Stated Income Loans

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.  To minimize the risk of default the lender requires the borrower(s) to put down 40%, or refinance the asset to 60% Loan-to-Value. 

Lending Criteria Description
Purpose:
  • Purchase and Refinance
Property Type:
  • Single Family Residence (1-4)
  • Multifamily / Commercial
  • Auto Service
  • Non-Traditional
Max Loan-to-Value:
  • Purchase: 60% – 70% LTV
  • Refinance: 60% – 70% LTV
  • Cash-Out: 60% – 70% LTV
Borrower Types:
  • Individuals
  • Corporations
  • Foreign nationals
  • Non-Permanent Resident Aliens
Minimum Credit Scores:
  • 650
Prepayment Penalty:
  • Soft Prepay
Financed Properties:
  • Unlimited
Recourse:
  • Yes
Broker Fee:
  • 1 point (subject to loan amount)
Terms:
  • 30 years
Loan Amounts:
  • $100,000 – $5,000,000 – Commercial
  • $750,000 Max Single Family
  • $2,000,000 – Max 2-4 units
Closing Timeframes:
  • 45-60 days
Amortization:
  • 30 years
Available Programs:
  • 3/1 & 8/1 Hybrid ARM’s
Collateral:
  • 1st Trust Deed
Other Costs:
  • All 3rd Party Fees
This information is NOT a loan approval or commitment to lend. The actual loan amount, interest rate, fees, costs and monthly payment on your specific loan transaction can vary and will depend on your choice of loan product and your unique credit profile. Loans (in CA) will be made pursuant to BRE License #02001852. Loan Brook, Inc. is an equal opportunity lender.