What is a stated income home loan?
A stated income mortgage is a home loan that requires no income verification or documentation. Hence the terms “no-doc mortgage” or “no income verification loan”.
What is a stated income program?
A stated income loan is a mortgage where the lender does not verify the borrower’s income by looking at their pay stubs, W-2 (employee income) forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at their word.
How is a stated income loan different from a traditional mortgage?
In short, 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.
How is income verified for a mortgage?
To verify your income, your mortgage lender will likely require a couple of recent paycheck stubs (or their electronic equivalent) and your most recent W-2 form. In some cases the lender may request a proof of income letter from your employer, particularly if you recently changed jobs.
How long do I need to show income for a mortgage?
two years
You’ll have to provide your latest pay stubs, as well as two years of tax returns and W-2 forms. Though you must provide two years of tax returns, lenders don’t actually require that you be at the same job for two full years.
What is a stated income/stated asset loan?
A SISA loan, or stated income/stated asset loan, allows you to state both your monthly gross income and your assets. In this case, both items are simply stated, and the bank or lender will not ask you to verify the information.
Who are these stated income programs intended for?
Who are these stated income programs intended for? Any type of self-employed professional might be eligible for a stated income loan (bank statement loan). This includes a wide range of people, including business owners, entrepreneurs, freelancers, gig workers, contractors, and many other types of self-employed professionals.
Why choose our stated income loans?
We’re based in Southern California and can lend Nationwide. Excellent alternative to hard money & private money lender’s. Our Stated Income Loans have zero income requirements. Ideal programs for investment properties and one for primary residences.
What is an Ameriquest stated income loan?
Stated income loans were originated by Ameriquest. These loans are nominally intended for self-employed borrowers, or other borrowers who might have difficulty documenting their income. Stated income loans have been extended to customers with a wide range of credit histories, including subprime borrowers.