Stated Income Mortgages

Program Overview

Stated Income Mortgages allow qualified borrowers to qualify for a mortgage based on their stated income rather than traditional income documentation. This program is designed for borrowers with complex income structures, significant assets, or those who want to use their actual income rather than what appears on their tax returns.

How It Works

Instead of requiring traditional income documentation like W-2s or tax returns, this program allows you to state your income while verifying you have sufficient liquid assets to support the mortgage payments. The program combines income verification with asset-based qualification.

Key Benefits

• Simplified Documentation: No tax returns or W-2s required
• Higher Income Recognition: Use your actual income rather than tax return income
• Asset-Based Qualification: Leverage your liquid assets to qualify
• Faster Processing: Streamlined underwriting process
• Flexible Income Sources: Accommodates complex income structures

Program Requirements

Credit Requirements

• Minimum Credit Score: 720
• Credit History: Excellent credit history required
• Credit Inquiries: Limited recent inquiries
• Payment History: No late payments in recent history

Income Requirements

• Stated Income: Must be reasonable and supportable
• Employment History: Stable employment or business ownership
• Income Stability: Demonstrated ability to maintain stated income
• Professional Status: Typically for high-income professionals

Asset Requirements

• Liquid Assets: Minimum 12 months of mortgage payments in liquid assets
• Asset Verification: Bank statements and investment account statements
• Asset Seasoning: Assets must be seasoned for 2-3 months
• Asset Types: Cash, stocks, bonds, retirement accounts

Property Requirements

• Property Types: Single-family, condos, townhomes, multi-unit (up to 4 units)
• Occupancy: Primary residence, second home, or investment property
• Location: All 50 states
• Property Value: Typically for higher-value properties

Down Payment Requirements

• Minimum Down Payment: 25%
• Source of Funds: Must be properly documented and seasoned
• Gift Funds: Limited or not allowed
• Asset Verification: Down payment source must be verified

What to Expect

Step 1: Income Assessment

We'll review your income situation and determine if a stated income program is appropriate for your circumstances. This includes analyzing your income sources, stability, and professional background.

Step 2: Asset Verification

We'll verify that you have sufficient liquid assets to support the mortgage payments. This typically requires 12+ months of mortgage payments in liquid assets.

Step 3: Application Process

Complete a streamlined mortgage application where you state your income. The process is designed to be efficient while maintaining proper underwriting standards.

Step 4: Underwriting Review

Our specialized underwriters review your file with a focus on asset verification and income reasonableness. The process typically takes 2-3 weeks.

Step 5: Approval & Closing

Once approved, you'll proceed to closing with minimal additional documentation requirements.

Who This Program Helps

• High-income professionals (doctors, lawyers, executives)
• Business owners with complex income structures
• Real estate investors with multiple income streams
• Those with significant assets but complex income documentation
• Professionals who want to use actual income rather than tax return income

This program is ideal for high-income borrowers who want to qualify based on their actual income rather than what appears on their tax returns.