Stated Income

STATED INCOME

Borrowers who are self-employed or independent contractors (1099 employees) who have difficulty documenting income are eligible to purchase investment properties if they qualify for a Stated Income Loan. Those investors that would like to purchase homes or refinance an existing investment property can take advantage of this loan product. Here are some of the key points:

  • Income is stated by the borrower
  • Borrower can be a corporate entity or a natural person
  • Only for investment purposes, no primary or second homes
  • Assets in most cases must be seasoned for a minimum of two months
  • Credit score and history of the guarantor is heavily weighted in the underwriting process
  • Property management history is also considered by underwriting
  • Tax returns are not required
  • Adjustable and fixed rate options are available
  • Assets can be stated on refinanced
  • Cash out is allowed
  • 1-4 units residential properties