Modern "no-doc" mortgages in California are really alternative-documentation loans: bank-statement, P&L, 1099, asset-based, and DSCR programs that skip tax returns and W-2s but still verify ability to repay. For investment property, DSCR loans come closest to true no-income-doc because they qualify on rent.
What changed since the old no-doc era
Pre-2008 'stated income' and 'no-doc' loans required no income proof. Ability-to-repay rules ended that for owner-occupied homes. Today's programs verify income through alternative documents — not returns.
The closest thing to no-doc today
- DSCR — investment property qualified on rental income, no personal income docs.
- Asset depletion — qualify on assets alone.
- Bank statement / P&L — minimal income docs, no tax returns.
Who these fit
Self-employed owners, investors, and asset-rich but income-light buyers. See no-tax-return mortgages for the full menu.
Frequently asked questions
Do no-doc mortgages still exist?
Not in the old sense. Today's equivalents verify ability to repay through bank statements, a P&L, 1099s, assets, or rental income instead of tax returns.
What's the closest thing to a no-doc loan?
For investment property, a DSCR loan — it qualifies on the property's rent, not your personal income. For personal purchases, asset-based and bank-statement loans come closest.
Are no-doc loans more expensive?
These non-QM programs price modestly above conventional. Shopping lenders keeps the premium small.