Andrade Real Estate Services

The No Income Cash-Out Refinance Program allows borrowers to access equity without providing traditional income or employment documentation. Underwriting is based on credit profile, assets, reserves, and property value rather than debt-to-income ratios. This program is ideal for borrowers with strong equity or liquid assets who cannot document income through tax returns, W-2s, or paystubs. Loan amounts are available up to $2.5M and offer flexible terms, including fixed or adjustable rates and interest-only options. With a focus on equity, reserves, and credit history, this program provides a flexible alternative to conventional cash-out refinance options for borrowers with non-traditional financial profiles.

This program is ideal for buyers who:

Cannot document traditional income (e.g., self-employed, retirees, or asset-rich borrowers).
Have strong credit and liquid assets but non-standard income reporting.
Want to access cash-out on a primary or investment property without employment or income verification.

Scenario	Credit Score	Max LTV	Max Loan
Primary/Secondary residence	740+	75%	$1.5m
Primary/Secondary residence	720-739	70%	$2.5m
Primary/Secondary residence	680-719	65%	$2.5m
Primary/Secondary residence	660-679	60%	$2.5m
Primary/Secondary residence	620-659	50%	$1.5m
Investment property	700+	70%	$1m
Investment property	700+	60%	$2m
Investment property	660-699	60%	$1m

Occupancy Requirement
Primary Residence Primary residence or secondary residence is allowed.
Investment Use Investment use is allowed.

Residency Eligibility
Eligible Valid SSN — must have a valid Social Security Number (SSN). Permanent residents — must provide a valid, unexpired Green Card. Non-permanent residents — eligible with valid visa or Employment Authorization Document (EAD).
Ineligible ITIN borrowers are ineligible. Foreign nationals are ineligible. Borrowers without a social security number, or with a number that cannot be validated through the SSA are ineligible. Borrowers with diplomatic immunity are ineligible. Borrowers previously convicted of mortgage fraud are ineligible.

Income Consistency Requirements
Employment History No income or employment required. Qualification is credit, asset, and collateral-based. DTI not calculated.
Note Counseling is required and at least one borrower must complete it.

Down Payment Funds
Asset-Based Borrower’s own funds, Large deposits, Gift funds, Retirement (401k / IRA), Sale of assets.
Credit-Based 1–2 months bank statements verifying funds, Large deposits must be sourced, Gift funds allowed with gift letter + proof of transfer (no seasoning required), Retirement funds require withdrawal terms + statements, Asset sales require bill of sale + proof of deposit.

Gift Funds & Rate Buydowns
Gift Funds 100% allowed for down payment & closing costs, Not allowed for reserves.
Temporary Interest Rate Buydowns Not permitted.

Reserves
≤ $1.5 million loan amount 6 months reserves if LTV ≤ 75%, 9 months reserves if LTV > 75%,
$1.5 – $2.5 million loan amount 12 months reserves required regardless of LTV.

Loan Amounts
Minimum Loan Amount Primary residence minimum is $100,000. Investment minimum is $125,000.
Maximum Loan Amount Primary residence maximum is $2,500,000. Investment maximum is $2,000,000. Loan amounts greater than $1,500,000 require two appraisals.

Property Types
Eligible SFR (1–4 units), Condominium, Multi-family (2–4 unit), mixed-use case-by-case, Modular, log homes, mixed-use, rural, up to 20 acres.
Ineligible Manufactured/mobile homes (credit-based), Hawaii lava zones 1 & 2, Puerto Rico, Guam, USVI, Baltimore MD, Properties rated C5/C6 (poor condition), Properties with more than 20 acres.

Seller Contributions
Maximum Contributions 6% maximum.
Allowed Uses Closing costs, Prepaid expenses, Discount points.

Disclaimer – This matrix was published on 10/02/2025. Program guidelines may have changed since then. Please contact Alexis to confirm the most current requirements. For complete details, refer to the Partner Matrices PDF or reach out directly to Alexis for program-specific guidance.

Cash Out

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