APRIL 15TH, 2024

Stated Income Mortgage Loans

The mortgage industry terminology for a “Stated Income” mortgage loan is sometimes called a “no income” or “no income verification” loan. This type of program is provided in numerous varieties in today’s mortgage industry marketplace.

Some lenders offer fixed & adjustable-rate loans with Stated Income as well as some Interest Only options. Additionally, some lenders work nearly exclusively with consumers with non-traditional income and can offer the absolute best possible Stated Income solution for their customers. Although many consumers have wonderful credit and can also verify sufficient assets to qualify for a traditional mortgage loan, may not be able to evidence enough income to qualify due to the nature of their business and their related business tax deductions. Stated Income mortgage loans were developed for the Self-Employed although one does not have to be self-employed to be eligible. There are those consumers who earn high commission / bonus income or who may have multiple sources of income and they are eligible as well.

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Some lending firms have popular programs with aggressive rates that is called a 100% Stated Income mortgage loan (80/20) for median credit scores 680 or better for purchasing power up to $1,400,000 with interest only payments for fixed as well as adjustable rates. This particular program is offered for purchase / refinance, including a “Cash-Out Refinance”. Another program available from certain lenders that is not so aggressively priced that will provide combined loan amounts up to $1,400,000 (80/20) with a 620 median credit score and this program is available also for a 100% Second Home mortgage up to $1,000,000 with a 680 median credit rating.

About Stated Income Mortgages

Consumers may have some questions not covered so far and some of those will be addressed in this section. For instance:

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About This Program

It is truly ironic that usually the successful Self-Employed consumer actually has a better cashflow than a salaried consumer and is therefore sometimes better able to manage a higher monthly loan payment. So, what is the catch? The consumer will pay a premium for the privilege of not verifying their income. The amount of the premium will depend on the typical factors such as credit scores, assets and such. If a consumer has the credit, can provide sufficient proof of employment, or self-employment, for the requisite two years, then the consumer should be able to get impressive mortgage financing assistance without all the typical nuisances.

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