No Income - Owner Occupied
Home Equity Line Of Credit
(Non-QM HELOC)

In recent years, U.S. home prices have risen significantly, and as a result, many homeowners have also seen an increase in their home equity. Home equity can be cashed out and used for various purposes such as paying off debt, funding a business, or covering education expenses.

 

Although interest rates are currently trending downward, they are not at the lowest point. Therefore, homeowners who already have a very low first mortgage rate tend to prefer home equity loan programs over refinancing. It can also be suitable for those who plan to make interest-only payments for about 10 years and pay off the loan early. However, for owner-occupied homes, it is generally difficult to qualify for a loan without sufficient verifiable income, even if there is substantial equity.

 

For situations like this—where income is not available or is insufficient to be documented—we offer a special program.

This program is available to those who cannot provide employment, income, or asset verification. For self-employed borrowers, qualification is possible without tax returns, using only P&L statements or bank statements. For rental properties, it is also possible without requiring the typical rent-to-loan ratio.

 

Please feel free to contact us for a no-obligation consultation and pre-approval.

No Income Verification for Owner Occupied Home Equity Line Of Credit:

  • Home Equity Line of Credit (HELOC) – No Employment, Income, or Asset Verification Required

  • Maximum CLTV (Combined Loan-to-Value): 60% (up to 60% of the property value combined with the 1st mortgage + HELOC)

  • If there is an existing second loan, it must be paid off at closing.

  • Minimum Credit Score: FICO 700+

  • A hard credit pull is required for pre-approval

  • Loan Amount Range: $100,000 – $750,000

  • Repayment Terms:

    • 20-Year Term: First 10 years interest-only, followed by 10 years principal + interest payments

    • 30-Year Term: First 10 years interest-only, followed by 20 years principal + interest payments

  • Initial Draw Requirement: 95–100% of the line must be drawn at closing; 90-day lock-out period applies. After 90 days, the borrower may repay part of the balance and re-draw as needed.

  • Draw Period Options: Choose either a 3-year or 5-year draw period. During this time, repaid amounts can be re-borrowed (revolving account).

  • Interest Rate: Prime + (slightly higher than standard HELOCs with full documentation or self-employed verification)

  • Funding Timeframe: Approximately 1 month

  • Eligible Properties: Primary residence, condos, 1–4 unit owner-occupied properties, and second homes

 

HELOC for Self-Employed, Investment Properties, and Foreign Nationals

Self-Employed Borrowers:

  • Maximum CLTV: 60% – 80% (depending on credit, property type, and loan amount)

  • Credit Score: 680+

  • Income Documentation: Instead of tax returns, bank statements or P&L statements accepted

  • Loan Amount: $100,000 – $750,000

 

 

 

Investment Properties (Long-Term Rental / Short-Term Rental):

  • Maximum CLTV: 60% – 70% (depending on credit, property type, and loan amount)

  • Credit Score: 700+

  • Qualification: DSCR or No Ratio

    • DSCR: Based on rental income vs. loan amount

    • No Ratio: Does not require rental income vs. property value ratio

  • Loan Amount: $100,000 – $750,000

 

 

 

Foreign Nationals:

  • Loan Amount: $100,000 – $250,000

  • Maximum CLTV: 60%

  • Qualification: DSCR or No Ratio

    • DSCR: Based on rental income vs. loan amount

    • No Ratio: Does not require rental income vs. property value ratio

Non-QM HELOC Inquiry:

Total Annual Household Income Based on Tax Returns

Milestone Point Inc. In partnership with Loan Factory Inc. (NMLS #320841)
Licensed Mortgage Loan Officer: Terry Kwon (NMLS #2620208)

Residential Mortgage Licensed: AL, CA, CO, GA, IL, ME, NJ, NV, OH, PA, TX, VA, WA

Contact: (631) 624-4480
Email: terry@milestonepointinc.com
Milestone Point, Inc: 200 Garden City Plaza, Suite 215, Garden City, NY 11530

Loan Factory: 2195 Tully Road. San Jose, CA 95122

 

Disclaimer:
Loan approval is not guaranteed. Approval is subject to credit, income, assets, and other underwriting criteria.
Rates and terms are subject to change without notice.
Milestone Point Inc. partners with Loan Factory Inc. to provide access to multiple mortgage products.
All mortgage programs are offered through licensed mortgage brokers/loan officers registered with the NMLS.