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Stated Income Mortgages

One of the most commonly asked about mortgage loans is the stated income loan.  Most Stated Income lenders don’t require W2′s, pay stubs, tax returns, or IRS forms. This is a great option for the self employed or people who don’t have traditional sources of income, such as 1099s, or retirees.  A Stated Income Mortgage Loan is the perfect choice if you have verifiable employment, even if it is self employment, and assets.

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Here are some general guidelines for a Stated Income Mortgage Loan:

  • Minimum credit score of 620 for most lenders
  • At least 5 credit accounts are required.
  • Bankruptcy and foreclosures must be discharged for 3 years with reestablished credit
  • Two years employment with same employer
  • 5% minimum down payment is required from your own funds by most lenders

Stated Income programs allow you to purchase or refinance a single family, townhouse or condo.
There are “2″ types of Stated Income loans for purchase or refinance that offer 100% financing explained below:

  • Stated Income Verified Assets Loan: (SIVA) – For this loan all you need is verified liquid assets, a credit history, and what you state your income is.  Usually the verified assets will correlate with the income claimed.
  • Stated Income Stated Assets Loan (SISA) – With a SISA loan you don’t need to have yoru assts verified.  This loan program will carry a slightly higher mortgage rate because you are only stating your assets, and no one is verifying them.

There are also No Ratio Loans which are similar to the programs above except that no income information is provided or verified on the application.

Typically lenders will look for a minimum of at least 2 years of self-employment history.  This proof can come as a typed letter from a accountant/CPA on your company letterhead, or through bank statements with you and your company name on it

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This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.

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