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: |
|
Property Type: |
|
Max Loan-to-Value |
|
Borrower Types: |
|
Minimum Credit Scores |
|
Prepayment Penalty |
|
Maximum Debt-to-Income (DTI) |
|
Recourse |
|
Broker Fee |
|
Terms |
|
Loan Amounts |
|
Closing Timeframes |
|
Amortization |
|
Available Programs |
|
Collateral |
|
Other Costs |
|