Stated Income Programs

stated incomeAre you self-employed or someone who has to state their own income and are looking to buy or refinance a home? A stated income loan might be right for you, stated income loans are popular with many people. Here are the most popular types of borrowers:

  • Self-employed – small business owners
  • Highly commissioned people
  • Short income history – people who can’t document the last two years of income at current income levels
  • Confidential income – people who make plenty of money but don’t want to disclose their income for one reason or another.

Below is a quick guideline to the Stated Income Program:

  • No Income Proof Required or Verified
  • 70 LTV for purchases
  • 65 LTV for Cash-out refinances
  • 550 Minimum credit score required ( for best rates credit score should be above 650)
  • Has prepayment penalties
  • Minimum loan amount is $100,000
  • Maximum loan amount is $5 Million for residential properties and $100 Million for commercial properties.
  • Commercial properties – Office, retail, warehouse, self-storage, multifamily, mixed-use
  • All residential property types, must be investment properties or we can offer a bank statement program for primary residencies.
  • 3, 5 or 8 year adjustable with 30 year amortizations.

Stated income loan applications are being taken now by United Guaranteed Mortgage Company (UGMC) all across the nation. Program guidelines will vary by state, so be sure to let us know in what state you need financing when asking us about a stated income loan. Learn more about stated income loans by contacting us today it’s free, easy and only takes a couple of minutes to get started.

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