What is a Stated Income Loan?
Stated Income Loan programs are for self-employed and business owners with incomes that are difficult to document. states your income and backstops them with bank statements.
Instead of simply stating what you make, will ask for at least 12 months of bank statements, maybe 24, to determine your income. These can be personal bank statements, business bank statements, or both.
will then calculate your monthly income by averaging those deposits over the accompanying 12- or 24-month period. If you're a self-employed borrower, you may also be asked to provide a Profit and Loss Statement (P&L) that substantiates the deposits.
Again, everything needs to make sense, and any large deposits will be flagged and require explanation. In other words, taking out a loan or having someone make deposits into your bank account will likely be noticed/scrutinized by the underwriter.
We use 100% of the deposits for Business and Personal Bank Statements.
90% LTV up to a loan amount of $1,500,000.00 with a 680 FICO score (Must have 24 months)
85% LTV up to a loan amount of $2,500,000.00 with a 620 FICO score (Can use 12 or 24 Months)
70% LTV up to a loam amount of 5,000,000.00 with a 660 FICO score
Up to 85% LTV Rate and Term and Unlimited Cash Out refinances available
Interest Only Option Available
Max DTI 50%
Reserve requirements are 6 months PITI up to a $1,500,000.00 Loan amount, anything above requires 12 months PITI
12- or 24-Month Bank Statement Program (Bank Deposits used as Income In Lieu of Tax Returns) and a Borrower Prepared P & L.
80% LTV up to a loan amount of $2,000,000.00 with a FICO score as low as 580
Only 24 months Seasoning on Foreclosure / Short Sale / Deed in Lieu of Foreclosure and 12 Months Seasoning for a BK
80% LTV Rate and Term and Unlimited Cash Out refinances available
Apply Now For True Stated Income