Stated Income Home Loan Program
This Stated Income Home Loan program provides flexible financing solutions for owner-occupied properties, allowing borrowers to qualify without traditional income documentation.
Eligible Transactions
- Purchase, Rate/Term Refinance, and Cash-Out Refinance
- Debt Consolidation (paying off personal debt qualifies as rate/term)
Loan-to-Value (LTV) & Credit Score Requirements
Purchase & Rate/Term Refinance – Primary Residence:
- 80% LTV/CLTV | 660 Credit Score | 12 Months Reserves Required
- 75% LTV/CLTV | 660 Credit Score | 12 Months Reserves Required
Cash-Out Refinance – Primary Residence:
- 75% LTV/CLTV | 660 Credit Score | 12 Months Reserves Required
- 70% LTV/CLTV | 660 Credit Score | 9 Months Reserves Required
Loan Amount & Reserve Requirements
- Maximum Loan Amount: $3,000,000 (exceptions up to $5M)
- Reserves: Assets must be sourced & seasoned for 30 days (Cash-out proceeds can be used for reserves)
Credit & Financing Guidelines
Tradeline Requirements:
- Two active tradelines reporting for 12+ months, OR
- One tradeline reporting for 24+ months (with activity in the last 12 months)
- Max Financed Properties: Up to 10, including the subject property
- Mortgage History: No late payments (0x30x12) in the past 12 months
- Recent Forbearance: 24 months seasoning required after exiting forbearance
Eligible Occupancy: Owner-Occupied Only
Eligible Property Types:
- Single-Family Residences (Attached & Detached)
- Condominiums (Warrantable & Non-Warrantable)
- *Subordinate Financing & Seller Concessions
- Subordinate Financing: Max 75% CLTV, institutional lenders only * (no seller carrybacks)
- Seller Concessions: Allowed up to 6%
Eligible Borrowers
- US Citizens & Permanent Resident Aliens (Green Card Holders)
- Non-Permanent Resident Aliens with US Credit & Valid Visa
- Visa Types Accepted: E-1, E-2, E-3, EB-5, G-1 to G-5, H-1B, L-1, NATO, O-1, R-1, TN (NAFTA)
- Max 5 Borrowers Per Loan
- Ineligible Borrowers: Non-Occupant Co-Borrowers Not Allowed
Eligible Vesting
- Individual / Joint Tenants
- Community Property
- Tenants in Common
- POA & Revocable Trusts (Inter-Vivos)
This Stated Income Home Loan program is ideal for borrowers seeking flexible income documentation options while securing competitive financing.
Available in the Following States:
Alabama, Arizona, California, Colorado, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Louisiana, Maryland, Kentucky, Maine, Nevada, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.
Last Updated on 3 months ago by Broker Mortgages