20 Jan 2022

Can I Get a Mortgage Without Proof of Income?

Mortgage Without Proof of Income

Surprisingly, you can get a mortgage without proof of income. However, it does become harder, and you will have to face a few consequences. It is a lot easier to provide banks and lending companies with proof of income, but technically, it is unnecessary.

While this is the case, only a small number of companies and banks will allow this. For safety reasons, many banks and lender companies will not allow buyers to get a mortgage without at least some kind of proof.

However, the companies that allow mortgages call the practice ‘No Doc Home Loans‘.

High-Interest Rates

The biggest thing about No Doc Home Loans that you need to know is that they come with incredible high-interest rates. On average, banks and mortgage lenders that offer money without documents charge 2-3% more interest rates.

As unfair as this may seem, it is a form of security. Since they do not have any document stating you are a reliable payer, they keep the costs high to motivate you to pay monthly.

The high-interest rates scare a lot of people away from not submitting documents. However, those with high deposits can submit bank statements to show what they have. This technically is not their income.

Low Borrowing Amount

Another disadvantage to consider is that lending companies and banks will limit the amount you can borrow if you don’t submit verification or proof of income. Instead of borrowing 90% of a home’s value, you may only borrow up to 60%.

This is a good option for individuals who have a deposit high enough that they will not need any additional help. The interest rates are okay as long as the first deposit is large enough to lower the monthly costs.


Overall, companies and banks are still willing to work with you on buying a home and getting a mortgage, even if you don’t have verification or proof of income. However, they may increase your interest rate and lower the borrowing amount.

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