The process of applying for a loan and getting approved has a lot of steps. The last sentence makes it seem like it’s only two steps and happens in a jiffy (I don’t use that word enough). If you’ve already been turned down by a big bank and are seeking a stated income mortgage, it’s good to know the timeline.
For this blog post on stated income mortgage timelines, I went deep undercover. Like big time investigative journalist undercover. I developed a relationship with a source in the industry. Of course, he only wanted to meet in parking garages at night. We also had code names: I was Donner, and he was Blitzen.
On our 8th meeting, he let me know that I could share the standard timeline for stated income mortgages on the condition of anonymity. The answer is: about 45 days.
I could have taken this information to the New York Times or Washington Post, but I keep it real. I deliver for my readers here at A Nightmare on Loan Street Blog first. So there you have it.
“Blitzen” also let me know that stated income mortgages could be approved as quickly as 21 days. But this is presuming you have your *ish* together. By that, I mean paperwork like bank statements and P&Ls ready to go. It also means a transparent conversation with the broker. Let them know if you’ve been turned down before and why. This will save you both time. Otherwise, they may end up going to that same lender again without knowing you’ve already been turned down.
It’s definitely helpful that you come correct with all of the information about your business and the source of your down payment. It could slow things down significantly if you forget to mention things like “oh yeah I have a partner who owns 30% of the business” or “the down payment was a gift”.
Now that you know the standard timeline for stated income mortgages, it’s time for me to bring this information to the masses. I’ll have to figure out what to wear when I accept my Pulitzer, so send me an email with suggestions.
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