How can I get a mortgage without a W-2?
Self-employed: bank statement, P&L-only, 1099-only, or asset-qualifying. Retirees: asset-qualifying. Investor: DSCR.
Most US borrowers without W-2s fall into one of three categories, each with a tailored mortgage path. Self-employed borrowers (sole proprietor, partnership, LLC, S-corp): bank statement loans (deposits-as-income), P&L-only loans (CPA statement), 1099-only loans (1099 income), or asset-qualifying loans (assets-as-income). Pick based on which document type is cleanest. Retirees with savings but no income: asset-qualifying loans use liquid asset balance divided by 60-120 months as qualifying income. Social Security and pension income can also be grossed up by 25% on conventional and FHA. Real estate investors buying an investment property: DSCR loans qualify on the property's rental cash flow rather than personal income — no income docs at all. All of these are non-QM products; they meet ATR (ability-to-repay) requirements through alternative documentation rather than W-2 + tax return paperwork. Pricing premium is usually 0.25-0.75% above what a W-2 borrower would pay at the same FICO and LTV.
People also ask
Can I use Social Security income alone to qualify?
Yes. Social Security and pension income are accepted at face value (sometimes grossed up 25% on FHA/conventional since SS is non-taxable). Combined with asset-qualifying, retirees can typically qualify comfortably.
Do W-2 borrowers ever benefit from non-QM?
Rarely on primary residence (conventional almost always wins on rate). For investment property, DSCR can beat conventional even for W-2 borrowers because of LLC closings and unlimited financed properties.
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Bank Statement
Bank statement mortgages qualify self-employed borrowers using 12 or 24 months of personal or business bank deposits. No tax returns. Up to 90% LTV.
Asset-Qualifying
Asset-qualifying (asset depletion) mortgages let high-net-worth borrowers qualify using liquid assets in lieu of income. Ideal for retirees and investors.
1099 Only
1099-only mortgages qualify independent contractors using their last 1 or 2 years of 1099 forms. No tax returns required. Up to 90% LTV available.
P&L Only
P&L-only mortgages qualify business owners using a CPA-prepared profit and loss statement. No bank statements, no tax returns. Fastest non-QM doc type.
Non-QM (Non-Qualified Mortgage)
Mortgages that fall outside Qualified Mortgage rules — typically used for self-employed, foreign-national, or investor borrowers.
Ability-to-Repay (ATR)
Federal rule requiring mortgage lenders to verify a borrower's ability to repay before originating a consumer-purpose loan.