Stated

Income Mortgage

This program is designed for self-employed borrowers who are unable to provide traditional income verification but have a proven 2-year history of managing their credit and finances responsibly. Eligible borrowers typically own a small size business for a minimum of two years, which can be confirmed via a third-party arms length document. In addition, the borrower is required to declare their annual income, which should be reasonable based on the industry, length of operation and type of business.

This product differs from the "Alt-A" program as no insurer premium.

Key components of this product are:

Purchase with as little as 20% down payment
Maximum two units and one must be owner occupied
New and existing construction
The income reported by the borrower must be reasonable based on the industry, length of operation and type of business