Income Documentation Alternative for the Well Qualified Self-Employed Borrower | Forms 406-T and 4506-C Not Required

January 2021

Stated Income Mortgage | Tax Returns Not Required | Form 4506T Not Required

Stated Income Mortgage loan program will be supported by the cash flow of bank statements and is for the Self-Employed borrower only.

Stated Income / Verified Assets SIVA
Primary Residence


Credit Notes:

7-year credit history - No Foreclosure, Bankruptcy, Short Sale, Loan Modification or consumer credit counseling

2 years clean credit history on mortgage and rent

No consumer debt lates - 1 year

Credit report must show a 2-year history of 2 or more open and active trade line accounts

Unlimited real estate properties owned, but 3 financed properties maximum

Employment Type:

Self Employed only - 25% ownership minimum

Employment verification:

Business license and or CPA letter depending on business industry showing 2-year minimum same line of business verifying the name of the business, the percentage of ownership business phone number will be verified by both 411 and or the internet

Asset Documentation

Stated Income / Verified Assets

Tax Returns not required

Required Asset Documentation:

Income is being "stated" on the 1003 Uniform Residential Application, but not verified by traditional income documents

2 months bank statements to verify liquid assets

If using rental income to qualify, must provide leases for all rental properties

All fixed income including retirement, annuities, dividends, Social Security, child support, alimony can be utilized to qualify

Liquidity requirements:

Verified assets must support the amount of income we are stating. Stated income amount should be proportionate to the cash flow of the bank statements

Loan Amount between $400,000 and $650,000 - Minimum liquid asset requirement: $100,000

Loan Amount between $650,000 and $1,000,000 - Minimum liquid asset requirement: $250,000

Loan Amount between $1,000,000 and $1,500,000 - Minimum liquid asset requirement: $500,000

Loan Amount between $1,500,000 and $3,000,000 - Minimum liquid asset requirement: $1,000,000

Additional Underwriting Guideline Summary

Property Types:

  • Single Family Residence
  • PUD
  • 12 acres maximum

Eligible Borrowers:

  • Permanent Resident Aliens
  • Non-Permanent Resident Aliens

6 months title seasoning required for the subject property

Gift of equity not allowed


Arizona | Alabama | California | Colorado | Florida | Georgia | Illinois | Lousiana | Maine | Maryland | Mississippi | Nevada | North Carolina | Oregon | Pennsylvania | South Carolina | Texas | Virginia | Washington


Reference #124 528alnexsiva04141