CDFI Mortgage Loan: No Income or Employment Verification

Community development financial institution (CDFI) loans provide non-traditional homebuyers with an opportunity to secure mortgage loans. Income and employment verification aren’t required. Start your journey to homeownership with a CDFI mortgage loan from Griffin Funding today.

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Table of Contents

While Griffin Funding is not a Community Development Financial Institution (CDFI) certified by the U.S. Department of the Treasury, we can still work with you and broker loans through Treasury-certified CDFI lenders to help qualified borrowers access CDFI mortgage loan programs.

  • Flexible qualification 
  • No debt-to-income calculation 
  • First-time homebuyers welcome 

CDFI Mortgage Benefits

  • No proof of income or employment needed: Unlike traditional mortgages, our CDFI loan program doesn’t require proof of income or employment verification. This loan is an excellent alternative for gig-workers, small business owners, or anyone looking for a self-employed mortgage. Borrowers simply need to meet the 20% down payment CDFI loan requirement in order to qualify.
  • Flexible qualification: CDFI mortgages are available to those who traditional banks and lenders may not serve. Borrowers with credit scores as low as 620 can qualify for these alternative mortgage loans from Griffin Funding. 
  • Loan amounts up to $2.5 million: Borrowers may qualify for loans up to $2.5 million through our CDFI loan program. 
  • Owner-occupied or second homes: CDFI loans aren’t only for first-time homebuyers. Whether you’re purchasing an owner-occupied home or a second home for rental purposes, you can still qualify. 

What Is a No-Income CDFI Loan?

A no-income CDFI loan is a non-qualified mortgage (non-QM) loan available to borrowers who traditional lending institutions turn away. They’re available to non-traditional homebuyers, those in underserved communities, and underbanked homeowners who may not otherwise qualify for a mortgage. 

CDFI mortgage loans don’t require proof of income or employment verification. As long as you meet the CDFI loan program requirements, you can qualify. 

CDFI mortgage loans can benefit the following types of borrowers: 

  • Self-employed individuals 
  • Gig and seasonal workers 
  • Small business owners 
  • Real estate investors 
  • Retirees 
  • Online or cash-based business owners 
  • Artists 
  • Influencers and social media creators
  • The underserved  

Key Features of a CDFI Loan

  • No proof of income required
  • Flexible qualifying guidelines 
  • Funded by a Community Development Financial Institution (CDFI) 
  • Available to non-traditional and underserved borrowers 

CDFI Loan Requirements 

  • Credit score: FICO score of at least 620.
  • Cash reserves: 2+ months of reserves for first-time homebuyers; 6-9 months of reserves for repeat buyers and those refinancing. 
  • Max loan amount: Loan amounts up to $2.5 million available.
  • Property size: Properties up to 20 acres qualify.

Frequently Asked Questions

CDFI loans are available to non-traditional borrowers and those in underserved communities. Unlike traditional mortgages, CDFI mortgages don’t rely on proof of income like pay stubs or W-2s to qualify. Instead, borrowers can qualify based on a range of different assets, like: 

  • Bank statements 
  • Investment income 
  • Rental income 
  • Retirement benefits 
  • Social Security income

No, CDFI mortgage loans from Griffin Funding don’t require DTI ratio calculations. Instead, we look at your credit history, assets, reserves, down payment, and other factors to determine your ability to repay the loan. These fall under the umbrella of the “5 C’s of Credit:” 

  • Character: Your history of repaying bills and reputation as a borrower. This may include your credit score, whether you pay loans on time, and how you use your credit.
  • Capacity: Your ability to repay your mortgage. We’ll consider factors like your assets and your cash reserves.
  • Capital: The money you bring to the table This includes the size of your down payment, the closing costs you’re paying, and other factors.
  • Collateral: Information about the house you’re buying. We consider the loan-to-value (LTV) of your mortgage, your property type, and more.
  • Conditions: The bigger picture, including interest rates, housing market trends, risks associated with your loan, and more.

Yes, first-time home buyers are welcome to apply for CDFI mortgage loans from Griffin Funding. Eligibility requirements for these loan types tend to be much more flexible for first-time home buyers. You’ll need to have 2 months of reserve funds on hand to qualify. 

For money-saving strategies, take a look at our budgeting for first-time buyers tips and other financial planning tools available in the Griffin Gold app. 

Our CDFI loan program offers loans up to $2.5 million for qualified buyers. However, the exact loan amount you qualify for will be based on factors like your credit score, assets, reserves, and the property you’re purchasing. 

CDFI mortgage loans from Griffin Funding can be used to buy both owner-occupied homes and income-generating properties. Qualifying property types include: 

  • Primary residences 
  • Second homes 
  • 1-4 unit residential properties 
  • Condos that meet certain requirements 

In addition to no-income verification mortgages, Griffin Funding offers a range of alternative mortgages to those who may not otherwise qualify for loans from traditional lenders. They include: 

  • Bank statement loans: Qualify using 12-24 months of bank statements.
  • Asset-based loans: Leverage your liquid assets as income to qualify for a mortgage.
  • DSCR loans: Qualify based on your debt service coverage ratio (DSCR), which represents the current or potential rental income of a property. Note that DSCR loans are only available for income-generating investment properties.

Griffin Funding is not directly certified by the U.S. Department of the Treasury’s CDFI Fund. However, we partner with and broker loans through Treasury-certified CDFI lenders, allowing eligible borrowers to access CDFI mortgage loan programs with flexible qualification options.