Stated Income/Stated Asset Loan

If you have an excellent credit rating but a substandard debt-to-income ratio or some other problem with providing the documentation required to verify your income, a stated income/stated asset mortgage loan may be your best or only option.

In this case, a lender can sign off on your loan without verifying your income and depending on the loan type, your liquid assets. This mortgage product can either increase your buying power altogether or can help you qualify for a mortgage loan. It’s a practical option if you can afford to pay an agreed upon amount but can’t prove your ability to pay it. Common candidates for this type of loan are the self-employed, and service employees who earn tips.

For the self-employed, lenders may look for an at least two-year self-employment history or outside employment history in the same field. In some cases borrowers can prove their stated employment record by obtaining a letter from an accountant or CPA that verifies the borrower’s self-employment history. The letter must be typed on the accountant’s or CPA’s company letterhead. A two-year business license confirmation also may provide the required proof. The type of loan that will be obtained with the stated income mortgage also can impose additional qualifiers.


  • Are You Ready to Own a Home?
  • Home Buyer's Step By Step Guide
  • Evaluating Neighborhoods
  • Home Buyer Remorse
  • The Home Inspection
  • The Final Walk Through
  • What You Need to Know about Homeowner's Insurance
  • Home Ownership Pays
  • ThAT Perfect Home: Must-Haves and Wish List
  • The Purchase Offer
  • Why You Should Hire a Realtor:Buyer Benefits
  • Ship-Shape Credit: Keeping Your Finances in Shape
  • It's a Buyers' Market for Investors too
  • Financing Articles Links

  • How Much Home Can You Afford
  • Mortgage Basics
  • Adjustable Rate Mortgages
  • Bridge Loans
  • Capital Gains Tax
  • How Your Credit Score Affects Your Buying Power
  • Debt to Income Ratio
  • FHA Loan
  • Fixed Rate Mortgage
  • Good Faith Estimate (GFE)
  • PMI- Private Mortgage Insurance
  • A Pre-approved Buyer is a Serious Buyer
  • Shopping for Interest Rates
  • The Stated Income/Stated Asset LoaN