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Stated Income Home Loans

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Stated Income Home Loans

A Stated Income Mortgage is a perfect fit for borrowers who don't qualify for traditional financing based on their tax returns or W-2 income. This program looks at the borrower’s overall financial and credit profile as well as an eligible third party’s certification of the borrower’s income. Self employed borrowers should also review our Bank Statement program. For investment property financing visit our No Income Verification program page.

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Are you having difficulty qualifying for a mortgage due to self-employment or investment income? Stated income mortgage loans are making a comeback following the financial crisis and could help millions of self employed workers purchase or refinance their homes. There are some important differences with today’s stated income loans that you need to be aware of to qualify; here are the basics to get you started on the right path.

Today’s Stated Income Loans Are More Restrictive

The government passes a lot of blame for the housing crisis on high risk mortgage loans that lenders routinely approved with little or no documentation. Today’s mortgage options are more aptly named “low-doc” loans rather than the “no-doc” loans that led to the financial crisis in the housing industry.

What Are Stated Income Mortgage Loans?

As the name implies stated income loans are loans that require only an allegation of income with little or no supportive documentation. In the past approval was largely based on having a stellar credit score. Today, lenders use other factors to justify approving the loan and mitigating their risk.

The economy and housing market have recovered significantly since the financial crisis and there are many more options available primarily for real estate investors when it comes to a stated income commercial mortgage, and stated income loans for the self employed.

The catch with today’s low-doc loans is that they cannot used to purchase or refinance an owner-occupied home. They are primarily intended for investment properties and usually require that the borrower have enough money for a large down payment. This is great if you have a portfolio of rental properties generating monthly income are many lenders use this as a basis for approving loan.

How to Qualify for a Stated Income Loans Self Employed

If you’re a self employed homeowner looking to purchase or refinance your home low-doc mortgages become more tricky. You can get a conforming home loan if you have sufficient qualified income from self-employment. Home mortgages that are eligible to be purchased by Fannie Mae and Freddie Mac are considered “conforming” and come with lower rates and fees because the risk to lenders is very low.

Low-doc mortgages do require documentation of income usually in the form of tax returns. While Fannie Mae has recently loosened the guidelines for getting a self employment mortgage it can still be difficult to qualify if your net income from distributions is too low because of the tax deductions you claim each year.

As a self-employed worker, qualifying income is based on your “net” distributions after tax deductions and business expenses. Many small business owners take as many deductions as the law allows which can be counterproductive for borrowers seeking to get a mortgage loan.

Bank Statement Programs Are an Affordable Alternative

Unless you are real estate investor with an income producing portfolio, you can expect the underwriter to meticulously verify your self-employment and business solvency. This causes problems for many self employed borrowers. If you’re struggling to qualify there are number of non-traditional lenders that offer bank statement programs that may be able to qualify you based on the income from your personal statements.

Keeping thorough records of business income and expenses without commingling personal and business income and expenses will make the process of applying for any lending program much easier. Today “low-doc” often means combing through bank statements and tax returns and bank to justify the income you are alleging on the application.  

To be approved for a bank statement loan or any other program you must be able to demonstrate sufficient and sustainable income to repay the mortgage. Bank statement loan programs make this easier for many self employed workers with unique business models.

Today’s financing options for real estate investors and the self employed are more abundant than they have in recent years, especially if your market is stated income loans Florida investing. There are steps you can take by keeping your financial house in order if you are self-employed to improve your chances of being approved for the mortgage loan you need.