Lenders who fund Stated Income Loans generally look for similar criteria as traditional loans. They look for a borrower who has a solid work history, good credit, strong assets, and the ability to make a substantial down payment. In lieu of verifying income, lenders tend to require stricter guidelines than traditional loans. Most often, a Stated Income lender will ‘verify’ income by checking to see if the borrower has assets consistent with the amount of money they are stating on the loan application. Alternatively, a lender may look at bank statements to see how much money goes through the borrower’s accounts each month. This is an indirect way of verifying income as opposed to looking at tax returns or pay stubs.

In general, Stated Income Loans are only available for purchases where the borrower makes a minimum 45% down payment. This down payment reduces the risk to the lender of default. Even in today’s market, Stated Income Loans are available for Jumbo and Super Jumbo mortgages – up to several million dollars.

To see if you qualify for a Stated Income Mortgage, please contact Louis Stathakis for more information and a custom quote. The process is fast and easy and there is never any obligation.

619-252-7588 direct

lstathakis@pcmort.com