What You Need To Know About Stated Income Loans

Stated Income Programs used to be a lot more common before the housing market crash of 2008. Then in 2010 the Dodd-Frank Act was created and it heavily regulated banks and lenders. Since then, these loans that require no income docs or tax returns for professional investors and self employed borrowers have started making their way back into the market. Stated income loans cannot be used for owner occupant properties which is why they have become a very popular alternative to hard money loans. Many professional investors take advantage by refinancing their hard money loans with these programs.

Self Employed Bank Statement Programs allow for borrowers who have been self employed for at least 2 years use 12-24 months of personal or business bank statements to calculate one's income instead of the FHA, VA, Conventional guidelines of 2 years tax returns. Many self-employed borrowers who are unable to qualify under conforming guidelines because they are unable to show enough income on their taxes still have an alternative instead of giving up.

Stated Income Program Highlights

• No personal income used to qualify
• Minimum 660 FICO
• Up to 80% LTV
• 1-4 Units and Condos
• Loans up to $1,500,000
• Must own a Primary Residence
• 2 years seasoning FC, SS, BK, or DIL

Self Employed Bank Statement Programs

• 12 or 24 month personal or business bank statements
• As low as 10% down with no mortgage insurance
• No tax returns required
• Loans up to $3,000,000
• First-time buyers OK
• 2 years seasoning FC, SS, BK, or DIL

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Most big banks and lenders don't offer these programs and their employees are unaware they even exist. Which makes the already stressful event of buying a home even more stressful. Our job here is to help people and make the home buying process as easy as possible. We want every borrower we work with to say working with us was the best experience they ever could've asked for.

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