Income Documentation Alternative for the Well Qualified Self-Employed Borrower
November 2024 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
Employment Type:
Self-Employed only (30% 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.
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 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
Eligible Occupancies: Primary Residence
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