New Jersey Stated Income Loans (N/A)
A stated income loan is a mortgage loan available for individuals that are self-employed and may not have the traditional income verification documents like w-2’s and tax returns needed for a mortgage. Originally created to help borrowers with complicated tax schedules, a stated income loan allows you to state your gross monthly income and include your assets and verify them by providing bank statements or similar asset documents.
Qualify for a Stated Income Loan
In order to qualify for a stated income loan, you must have a minimum down payment of 35% of the loan total. You also must be self-employed for a minimum of 2 years and your loan must be for your primary residence only. You must also make sure that your Job Description/Title match up to your gross income statement. If you are stating an income of $30,000 monthly as a lawyer, it’s feasible, but if you are stating an income of $30,000 a month as a customer service representative, it seems unlikely and therefore you could be denied the loan, or requested to fill out the IRS 4506 which allows the lender to request tax return verifications for up to two years.
Lion Mortgage offers stated income loans in New Jersey and would be happy to help you get pre-approved. Simply fill out the Quick Quote form online or give us a call and we will contact you as soon as possible with your best mortgage option for a stated income loan.
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