Our Bank Statement and Stated Income Loan Rates Are Low & Our Process is Quick & Painless
Stated income loans are now available! Before the mortgage crash in 2008, most loans were stated income loans. These loans were built for self employed homeowners or buyers who had too low of income on tax returns to qualify for a home loan. The IRS tax code is built for self employed folks to write off expenses however when trying to use full income documentation to qualify for a loan, there wouldn’t be enough income after the write-offs. Banks and investors came out with stated income so that self employed people could buy or refinance. These are higher risk loans so the interest rate will typically be higher however it’s a great program for those that have no other options.
With these loans, you must be self employed for at least 2 years and you can qualify with as low as a 600 median credit score. There are 2 versions of this program. Our first program requires 12 months personal banks statements or 24 months of business bank statements. We look at the deposits in the account and average them over a 12 or 24 month period. If you can’t furnish these bank statements or the deposits are still too low, our 2nd program is a true stated income program and business bank statements are not required. Keep in mind the less documentation you have the higher the risk which means the higher the interest rate of the loan.
We’re here to make the stated income home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE Stated Income Loan Qualifier.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you – whether you’re a first-time home buyer or a seasoned investor.
The Bank Statement and Stated Loan Process
Here’s how our home loan process works:
- Complete our simple Stated Income Loan Qualifier
- Receive options based on your unique criteria and scenario
- Compare mortgage interest rates and terms
- Choose the offer that best fits your needs