Stated Income Construction Loans

Stated income loans are for those borrowers who cannot easily document their full income.

Perhaps you are self-employed or earn the majority of your income from 1099 income or commissions. Or maybe you are a W2 earner who has other additional income that is not easily documented.

In any case, stated income loans allow you to "state" your income on the application, with no need to prove it. This is not a "no doc" loan. You will still have to prove your employment and your assets.

If you are self employed, you will need to have proof of the last two years of self employment. You will need "seasoned" liquid assets - typically several months worth of the new loan's payment in your personal (not a business) account for at least 90 days.

As a stated income borrower, you will be held to a slightly higher standard than those who can fully document their income. This additional asset and credit requirment is the trade off for not having to prove your income.

Owner Builder 101 has currently suspended its stated income program for owner-builders.

This policy change will be toughest on self-employed borrowers. However, if you are a self-employed borrower, there is a good chance we will still be able to provide an owner-builder loan by documenting the gross income from your tax returns.

Often, we can use the gross income from a self-employed borrower's most recent tax returns, instead of having to document income from the previous 2 years.

And, our income calculations are relatively flexible for self-employed borrowers!

Between these two factors, we can often qualify self-employed borrowers without having to use a "stated income" program.

So, if you have any questions as to how much you might qualify for, then be sure to contact us.

The best way to reach us is to fill out our Owner Builder Information Request form. One of our representatives will contact you very shortly at the daytime phone number you list on the form.

If you think you may need a stated income loan, contact us by completing our information request form so that we may assist you in properly structuring the loan.

We speak to several people each week who ignore this advice and then find out that they can't do what they thought they could do. And, to make matters worse, if they had contacted us first and taken our advice, they could have.