2025 Update: Credit Score Requirement: 680 Minimum
This program does not require traditional income documentation. Borrowers are not asked to provide tax returns, pay stubs, or W-2s. Instead, income is stated (by your loan officer) directly on the 1003 Residential Loan Application, streamlining the approval process.
While this is a stated income loan program, assets must be verified. This balance provides the lender with added security while giving borrowers better pricing and greater flexibility, particularly self-employed individuals and real estate investors who may not show conventional income on paper. If you cannot verify liquid assets, see our Stated Income/Stated Assets loan programs for 48 additional states.
Purchase, Rate/Term Refinance and Cash Out Refinance
* Purchase and Rate/Term Refinance to $3,500,000 & 80% LTV
* Cash Out Refinance to $2,000,000 “cash-in-hand’ & 75% LTV
Owner-Occupied Stated Income Loan Program
Almost all Stated Income loans are for investment properties. This loan is special in that it gives the option for people that cannot or prefer not to verify their income to purchase or refinance their primary home in California.
Income Document Requirements: Does Not Apply
Income documentation is not required. Income is stated on the 1003 Residential Application.
Eligible Employment Verification Document Requirements (VOE):
* Business license
* CPA letter
* Business Certificate
Eligible Property Types:
* Single Family Residence – Attached
* Single Family Residence – Detached
* 2 Unit
* 3 Unit
* 4 Unit
* Condominium
Eligible Occupancy Types:
* Owner-Occupied
* Non-Owner-Occupied
* Second Home (75% LTV Max)
Underwriting Notes:
* The borrower cannot have more than 10 financed properties. No limit on number of properties owned
* Mortgage insurance not required
* 10 Acres Maximum
* 2 months bank statements or a VOD, Verification of Deposit, personal or business bank statements OK
* Gift Funds for down payment OK. 5% borrower contribution required
* Liens on subject property must be a minimum of 6 months seasoned. 12 months on a HELOC with no draws within the last 12 months
* Verified Asset Requirements: Loan amounts less than $1,000,000 – 6 Months Reserves (Housing * * Expense). For loan amounts greater than $1,000,000 – 12 Months Reserves (Housing Expense)
Appraisal Note:
* Full Appraisal required, interior and exterior with photos of both
* Desk review required for all loans greater than $750,000
* Property cannot have been on MLS for more than 90 days
* No purchase seasoning required for refinance – utilize current market value for LTV purposes
Credit History Notes:
Payment history: No 30-day lates within previous 36 months on mortgage or rent and consumer debt, revolving or installment. 3 year active history on a minimum of 3 accounts (tradelines) required.
Available in the Following States:
California.