Stated Income Mortgage Program

February 2019

Almost all stated income loan programs are for investments properties. This loan is special in that it provides the option for people that cannot or prefer not to verify their income to purchase or refinance their primary home. In addition, what is also unique about this program is it allows for cash-out on a refinance in Arizona, California, Colorado, District of Columbia, Florida, Georgia, Idaho, Nevada, North Carolina, Oregon, Texas, Virginia, and Washington.

Self Employed only

Loan purpose:

Purchase, Rate and Term Refinance and Cash Out Refinance 

Jumbo Loan Amounts

Cash Out to $1,000,000

Purchase and Rate & Term Refinance to $2,500,000

Maximum LTV Financing:

  • Purchase to 75% LTV
  • Rate and Term to 75% LTV
  • Cash Out Refinance to 70%

Property Types:

  • SFR
  • Condo (65% LTV maximum)

No Non-warrantable Condos


  • Owner Occupied
  • Second Home to 60% LTV - $750,000 on Purchase and Refinance. -No Cash Out

Credit Score Requirement:

700 minimum middle score

Verified Asset Requirements:

  • Loan amounts less than $650,000: $100,000 liquid
  • Loan amounts greater than $650,000: $250,000 liquid
  • Loan amounts between $1,000,000 to $1,500,000: $500,000 liquid
  • Greater than $1,500,000 - $1,000,000 liquid

Underwriting Notes:

Borrower cannot have more than 3 financed properties. No limit on number of properties owned

Non owner occupied borrowers not allowed

Private mortgage insurance not required

10 acre maximum on property

Appraisal notes:

Full Appraisal required, interior and exterior with photos of both

Desk review required for all loans greater than $750,000

Property cannot have been on MLS for less than 90 days

No purchase seasoning - utilize current market value

Credit history notes:

Payment history: No 30 day lates within last 24 months on mortgage or rent

No 30 day lates on any consumer debt, revolving or installment

Minimum 2 year active history on a minimum of 2 accounts required

Unconventional credit not acceptable

Job and Income document requirements:

Self Employed:

2 year job history

Phone number will be verified via the internet

Business license or CPA letter

2 months bank statements or a VOD, Verification of Deposit, personal or business bank statements OK

Rental Agreements can be qualified as income

Eligible Borrowers:

US Citizen

Permanent and Non-permanent Resident Aliens

3% contribution OK

Any liens on the subject property must be a minimum of 6 months seasoned. 12 months on a HELOC with no draws within the last 12 months


Reference# 254 525020215