To obtain a mortgage without a salary statement, individuals can leverage alternative income documentation, such as tax returns, business financials, investment earnings, or rental property cash flow. Self-employed borrowers may use Schedule C or profit-and-loss statements, while gig workers can provide 1099 forms or bank statements. A strong credit score, substantial down payment (typically 20% for conforming loans), and a co-borrower with steady income can also strengthen the application. Lenders specializing in non-traditional income scenarios may offer flexible programs, including automated underwriting tools that assess cash flow without formal pay stubs.

The primary challenge for mortgage applicants without salary statements lies in proving consistent and stable income, a key criterion for lenders to assess repayment risk. According to the Federal Reserve’s 2023 report, 35% of self-employed individuals face difficulties securing mortgages due to documentation gaps, compared to 12% of salaried borrowers. However, Fannie Mae’s updated guidelines (2022) permit alternative income sources, such as 12-24 months of bank statements or tax returns, to qualify for loans, increasing accessibility by 18% since 2020. For example, a borrower with a credit score above 720 and a 25% down payment can qualify for a conforming loan using rental income or freelance earnings, as shown by a 2023 Urban Institute study. Lenders like Quicken Loans and Bank of America now offer "no income verification" products, but these often require higher interest rates (e.g., 1-2 percentage points above market rates) to offset risk. Ultimately, the combination of alternative documentation, strong equity, and favorable credit metrics can mitigate the lack of traditional income proof, though approval depends on lender policies and market conditions.