Stated Income Loans
Please note before applying – this program now requires a minimum 40% down payment.
Stated income loans are ones in which the borrower discloses information but it is not verified by the lender. This allows the lender to process the loan much faster than a conventional loan. The client simply “states” what the income is and any assets they may have on the loan application. This information is used to calculate debt to income ratios for the loan, but never verified by the lender.
Stated Income loans were designed and are once again primarily used for self employed borrowers that can’t prove their income through traditional means of documentation. Many self employed borrowers do not claim all of the income they earn on their taxes or deduct much of what they do claim. This can be a challenge for self employed borrowers looking to purchase or refinance a home. This is exactly the situation that a stated income loan was designed for. When looking at the borrower’s credit history it normally becomes clear that they are making enough money to pay all of their debts in a timely manner. This is a situation that would call for a stated income loan or verification of income through bank statements. Interest rates are very similar on both programs and so the stated income loan program is normally the preferred choice.
Stated Income Mortgage
• No income verification
• No asset verification
• must be self employed for two years
• 30 year fixed rates available
• Owner occupied, 2nd homes, non owner occupied
• Purchase, rate & term refinance, or cashout okay
• Max LTV depends on FICO and Occupancy Type
The income that is stated must be in line with the type of work the borrower does. The stated income loan is a great alternative with aggressive pricing for self employed borrowers that don’t wish to or cannot share their personal information with Advance Mortgage Lending, Inc. We look forward to speaking with you about your stated income mortgage today!
If you have additional questions or need assistance, please call us at 305-371-8181 or toll free at 855-224-3222.