Stated Income Home Loans

We are located in Las Vegas, Nevada and provide Stated Income Home Loans in Las Vegas, Nevada. We specialized in home loans for commission sales people and tipped employees. These loans are not hard money loans.

***THIS TYPE OF LOAN IS NO LONGER AVAILABLE

How do I go about getting a Stated Income loan?

There are basically a few steps.

Complete a loan application.
Complete a CRM form

Stated Income Loan Programs Work For:

Tipped employees
Sales Professionals
Business owners / Self employed
Commission Professionals
Retired people with investment income

Home loan applicants seeking this type of loan are those who obtain their income from tipped employment, under-the-table resources, self employed, who work part-time or on a contract basis, live off of a commission structure or who don't get paid with a standard paycheck may also find that a no doc loan structure is the way to go. After all, they might still want to own a home, but don't have access to regular financial or employment documents. In that instance, paying a higher interest rate is the only way to go.

Stated income loans are designed for the many prospective home buyers who have the income to afford a mortgage and have acceptable credit, but don’t meet traditional underwriting standards – called full documentation or “full-doc”.

Stated Income Loans Compared to Full Documentation Loans

A stated income loan qualifies a borrower using the income the borrower states on the application form – as opposed to the income the borrower can document. With a stated income loan, the lender agrees not to attempt to verify the income the borrower states on the application.

Full documentation generally requires that applicants show that the income they claim was actually earned in each of the two prior years. This is usually done by presenting W-2s or tax returns for two years.

Self-employed borrowers usually have the most trouble meeting this requirement, and stated income loans were originally designed to deal with them. But many applicants with incomes from salaries also can’t meet full-doc requirements. For example, the income they claim might incorporate their latest increase in salary, which is not yet reflected in documents covering past income.

A stated mortgage plan is designed for people that are self employed or are paid in a cash majority (all income must be claimed on tax forms).

Generally, a person must have their business for 2 full years, and they will "state" their income. The income stated must be reasonable for their industry, and they must provide proof that they are self employed. Requirements for proof vary by lender.

Stated income loan are considered much higher risk than an employee that receives W2s and paychecks. The payments and interest rates on this type of loan usually reflect the higher risk, and the LTV (loan to value of property ) is more restricted.

APPLY NOW