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13 Αυγ 2024 · What is a Stated Income Loan? Traditional mortgages rely heavily on documented proof of income through pay stubs, tax returns, and W-2s. But what if your income structure doesn’t fit neatly into those categories? Freelancers, business owners, and individuals with commission-based earnings often face challenges when it comes to securing a home loan.
3 Μαΐ 2024 · What are stated income loans? Stated income loans are mortgages that don’t require borrowers to provide traditional income verification, such as pay stubs, W-2s, or tax returns.
A stated income loan is a mortgage where the lender does not verify the borrower's income by looking at their pay stubs, W-2 (employee income) forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at their word.
18 Δεκ 2023 · A stated income loan is a loan program that allows you to secure a home loan without verifying your income. Instead, borrowers declare their income, and lenders take at their word rather than presenting their tax returns, W-2s, or pay stubs.
28 Φεβ 2024 · A stated income loan allows borrowers to qualify using alternative income verification documentation, but costs more than a standard mortgage.
3 Φεβ 2024 · Stated income loans are Non-QM loans that require borrowers to state and prove their income, just like any other home loan. However, unlike traditional mortgages, the methods for verifying a borrower’s income are more flexible.
A Stated Income Loan allows self-employed borrowers to qualify based on the amount of deposits into their bank account, where the cash flow is sufficient to cover the new mortgage payment and all other debts.
