Stated Income Loan

A "stated income" loan is also referred to as a "no-doc", or no documentation loan. This is typically the route to go if self-employed, paid on commission or you have income that is not easily verifiable.

You will undergo a credit check and a high FICO score is a big plus. On the loan application simply state your occupation and income. You don’t have to give the lender copies of pay stubs, W-2's, tax returns, 1099's or other direct evidence of income. You do have to provide bank statements and other documentation that prove you have cash and/or other liquid assets to cover the down payment, closing costs and additional reserves. You may have to provide 12 months of cancelled rent checks.

When applicable, many lenders want a letter from an accountant verifying that you've been self-employed for the past 2 years. Your accountant, however, doesn't have to say anything about your income or net worth.
Consult your mortgage broker or banker for details.

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