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State Income loans were created for self-employed people or people who have complicated tax schedules but has become more widespread and popular. This loan allows for borrowers to simply state their income, like the title would imply, rather than provide W2s or tax returns in the application process. This is a benefit if you your tax forms do not show your full income.
How does a Stated Income Loan work?
A SISA, or stated income loan allows you to state your monthly incomes and assets on the loan application and the bank or lender will not need a verification of the information as they would with a conventional loan. However, the lender will want to verify that you are employed with your employer or with a CPA letter for self-employed individuals. Sometimes a lender will ask for bank statements which can determine if you are able to make loan payments. This loan leaves enough room for people who do not have a conventional income to qualify, however there are regulations set in place to insure the lenders that you have an income that can support loan payments.
What are the qualifications?
Stated income loans usually require a good credit score and a 30% downpayment. Luckily that down payment can be borrowed from the seller or a family member. The interest rates for this type of loan are typically a little higher than conventional market rates with rates between 7%-9% but borrowers always have the option to refinance their home after three years and there will be no prepay penalty. This slightly higher interest rate is due to the low requirements needed to qualify for the loan.
This type of loan is a great solution for self-employed individuals who cannot provide conventional proof of employment, or for bowers who cannot prove consistent income and or provide proof of all their income on tax forms. This allows for those people to qualify for a loan with out a long underwriting process and income verification.
Many people believed that Stated Income loans did not exist anymore, however they are still a great option if you are self-employed, or unable to show proof of your income. This can help you get in the home of your dreams without a complicated process. Make sure you shop around to get the best rates and program for you. Stated income mortgage loans are coming back with lenders in 2016. See stated income rates, guidelines and lenders