Stated Income Loans are Available for Those Who Qualify
Posted by Rachel LaMar, J.D. | Visited 24996 times, 54 so far today | Currently 30 Comments »
You may have thought they were a thing of the past but there are some people who may qualify for the new stated income loans, and they are available now. Lenders who provide this type of loan are not plentiful and you will need to do some research to find a mortgage house that has a relationship with them. They are very strict with the requirements and you must have very good credit and a sufficient down payment, but for those of you who meet the requirements this is a great way to get a loan if you are self-employed or an independent contractor with a variable income.
Here are the requirements:
1. 30% minimum down payment,
2. 700+ FICO score,
3. You must be self-employed (but CANNOT be in the real estate industry in any way),
4. Have cash reserves of 6-12 months of PITI
Note that only adjustable rate mortgages are available…there are NO 30-year fixed mortgages under this program. Still, if you qualify it may be the difference between getting a loan or not in this difficult market, where the overwhelming majority of lenders simply WILL NOT issue loans to those who cannot document steady income. Please remember that these types of loans are only available through certain private lenders, not mainstream lenders.
UPDATE: These programs are getting harder to find. You may want to contact Cathay Bank, as they have a true stated loan program called the Smart Loan. I had other sources in California at the time this post was originally published who no longer offer stated loans, but if you find a source please let me know so that I may share it with others. You can email me at rlamar@RLLifestyles.com.
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Hello,
Please provide a listing of lenders who continue to finance Stated income loans.
Thank you.
Andres V.
need a stated income mortgage for a client with great credit, reserves and atleast 25% down; purchase price $1,120,900 loan amount 840,000.00
Please provide me more information on stated income loans for the self employed.
Thank you,
Zonia
I would love a list of lenders that do stated incomes in California (more specifically in San Jose area)
Thank you,
Mike
Please provide me with list of lenders and/or more information about this loan. I’m self employed and looking to buy townhome with 30% down, with credit score of over 700.
Can you please let me know if there are any stated income lenders for properties in FL,GA and MO.Thanks
Hi, I do not know of any lenders in those states specifically, but many lenders work in numerous states and those who do these types of loans may be able to loan in one of the states you mentioned. Feel free to call me or email me directly and I will provide you with some names. My direct email is rlamar@windermere.com.
Is there any stated income lenders in NC or SC? Thanks
Hello,
Please provide a listing of lenders who continue to finance Stated income loans.
Thank you.
Diana Wade 512 905-9484
Did anyone ever get a listing of lenders for stated income loans? I am in NC and would love to find ANYONE who will lend money to us…high credit score, over 50%down…issue is we are self employed and moved the business from California.
408-623-2203
I would like a list if you have it of lenders that are doing stated loans.
please send list of stated income lenders
I would like a list of lenders that are doing stated incomes. We are in North Carolina.
I would like a list of lenders that are doing stated loans in Los Angeles. I do get a 1099.
Thank you
Please forward list of stated income lenders
Thank you
Please forward me the list of stated income lenders.
thank you
Im in the same boat, I have 170k in cash with cahse bank. I want to buy an investment property as a fist time home buyer of around 200k with 60k down. My credit score is above 700 and I cant get any financing for anything. Ofcourse I’m self employed and dont have w2’s. I report way to many deductions to bring down my taxable income and as you all now they base the figures of net incomke for self employed which kills me. Anyways I have great credit, great reserves and strong downpayment, if any one can help me get this loan for a purchase in California please advise. Thanks.
Hello,
Can you share the list of lenders for stated income loan? I’m in Southern California.
Thank you so much in advance.
Hi Daphnie, I do not have a list of stated income lenders any longer. I am currently looking for new sources, as the three firms I knew that were still writing these types of loans are no longer doing so.
However, I recommend that you call Cathay Bank. They offer a product called the Smart Loan that is a true stated loan. The cap is $100,000 but if that helps you it is a great program. Please let me know if you come across any lenders who are writing stated loans, and I will blog about it if I do as well. Best of luck.
thanks for the Cathay lead. I am trying it. We are looking to put down 70% with excelllent credit – self employed…
Steven,
You are welcome, and I hope it works for you! Please keep me posted, as I refer them out all the time. You can email me directly at rlamar@windermere.com. Best of luck to you!
Hi Rachel can you give me the Cathay Bank contact info please.
Thank you Rachel for starting this thread, you go girl
my hats of to y’a
Does any one do low doc land loans anymore? I am talkin’ 27% LTV prime land in Malibu, CA. good credit we can demonstrate great cash flow. PLEASE HELP! This poor guy is in a loan from hell with a balloon due in two months.
Does anyone know weather HSBC are doing stated income loans again….
Thanks
Philip
Hello,
Can you share the list of lenders for stated income loan? I’m in Southern California.
Thank you so much in
I can do stated income loans, however, there are some strict guidelines.
Must have 45% down and only certain counties qualify.
Self employed (cannot be in any real estate related field)
Must have liquid reserves.
Please contact me with any scenarios.
Regards,
Louis
I have stated on commercial property down to 600 fico.
eddie@lendingamerica.com
Hello ,do you know of any stated income lenders in FL?
David,
Unfortunately I do not. I wish you the best of luck.
Samuel Scott Financial Group / RPM Mortgage as stated income home loans.