Stated Income Loans

Stated Income Loans let people who earn income and it is difficult to document or prove get a loan based on their credit, reserves, and job position.

Advantages:

No income verification — for borrowers with strong credit (620+) and asset base

Less documentation — No Tax returns, No W-2s, No pay stubs

Just because it’s complicated to document your income doesn’t mean getting a mortgage should be complicated. There are 3 types of Stated Income programs to provide a simplified mortgage transaction without the standard income documentation requirements. 

  • Stated Income Verified Assets (SIVA)

    Loan approval is based on your stated income, job or self-employment, credit history, and verified liquid assets. You will need to disclose your income, which must be reasonable in your profession. The verified assets should be consistent with the income claimed.

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  • Stated Income Stated Assets Loan (SISA)

     

    This loan features no assets being verified. You only state your income and state your assets on the application. This program carries a slightly higher rate because there is no asset verification. This is also available on Fixed rate second mortgages or ahome equity line of credit.

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  • No Ratio Loan  (No Income Disclosure)

    This programs allows the borrower to disclose no income information on the loan application but liquid assets and job or self-employment are verified.

    Less documentation translates to a faster process and quicker approvals.

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Borrowers who qualify for Stated Income do not have to provide any income verification. 

Great solution for borrowers who are self-employed, have complex income sources or are retired.

All loan programs above feature interest only payment options.

 

Some of the Stated Income Jumbo loan programs available on Fixed Rate or Adjustable Rate Mortgages (ARMS) are:


 95% financing up to $1,500,000: "Stated Income" 680+ FICO score:

 % up to $1,600,000: No Income Verification 740+ score:

 90% up to $1,900,000 ( No Income Verification 680+ FICO score )

 80% financing to $4,400,000 ( No Income Verification 680+ FICO score )

 90% financing up to $1,000,000 ( No Doc Loan - No Income, Assets or Job ; 660+ scores) 

Loan amounts up to $12,000,000 !!!

 90% financing from $2.5 Million to $12,000,000 ( Full Doc or Stated Income - Stated Income, Verified Assets of 6 months PITI; 680+ scores) - Option ARM using MTA index

Reasons to do a stated income mortgage:

In general, lenders want to see at least 2 years of self employment or employment history, sometimes they want to see 3 years if self-employed. They will want to see this history verified usually in tax returns. Sometimes the lenders will figure your income as being the average income you claimed on your income taxes as profit, not your gross business income. Sometimes the lender will figure your income as the lowest of the two years and sometimes as the highest of the two years. To avoid this verification process, you can opt to state your income as it is and not worry about having the lender average out your income from the last two years. Some borrowers, self-employed or W2'd, may be in for a promotion, receive a large bonus or commission, etc and this documentation type fits their needs. When you do a stated income or no doc loan, more emphasis is put on on your down payment, credit score and or assets, if applicable. So, you will usually need one of these factors to be strong if you want to apply for this type of mortgage.


Loan amounts over $650,000 are termed Super Jumbo Mortgage