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Stated income

I work a part-time job and also have my own business. I would prefer to go stated income instead of using my employer because I generate more income from my business. Is it better to use my employer? by roamer889 from Dixie, Georgia. Sep 27th 2018 Reply


Using your employment income will get you better rates and lower down payments. But we have options for self employed individuals with large tax deductions as well. In that case you would provide 12 or 24 months bank statements and we would average your deposits to determine your income.

Sep 27th 2018
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Hello! We offer bankstatement products as well. Here is a list1. 12 month bankstatements program 2. 24 month bankstatements program 3. 2 months bankstatement program4. Cpa verify self employment with letter programPlease reach out to me to discuss. Elisa Smith Www.contactelisa.com

Sep 27th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

For all conforming loan products, you have to prove your income via tax returns, W2's and/or pay stubs.. If you go "Stated" .. then lenders require higher down payments, typically 20% or more.. and the interest rates are much higher.. Also, the term "Stated Income" loans has taken on a new meaning.. lending laws require you to prove your ability to repay a loan... for conforming loans *(FHA, VA, USDA, Conventional).. they will require tax returns, W2's and pay stubs.. but for "non-conforming" type loans, they choose to interpret the laws differently.. they will allow you to show 12-24 months bank statements and based on the average monthly deposits, they will qualify you on that income.. but again,, expect higher down payments, higher fee's and higher interest rates. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Oct 1st 2018
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