A no income verification mortgage for your primary residence. No tax returns. No pay stubs. No bank statements — on the right program.
You know what you earn. Your tax returns don’t show it, and maybe your bank deposits don’t either — cash, an entity in between, a season, a year you haven’t filed yet. A bank underwrites the paperwork, not the person. Cap Rate Funding prices three documentation-light paths for the home you live in, and one of them — the P&L-only loan — needs no bank statements at all.
- P&L-only — one CPA-prepared profit & loss is the whole income file; no returns, no statements
- Bank statement — 12–24 months of deposits qualify you; credit from 620
- Stated-income HELOC — no income documentation of any kind; 680+, lines from $150K
- Purchase and refinance on a primary residence · below-620 equity routes exist
- No hard credit pull to see your options
Written by the Cap Rate Funding team, Irvine, CA · Last reviewed: August 28, 2026 · Questions? Call/text 949-738-9770
Cap Rate Funding (powered by Federal First Lending LLC, NMLS #2381991) is an Irvine, California mortgage brokerage that specializes in files where the income documentation is the problem and everything else is strong. For an owner-occupied primary residence we offer three no-tax-return paths: a P&L-only mortgage (no bank statements, $150,000+, 660+ credit), a bank statement mortgage (620+ credit in first position), and a no income verification HELOC (680+ credit, $150,000+ lines, no income docs of any kind). Purchases and refinances. Soft credit review to see options. Availability is state-specific and confirmed on a quick call. Rated 5.0 on Google by real clients.
Who this is for
Anyone who can’t show income through deposits. Cash-heavy businesses, income that lands in an entity account before it reaches you, a seasonal business in its slow half, a year where the deposits are lumpy — if 12 months of statements would raise more questions than they answer, you don’t want a bank statement loan. You want the P&L-only lane, where no bank statements are requested.
Self-employed borrowers whose write-offs worked. Depreciation, vehicles, home office, cost segregation — every legitimate deduction lowers the income a traditional lender sees. A profit & loss statement shows the business as it runs, not as it files.
People who haven’t filed yet. On extension, mid-year, a new entity — there are no returns to hand over. A current-period P&L stands in for them.
People denied for income elsewhere. One lender’s income calculation isn’t the market. If a bank turned you down because of income — especially if you owe less than half of what your home is worth — you’re in the strongest position these programs serve.
The honest answer first: what “no income verification” means on a primary residence
Since 2014, every first mortgage on a home you live in has to satisfy the federal ability-to-repay rule: the lender must verify, somehow, that you can make the payment. So a literal no-doc first mortgage on a primary residence — no income information at all — doesn’t exist from a licensed lender, and anyone advertising one is either relabeling a bank statement program or isn’t someone you want holding your deed.
What does exist, and what this page is about, is alternative documentation: non-QM lenders satisfy the rule with a different kind of proof than tax returns and pay stubs. A CPA-prepared profit & loss. Bank deposits. That’s the whole trick, and it’s a compliant, mainstream corner of lending with 100+ wholesale lenders behind it. On a home you already own there is one more door: a home equity line of credit sits outside the ability-to-repay rule, which is why a true no-income-documentation HELOC is possible when a true no-doc first mortgage is not.
The three paths, side by side
| Program | What stands in for income docs | Credit & minimums | Purchase or refi? | Best fit |
|---|---|---|---|---|
| P&L-Only Mortgage a.k.a. No-Ratio / No-Income-Verification non-QM | One CPA-prepared profit & loss statement — no bank statements, no tax returns | 660+ on a refinance · purchase 20% down with 680+, 25% down with 660–679 · $150K+ loan | Both | Deposits don’t reflect income; haven’t filed yet; don’t want to share statements |
| Bank Statement Mortgage | 12 months personal, or 12 or 24 months business statements — deposits become qualifying income | 620+ in first position · 660+ in second position | Both | Deposits tell a stronger story than the P&L; credit 620–659; smaller loans |
| No Income Verification HELOC | Nothing — credit and equity carry the file; no bank statements either | 680+ · $150K+ line | Refinance only (second lien on a home you own) | Strong credit, real equity, want cash without touching the first mortgage’s rate |
Not sure which lane fits? That’s literally the first five minutes of a call: 949-738-9770.
