Andrade Real Estate Services

The No Income Program provides financing without requiring traditional income or employment documentation. Instead of analyzing debt-to-income ratios, underwriting is based on the borrower’s credit profile, assets, reserves, and property value. This makes it a strong option for borrowers who have significant liquid assets or strong equity positions but cannot provide standard income documentation (such as tax returns, W-2s, or paystubs). Loan amounts are available up to $2.5M, with multiple term options including fixed and adjustable rates, and interest-only structures. While reserves and credit history play a critical role, the program offers more flexibility than conventional loans and is tailored to borrowers with non-traditional financial profiles who need alternative documentation solutions.

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 purchase or refinance a primary residence or second home without employment verification.

Scenario	Credit Score	Min Down	Max Loan	Notes
SFR (1-4 units), Condo	740+	20%	$2.5m	Condos >70% LTV in FL require full review. 2–4 units must be primary/second home.
SFR (1-4 units), Condo	720+	20%	$1.5m	Same as above.
SFR (1-4 units), Condo	720+	25%	$2.5m	Same as above.
SFR (1-4 units), Condo	680-719	25%	$1.5m	Same as above.
SFR (1-4 units), Condo	660-679	35%	$2.5m	Same as above.
SFR (1-4 units), Condo	620-659	50%	$1.5m	Minimum credit allowed.

Occupancy Requirement
Primary residence Borrower must occupy the property.
Note Investment properties are excluded from this matrix.

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%, First-time homebuyer (any LTV): 2 months reserves.
$1.5 – $2.5 million loan amount 12 months reserves required regardless of LTV.

Loan Amounts
Minimum Loan Amount $100,000 minimum (state exceptions).
Maximum Loan Amount $2,500,000.

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.

Primary Residence

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