Stated Income Home Loans
This loan program provides opportunity for qualified applicants to utilize unverifiable or typically non qualifying income sources for the purpose of qualifying for a mortgage loan. The ideal candidate for this program is the Self Employed, 1099, or the W-2 employee.
Warning: Do not let a mortgage broker, or lending officer tell you what your qualifying income is. They may only advise you of the qualifying income you can include. Misstating critical information, regardless of loan type, on a credit application, can be construed as loan fraud. Never intentionally misstate your actual household income. If you are unsure what income you may use for qualifying, always ask your mortgage loan specialist or your broker.
The Stated Income option typically requires a two-year employment history in the same business or profession as stated on the loan application. Self employed borrowers may utilize their CPA for employment verification. The program eliminates any verification of income.
The Stated Income applicant will show a high regard for their financial obligation as reflected in their credit score model. Minimum Credit Score for this product starts at 600. Maximum CLTV is 100% using our 80/20 financing.
The applicant must state the specific income and sources of income (e.g. employer name, address, phone number, 401 (K), etc.) A verbal verification of employment is required, but income will not be verified. All assets are required to be verified through standard documentation and should support the income and employment stated on the application. All other sections of the mortgage loan application must be fully completed and supported with standard documentation.
Features:
No income verification requirements, regardless of income source.
Eligible Borrowers:
Purchase,
rate/term and cash out refinances available on primary residences, second
homes, and investment properties.
