Will I Qualify?

Lenders who fund Stated Income Loans generally look for similar criteria as traditional loans. They look for a borrower who has a solid work history, good credit, strong assets, and the ability to make a substantial down payment.
In lieu of verifying income, lenders of Stated Income Loans tend to require stricter guidelines than traditional loans.

What Do I Need For A Stated Income Loan?

Most often, a Stated Income lender will “verify” income by checking to see if the borrower has assets consistent with the amount of money they are stating on the loan application.

Alternatively, a lender may look at bank statements to see how much money goes through the borrower’s accounts each month. This is an indirect way of verifying income as opposed to looking at tax returns or pay stubs.

In general, Stated Income Loans are only available for purchases where the borrower makes a minimum 45% down payment. This down payment reduces the risk to the lender of default. Even in today’s market, Stated Income Loans are available for Jumbo and Super Jumbo mortgages – up to several million dollars.

If you are self employed  but not in the housing, building, or lending industry or many of the ancillary jobs related to it, this program may be for you. We look for borrowers who have a solid work history, good credit, and strong assets. In lieu of verifying income, your substantial down payment is what we use to verify your ability to make monthly payments.