Update 2025 Stated Income Loan – Tax Returns Not Required
This 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 – Forms 4506-T and 4506-C Not Required
This program offers an income documentation alternative tailored to well-qualified, self-employed borrowers who have at least 30% business ownership. Tax returns are not required. Instead, income is stated on the Uniform Residential Loan Application (Form 1003) and corroborated via bank statements and verified liquid assets. Rental incomes, fixed incomes (such as annuities, pensions, Social Security), and other consistent income sources are eligible.
Eligibility & Requirements
- Borrower must show ownership of 30% or more in their business, with two years minimum in the same line of business.
- Employment verification via business license or CPA letter; business contact information and ownership percentage must be clearly documented.
- Two months of bank statements are required to verify liquid assets. Rental property leases are required if rental income is used.
- Liquidity must support the stated income; minimum verified assets increase with loan amount (e.g. $100,000 for a $400,000–$650,000 loan).
- Credit history: A minimum 6-year credit history with no foreclosures, bankruptcies, short sales, or late payments.
- Property must be primary residence, of allowed types (single family, PUD), up to 12 acres.
Loan Amount & Asset Requirements
| Loan Amount Range | Minimum Liquid Assets |
|---|---|
| $400,000 – $650,000 | $100,000 |
| $650,000 – $1,000,000 | $250,000 |
| $1,000,000 – $1,500,000 | $500,000 |
| $1,500,000 – $3,000,000 | $1,000,000 |
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.
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.
Additional Underwriting Guideline Summary
Underwriter Notes
- Available to both permanent and non-permanent resident aliens.
- Up to three financed properties permitted; unlimited ownership otherwise.
- Gift of equity not allowed, occupancy must be primary residence.
- 6 months title seasoning required for cash out refinance of the subject property
- Gift of equity not allowed
- Eligible Occupancies: Primary Residence
- Employment Type: Self-Employed only (30% ownership minimum).
Property Types:
* Single Family Residence
* PUD
* 10 acres maximum
Eligible Borrowers:
* Permanent Resident Aliens
* Non-Permanent Resident Aliens
Credit Notes:
* 6-year credit history – No Foreclosure, Bankruptcy, Short Sale, Loan Modification or consumer credit counseling
* No mortgage lates (30 days)
* 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.
Available in the Following States:
Arizona. Alabama, California, Colorado, Florida, Georgia, Illinois, Louisiana, Maine, Maryland, Mississippi, Nevada, North Carolina, Oregon, South Carolina, Tennessee, Texas, Virginia, and Washington.
Reference #124 10765_0523