No-Income, No-Employment Mortgages in Michigan

A handful of non-QM lenders offer no-income, no-employment-verification mortgages where the borrower qualifies on credit score, down payment, reserves, and property value alone. No pay stubs, no tax returns, no employer letter. Pricing is meaningfully higher than full-doc, but for borrowers with strong balance sheets and atypical income these programs unlock financing that would otherwise be unavailable.

Michigan at a glance

Major metro
Detroit
2026 conforming loan limit (1-unit)
$832,750
High-cost counties
No
Active matching programs
19

Who it's for

Retirees with strong asset bases, high-net-worth buyers between jobs, beneficiaries of recent inheritance or asset transfer, and borrowers whose primary income is unstructured (crypto gains, options income, capital distributions).

Programs available in Michigan

FHA Mortgage Program

confirmed 5/18/2026

An FHA 30-year fixed purchase program offering 101.5% CLTV, including 5% down payment assistance to help cover closing costs.

FICO 600+LTV up to 101.5%full-doc

Non-QM Mortgage Program

confirmed 5/14/2026

A non-QM loan program for primary and second homes that requires no income or employment verification.

no-income

Non-QM Mortgage Program

confirmed 5/13/2026

A zero-down financing option that allows for up to 101.5% LTV to cover closing costs, with no income cap and no requirement for first-time homebuyer status.

FICO 620+

Asset-Qualifying Mortgage

confirmed 5/13/2026

An asset-based loan program that allows borrowers to qualify by converting liquid assets into a usable income stream, eliminating the need for traditional income or employment documentation.

FICO 680+LTV up to 80%asset-depletion

Non-QM Mortgage Program

confirmed 5/28/2026

A zero-down financing program for primary residences that allows for up to 101.5% LTV to cover closing costs, with no income caps and eligibility for 2-unit properties.

FICO 600+

FHA Mortgage Program

confirmed 5/20/2026

A simplified refinance process for existing FHA loans that requires no income verification or appraisal to help borrowers secure a lower interest rate.

no-income

FHA Mortgage Program

confirmed 5/13/2026

An FHA 30-year fixed purchase program offering 101.5% CLTV, including 5% down payment assistance to help cover closing costs for primary residences.

FICO 620+LTV up to 101.5%full-doc

Asset-Qualifying Mortgage

confirmed 5/17/2026

An asset-based income qualification program for primary, second, and investment properties that allows borrowers to use liquid assets to qualify without traditional employment income.

LTV up to 85%asset-depletion

ITIN Mortgage Program

confirmed 5/14/2026

Non-QM loan program for ITIN borrowers, DACA recipients, permanent residents, and US citizens with flexible income documentation and no DTI cap.

FICO 580+

FHA Mortgage Program

confirmed 5/14/2026

FHA and VA loan programs available with credit scores as low as 500, including options for no credit score and streamlined refinances with no income or employment verification.

FICO 500+

Non-QM Mortgage Program

confirmed 5/12/2026

A no-income, no-doc, no-ratio loan program designed for borrowers who do not meet traditional underwriting guidelines. It supports purchase, rate/term, and cash-out transactions with loan amounts up to $3M.

FICO 620+LTV up to 80%no-income

FHA Mortgage Program

confirmed 5/11/2026

FHA streamline refinance program requiring no income documentation with FICO scores starting at 580.

FICO 580+LTV up to 97.75%no-income

Non-QM Mortgage Program

confirmed 5/10/2026

A zero-down financing program that allows for up to 101.5% LTV to include closing costs, with no income cap and no requirement for first-time homebuyers.

FICO 600+

Non-QM Mortgage Program

confirmed 5/10/2026

A zero-down financing program that allows for up to 101.5% LTV to cover closing costs, available to both first-time and repeat homebuyers with no income caps.

FICO 600+

Non-QM Mortgage Program

confirmed 5/10/2026

A 101.5% financing program that allows for closing costs to be included in the loan amount, with no first-time homebuyer requirement and no income caps.

FICO 600+

Non-QM Mortgage Program

confirmed 5/9/2026

A no-income, no-employment verification loan program for primary and second homes with no cash-out seasoning requirements.

FICO 660+LTV up to 80%no-income

FHA Mortgage Program

confirmed 5/9/2026

FHA Streamline refinance program requiring no income documentation for eligible borrowers.

FICO 580+no-income

Non-QM Mortgage Program

confirmed 5/9/2026

A zero down payment mortgage program that allows for up to 101.5% financing to cover closing costs, with no income cap and a minimum FICO score of 600.

FICO 600+

Non-QM Mortgage Program

confirmed 5/15/2026

A closed-end second lien loan option that supports various income documentation types or DSCR qualification for cash-out needs.

LTV up to 85%12mo-bank-stmt, 24mo-bank-stmt

Frequently asked questions

Is this the same as asset-qualifying / asset depletion?

No. Asset-qualifying converts asset balances into qualifying income on the application. NIVA / no-income skips income calculation entirely - approval is based on FICO, reserves, down payment, and property value.

How high is the rate compared to full-doc?

Typically 1-2% higher than a comparable full-doc loan. The premium reflects the absence of income verification.

What FICO do I need?

Most NIVA programs require 680-700+. A few accept down to 660 with stronger reserves or lower LTV.

Can I use this for cash-out?

Yes on most programs, typically at 5-10% lower LTV than purchase. Cash-out NIVA is popular with investors wanting to access equity without re-documenting income.

Get a rate for Michigan

Pricing for Detroit and the rest of Michigan. No personal information required.

Get instant pricing

Today's mortgage rates

Conventional

5.875%

5.906% APR

FHA

5.375%

5.405% APR

VA

5.375%

5.402% APR

Conv: 80% LTV, 780 FICO. FHA: 96.5% LTV, 680 FICO. VA: 100% LTV, 680 FICO. 30-yr fixed. Your rate may vary.