What is a True Stated Income Loan?

In short, a true stated income loans allow borrowers to simply state their monthly income on a mortgage application instead of verifying the actual amount by furnishing pay stubs and/or tax returns.
For self-employed or small business owners looking for a business investment, a true stated income loan might work for you. With a true stated income loan, clients in the program can access any of our flexible down payment options.
You are eligible if you have the amount of the loan requested sitting in the bank after the down payment, closing costs, 6 - 12 months PITI (Principle, Interest, Taxes, & Insurance) Reserves on the property, 2 months PITI Reserves on investment properties, and lastly 5 years of revolving debt payments.
Loan amounts and assets vary widely, but, to put this into practice, here is an example:
An individual purchasing a home for $1 million with a 20% down payment needs:
$200,000 as a down payment.
PITI Reserves of 6 months - $41,000
Average Closing Costs totaling $24,000.
Revolving Debts of $1,000 per month for 5 years - $60,000
The above numbers break down as follow:
Total $325,000
Loan Requested $800,000
Total Required in the bank or in Other Assets $1,125,000
Qualification Criteria
No Employment or income is required.
Credit Score of 620
DTI is not calculated
Up to $1,000,000 cash out is allowed.
Cash out can be used as reserves.
Up to $3,000,000 loan amounts.
90% LTV on purchase.
Interest Only option available
70% LTV on cash out
Price as full doc or near prime
Reserves 6 months needed
Apply Now For True Stated Income

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