The Stated Income Mortgage is a tailored solution for homebuyers with significant savings but without traditional means of proving income. This product allows eligible buyers to "state" their income without the need for extensive documentation, making it an excellent choice for individuals whose financial situation doesn't align with conventional lender requirements.
This option is ideal for borrowers who may not have steady or easily verifiable income streams, such as those with commission-based earnings, substantial bonuses, or high net worth. By providing an opportunity to purchase a home with just a statement of income, it caters to clients who can offer a sizeable down payment but lack conventional income documentation.
With a maximum Loan-to-Value of 65%, this product requires a down payment of at least 35% of the home's purchase price. The funds must be sourced from the borrower’s own resources, verified through banking statements, and accumulated over the preceding 90 days. Borrowing for the down payment is not permitted under this program.
Eligibility hinges on a minimum credit score of 700, alongside a solid credit repayment history with no derogatory marks. These criteria ensure that borrowers are financially stable and capable of managing the investment, despite the lack of standard income verification.
The Stated Income Mortgage provides a unique pathway to homeownership, catering to those with unconventional financial circumstances. If you’re a high-net-worth individual or a professional with variable income, this product can simplify the journey toward securing your next home.