“I can’t show income through my deposits” — the P&L-only lane
This is the question we hear most from primary-residence borrowers, and it has a specific answer. A P&L-only mortgage — the program non-QM lenders market as a No-Ratio / No-Income-Verification loan; at Cap Rate Funding they are one and the same, with identical terms — takes one document as the income file: a profit & loss statement prepared by a CPA (unaudited is fine; self-prepared works on some programs). No bank statements are requested. Not three months, not twelve. Deposits never enter underwriting, so a cash business, an entity account, a slow season, or a messy year simply isn’t part of the conversation.
The plain numbers: minimum loan $150,000. Refinances — cash-out or rate-and-term — need 660+ credit. Purchases need 20% down with 680+ or 25% down with 660–679. Maximum loan-to-value is 80% on a purchase, 80% on a rate-and-term refinance, and 75% on a cash-out refinance — so on a cash-out, the most you can pull is 75% of the home’s value minus what you owe. The full program guide is on the P&L loan page.
If your deposits do tell the story — the bank statement lane
When 12 or 24 months of statements show steady deposits, a bank statement mortgage is often the better fit — it reaches down to 620 credit in first position, where P&L-only starts at 660, and it works at loan sizes P&L-only won’t touch. We calculate qualifying income from your deposits instead of tax returns, W-2s, or pay stubs; the programs are 12 months of personal statements, 12 months of business statements, or 24 months of business statements. Primary residence and investment property (not second homes). Reserve requirements, the expense factor applied to business deposits, and loan limits are set per file and confirmed on a call.
Already own the home? The no-income-documentation HELOC
If you own your home and the goal is cash rather than a new first mortgage, the no income verification HELOC is the purest version of documentation-light lending we offer: no tax returns, no W-2s, no pay stubs, and no bank statements. Your 680+ credit and your equity carry the underwrite. Lines start at $150,000, there’s no title seasoning, and because it’s a second lien your existing first mortgage — and its rate — stay untouched. Refinance-only, on a home you already own.
Below 620 credit on a primary residence
The three lanes above stop at 620. Below that, the honest routes are equity-based. A Home Equity Agreement takes credit from the 500s with no monthly payments, refinance-only, in 11 states (AZ, CA, CO, FL, NV, OH, OR, PA, TN, UT, WA). In Oregon, Washington, and Idaho, an owner-occupied cash-out refinance on a home owned free and clear, over $200,000 and at 50% loan-to-value or lower, can proceed at any credit score. And an FHA loan at 500–579 exists with 10% down — but FHA is a full-documentation program, so it’s a fit for low credit, not for missing income docs.
What you’ll need, by lane
P&L-only: the CPA-prepared profit & loss, government ID, and your current mortgage statement on a refinance. Bank statement: the 12 or 24 months of statements, ID, mortgage statement. No-income HELOC: ID, mortgage statement, proof of homeowners insurance. Compare that with the two years of returns, W-2s, and pay stubs a bank asks for before it tells you anything.
Where Cap Rate Funding fits
We’re a mortgage brokerage in Irvine, California working exactly this corner of lending — no call center, a 100+ wholesale lender network priced against each other for your file, and a loan originator (Chase Zhao, NMLS #1816148) you deal with directly. If a tax return is the only thing standing between you and the home you live in, that’s a routing problem, not a decline. The program comparison lays every option side by side, and the state availability page shows where each one lends.
Common questions
Can I get a mortgage on my primary residence without proof of income?
Yes — without traditional proof of income. Since 2014, every first mortgage on a home you live in has to satisfy the federal ability-to-repay rule, so no licensed lender can write a first mortgage with nothing at all. What non-QM lenders do instead is accept a different form of proof: a CPA-prepared profit & loss statement (P&L-only), or 12–24 months of bank statements. Neither requires tax returns, W-2s, or pay stubs. Cap Rate Funding offers both, and on a home you already own, a stated-income HELOC that needs no income documentation of any kind.
