Out
Purchase
Alternative-documentation options may be available for eligible purchases.
Refinance
Eligible borrowers may refinance an existing mortgage using an alternative way to qualify.
Cash-Out
Some programs may let eligible borrowers access property equity.
About Cash-Out RefinanceHow It Works
- 01
Tell Us About Your Situation
Your income, assets and the property.
- 02
Compare Qualification Methods
We look at which methods fit.
- 03
Choose a Program
You see the differences, then decide.
- 04
Application & Underwriting
Documents are reviewed by the lender.
- 05
Closing
Sign the final documents.
No-Doc & Alternative Documentation Questions
View All FAQs"No-Doc" is a common name for mortgage programs that don't use traditional income documents like pay stubs or tax returns to qualify. Other information, such as bank statements, assets or rental income, is used instead.
Yes, documents are still required. You may need ID, bank or asset statements, property documents, insurance and a purchase contract. The list depends on the program.
A program that may use your personal or business bank deposits to figure out qualifying income, instead of tax returns. It is often used by self-employed borrowers. Rules vary by lender.
Some programs may count eligible assets, such as bank or investment accounts, toward your ability to repay. Not every asset qualifies, and each lender calculates it differently.
Yes. One of the main purposes of a DSCR mortgage is to qualify an investment property primarily from the property's rental performance rather than the borrower's personal employment income. Lenders may still review other borrower and asset requirements.
Often, yes. Self-employed borrowers may use Full Doc, Bank Statement, Asset-Based or DSCR programs depending on their situation. We compare which method fits best.
Some can. DSCR is designed for investment properties, and some Bank Statement and Asset-Based programs also allow them. Eligibility depends on the program and property.
They can be. Pricing, down payment, reserves, prepayment terms and fees may differ from Full Doc financing. We show you the differences before you choose.
Not Sure Which Program Fits?
You don't need to figure it out yourself. Tell us about your income, assets and property, and we'll help you compare the options.
Apply OnlineHave a general question? Visit our FAQ.
This page is general information, not a loan offer or approval.
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