No W2 doesn’t mean no mortgage. Between roles, recently exited from a business, retired early, living on investments, or investing in real estate full-time — every one of those profiles can qualify today, because non-QM lending was built on a different premise: qualification follows assets and cash flow, not an employer’s HR department. Defy is a direct non-QM lender, and two of our core programs never ask about employment at all.
The Direct Answer: Two Paths That Don’t Require a Paycheck
Asset depletion qualification converts what you own into qualifying income. Investment portfolios do the heavy lifting — securities are counted at up to 80% of current market value — so a borrower with meaningful brokerage assets can qualify on the strength of the balance sheet alone, employed or not.
A DSCR loan removes personal income from the equation entirely: the investment property qualifies on its own rent. No tax returns, no DTI, no employment verification — minimum FICO 640, coverage ratios down to 0.75 within our specialty program, financing up to 85% LTV on single-family purchases for well-qualified borrowers, and no hard maximum loan limit. For full-time real estate investors, this is the standard vehicle: the portfolio finances its own growth. Current pricing is at DSCR loan rates.
Which Path Fits Which Situation
Recently sold a business or exited a role with substantial savings: asset depletion reads that liquidity as income. Early retiree living on a portfolio: same answer — the portfolio is the income. Between jobs but holding rental property, or ready to buy one: DSCR, because the property qualifies itself. Self-employed with irregular income rather than none: a bank statement loan (12–24 months of deposits) may fit better than either.
What Underwriting Actually Looks At
Without employment income, the file is carried by credit, assets, reserves, and — on DSCR — the property’s rent relative to its payment. Standard reserve expectations run 3–6 months of the property payment. That’s the whole picture: no explanation letters about employment gaps, no offer letters, no start-date contingencies.
Frequently Asked Questions
Can I really get a mortgage with no job?
Yes — asset depletion qualifies you on what you own; DSCR qualifies the property on what it earns. Neither asks about employment.
How are my investment accounts counted?
Securities are counted at up to 80% of current market value under the asset depletion program.
What if the rent doesn’t fully cover the mortgage payment?
Coverage ratios down to 0.75 fit our specialty DSCR program — a below-1.0 ratio narrows terms but doesn’t end the conversation.
Is this a hard-money loan?
No. These are institutional non-QM mortgage programs from a direct lender — long-term financing underwritten to documented standards, not short-term private money.
See what your assets and cash flow qualify for — talk to a Defy advisor today. Dare to Defy.
