Getting a mortgage with no w2 or wage income?

[Alex Silang]

I'm designing a ten year plan. At some point, I'd like to do RE full time. Once I got 7 or so properties, I'd be able to still have enough income leftover to expand my empire. But is it possible to get a mortgage without any w2 income? I read some posts on another forum saying this was close to impossible.

[Account Closed]

It is near impossible. When I immigrated here from Canada I obviously didn't have 2 years worth of tax returns. Banks wouldn't even give me a loan even though I offered to give 50-75% down payment.

Yes, even at that kind of LTV they wouldn't lend without W2 or 2 years worth of tax returns. I thought it was stupid so I asked several lenders / mortgage brokers (in 2 states) and they all said the exact same thing.

Is it ridiculous? Yep. Do they still do it? Yep.