Simplify Your Mortgage with Stated Income Loans

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What is a Stated Income Loan?

A Stated Income Loan is a type of mortgage designed for borrowers who may not have traditional income documentation, such as W-2s or tax returns. Instead of providing detailed income verification, borrowers state their income, which is then verified through other means such as bank statements or financial statements.

This type of loan is ideal for self-employed individuals, freelancers, or those with irregular income sources. By focusing on overall financial health and alternative income verification methods, these loans make it possible for a wider range of borrowers to qualify.

Loan Benefits

Flexible Income Verification

Qualify using stated income and alternative verification methods, bypassing traditional documentation.

Competitive Rates

Enjoy favorable interest rates tailored to your financial situation and income verification method.

Streamlined Process

Experience a simplified application and approval process, designed to accommodate non-traditional income sources.

Eligibility Requirements

Good credit score (specific score requirements vary)
Proof of self-employment or non-traditional income sources
Bank statements or financial statements to verify stated income
Sufficient assets to cover down payment and closing costs
Debt-to-income ratio within acceptable limits
No significant recent financial issues (e.g., bankruptcies, foreclosures)
Owner occupied, second homes, and non owner occupied properties

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Frequently asked questions

What documentation is needed for a Stated Income Loan?

Typically, you'll need bank statements or financial statements to verify your stated income.

Can I use a Stated Income Loan to refinance my existing mortgage?

Yes, Stated Income Loans can be used for both purchasing a new home and refinancing an existing mortgage.

What is the minimum credit score needed for a Stated Income Loan?

While requirements vary, a minimum credit score of 620 is typically needed to qualify.

How does the approval process for a Stated Income Loan differ from traditional loans?

The process focuses on stated income and alternative verification methods, which may be simpler and faster.

Are there any restrictions on the types of properties that can be financed with a Stated Income Loan?

These loans can be used to finance a variety of property types, including primary residences, second homes, and investment properties.

See what our clients say about us

We are humbled by the kind words of our clients. And we are happy that we were the ones to help turn their mortgage goals into reality.

First-Time Homebuyers' Delight

Suzie and the Truss Financial Group exceeded our expectations in securing our mortgage as first-time homebuyers. Suzie's expertise and guidance made the potentially daunting process incredibly smooth and manageable.

Robert F.

San Tan Valley, AZ, Software Engineer

Great for Bank Statement Loans

I did a bank statement income loan and it chose to not include some deposits. This is just a heads up, not a complaint. Truss is definitely a good company, and I would ABSOLUTELY work with them again. Marcus was honest and helpful throughout the process.

Berj F.

Concord, CA, Business Owner

Personalized Service

"I am more than pleased to work with Delania Tak and would confidently recommend her to anyone seeking reliable assistance in securing a loan. Her commitment to excellence and personalized care make her an exceptional choice."

Howard L.

CA, Real Estate Investor

Cash-Out Refinance Made Easy

Thank you so much to Guillermo Correa and Truss Financial. They made doing my cash-out refinance a piece of cake! The interest rate was much lower than other lenders I checked with. The fees were reasonable, and the timeline was very smooth.

RealEstateLady 1.

Sandy, OR, Real Estate Broker

Exceptional for Self-Employed

After months of struggling with other lenders, Paul at Truss Financial made it easy to complete a cash-out refinance of a new primary residence. As a small business owner and real estate investor, my income situation is complicated but Paul was able to guide me through the process with relative ease.

Baird K.

New York, NY, Small Business Owner and Real Estate Investor

Innovative Solutions for Self-Employed

Garrett Jimenez was super creative and helpful every step of the way. Being self-employed makes getting a loan difficult. But he found ways to overcome each and every hurdle and really hit a home run for us.

Jason M.

Rancho Cucamonga, CA, Self-Employed Individual