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Stated Income/Verified Assets – California

2024 Update: Credit Score Requirement: 680 Minimum

Purpose: Purchase, Refinance and Cash Out Refinance

** Purchase and Rate/ Term Refinance to $3,500,000 & 80% LTV
** Cash Out Refinance to $1,500,000 “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

    Self-Employment Verification Document Requirements (VOE):

    * Business license
    * CPA letter
    * Business Certificate

    Eligible Occupancies:

    ** Owner-Occupied
    ** Non-Owner-Occupied
    ** Second Home (75% LTV Max)

    Eligible Property Types:

    * Single Family Residence – Attached
    * Single Family Residence – Detached
    * 2 Unit
    * 3 Unit
    * 4 Unit
    * Condominium

    Eligible Borrowers:

    ** US Citizen
    ** Permanent Resident Aliens
    ** Non-permanent Resident Aliens

    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 Notes:

    ** 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:


    reference# 254 525020215

    Alternative Income Documentation

    Contact a Loan Officer

    Non-Qualified Lending

    Non-Qualified Lenders

    Unconventional Lenders