stated income loan programs

Qualifying for a stated income loan. Lenders who offer stated income mortgages aren’t qualifying borrowers nonchalantly. Borrowers need to have good credit scores, plenty of cash reserves, and a large down payment. Many stated income loans are based on the equity position of the property, which means that the more the borrower puts down, the easier it’ll be to get the loan.

Stated Income Loans Stated income loans may be the best loan program for small business owners and self-employed individuals, or for someone who declares low income on their income taxes. To qualify for this loan, a borrower needs a good credit score and 30% down payment for a purchase or 30% equity for a refinance.

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Today’s stated income programs differ from the risky loan products that existed before the subprime mortgage crisis. New regulations strictly dictate what features a loan may have. Loans that meet these guidelines are known as "qualified mortgages".

Stated Income Residential Loans. Stated Income Loans have minimized income documentation and therefore have other methods of reducing the risk of the mortgage. Our residential stated loan program are for self-employed and wage earners.

Income is not verified under this loan type. It is only stated on the stated income loan program, which is also known as no doc loans. The income stated must be reasonable in relation to the position of employment as determined by the underwriter. Gift funds are permitted for the remainder of the down payment and the reserve requirements.

Stated Income Home Equity Loans. See No Doc Loan Programs and stated income helocs Just Announced. Compare stated income loan processing streamlined with reduced documentation equity loans for self-employed borrowers seeking cash with less paperwork.

Stated income loans may be the best loan program for small business owners and self-employed individuals, or for someone who declares low income on their income taxes. To qualify for this loan, a borrower needs a good credit score and 30% down payment for a purchase or 30% equity for a refinance.

To avoid the housing-bust taint, the new stated income loans are being called such things as “alternative documentation loans,” “portfolio programs,” “alternative-income verification loans” and “asset.

“The goal is to preserve economic diversity in the city and potentially reduce commuting into Boulder,” city officials stated.

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