Lenders who offer stated income mortgages aren’t qualifying borrowers nonchalantly. Borrowers need to have good credit scores, plenty of cash reserves, and a large down payment. Bank statements and asset documentation are required to show that the borrower does indeed have the money.

How can I refinance with no income verification?

The FHA streamline refinance is ideal for homeowners with an FHA loan currently, and want to reduce their payment. The FHA streamline does not require income verification. You may be required to prove you are still working, but the income from that job need not be verified. And, no appraisal is required.

What is a stated income program?

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.

How much income do you need to refinance?

You need at least 5% equity to make refinancing a viable option—the more the better. Take a close look at your debt-to-income ratio. Your debt-to-income ratio tells the lender if you can afford your new monthly mortgage payment.

How much income do I need to refinance my house?

Can you buy a home without proof of income?

You can no longer buy a house without proof of income. You have to prove you can pay the loan back somehow. But there are modern alternatives to stated income loans. For instance, you can show “proof of income” through bank statements, assets, or retirement accounts instead of W2 tax forms (the traditional method).

Are there alternative loans to stated income loans?

There are alternative loans that share similar qualities to stated income loans. They’re commonly referred to as “alternative income verification loans,” which are also often called “alternative documentation mortgage loans,” or “bank statement loan programs.”

Are there stated income loans for real estate investors?

(Stated income loans still exist for real estate investors, however, because they aren’t purchasing an owner-occupied home.) That leaves some borrowers at a disadvantage, especially self-employed borrowers.

Which is the best stated income mortgage loan?

The Stated Income Mortgage Loan is the best option for real estate investors looking for a reduced documentation experience without having to sacrifice for higher rates and short-terms, such as a bridge loan or hard money loan.

Where can I get a stated income loan?

We offer stated income loans and jumbo loans from $200k to $10 million. We’re a favorite among self employed, business owner’s and investor’s unable or unwilling to use their tax returns to qualify for a mortgage. We’re based in Southern California and can lend Nationwide.