I can't show income through my bank deposits. What are my options?
The P&L-only loan. It is the one program built for exactly this: the income file is a single CPA-prepared profit & loss statement, and no bank statements are required — so deposits that are cash-heavy, routed through an entity, seasonal, or simply don't tell the story never enter underwriting. Minimum loan $150,000; 660+ credit on a refinance, 660–679 with 25% down or 680+ with 20% down on a purchase. If your deposits do reflect your income and your credit is 620–659, a bank statement loan is usually the better fit.
Is a no-doc mortgage on a primary residence legal in 2026?
A true no-doc first mortgage on a primary residence is not — the ability-to-repay rule requires the lender to verify income somehow, and anyone offering one on an owner-occupied first mortgage is either mislabeling a bank statement program or not a lender you want. Two things are fully legal and current: a non-QM first mortgage documented with a P&L or bank statements instead of tax returns, and a stated-income HELOC (second lien) with no income documentation at all, because home equity lines sit outside the ability-to-repay rule. Cap Rate Funding is powered by Federal First Lending LLC, NMLS #2381991.
What credit score do I need?
It depends on the path. Bank statement loans start at 620 in first position. P&L-only refinances start at 660; purchases need 660–679 with 25% down or 680+ with 20% down. The stated-income HELOC needs 680+. Below 620 on a primary residence the options narrow to equity-based products — a Home Equity Agreement (credit from the 500s, 11 states, refinance only) and an owner-occupied cash-out exception in Oregon, Washington, and Idaho on free-and-clear homes at 50% LTV or lower and $200,000+.
Do I have to be self-employed?
No. Self-employed borrowers and business owners are the most common fit, but the programs are about the documentation, not the job title. W-2 earners with heavy deductions, 1099 contractors, commission earners, retirees living on assets, and anyone who simply doesn't want to hand over financials can qualify through the same lanes.
Can I buy a home this way, or only refinance?
Both, depending on the program. P&L-only and bank statement loans cover purchases and refinances (cash-out and rate-and-term) on a primary residence. The stated-income HELOC and the Home Equity Agreement are refinance-only — they draw on equity in a home you already own.
How much down payment do I need to buy without income docs?
P&L-only purchase: 20% down with 680+ credit, 25% down with 660–679. Maximum LTV is 80% on a purchase, 80% on a rate-and-term refinance, and 75% on a cash-out refinance. Bank statement purchase terms are set per file and confirmed on a call.
I haven't filed my taxes yet — extension, mid-year, or a new business. Can I still qualify?
Yes. That is one of the main reasons the P&L-only loan exists. A CPA-prepared profit & loss for the current period stands in for returns that don't exist yet. A new entity with a short track record can also work — it depends on the P&L and the rest of the file, which is a five-minute call.
Will checking my options hurt my credit?
No. Seeing your options involves a soft credit review only — no hard pull. A hard inquiry happens later, with your permission, only if you move forward with an application.
Is this available in my state?
P&L-only and bank statement availability is state-specific and shifts by lender, so rather than publish a list that goes stale we confirm it on a quick call: 949-738-9770. The standard HELOC lends in 39 states plus Washington, D.C.; the Home Equity Agreement in 11 states; conventional, FHA, and VA in 21 states. Where we lend, by program, is on the state availability page.
Is this the same as a No-Ratio or No-Income-Verification loan?
Yes. “No-Ratio” and “No-Income-Verification” are the non-QM industry names for what we call the P&L-only loan: no debt-to-income ratio is built from tax returns, pay stubs, or W-2s, and no bank statements are collected. At Cap Rate Funding it is one program with one set of terms — $150,000 minimum, 660+ credit on a refinance, 660–679 with 25% down or 680+ with 20% down on a purchase, max 80% LTV purchase / 80% rate-and-term / 75% cash-out. The P&L-only page has the qualifier.
Not a commitment to lend. Programs, guidelines, and availability change without notice and are state-specific. All loans subject to credit approval. Equal Housing Opportunity.