Stated Income Programs

Self Employed and write off most of your income?
Income down so your DTI (debt to income ratio) too high to qualify for a standard loan?

Many people, especially in California, make a good income but write off most of it to keep their tax bill low. Or changes may have occurred so your income could be down. You need an option that will still work. Our Stated Income products might be just the thing.

While rates are a bit higher, it beats paying out a lot of money each year in taxes. We have three stated options:

  • 12 Month Bank Statement program – Send us 12 months of personal bank statements and we will use your deposits only to qualify you. We do not take expenses into consideration and will not need tax returns, W2s or 1099s
  • 24 Month Bank Statement program – Similar to the 12 month program. We average deposits over 24 months instead. Might as well send us 24 months and we will choose the best program between the 12 and 24 month programs.
  • P&L program – If checks you receive do not show enough in deposits for you to qualify for purchase or refinance, and you own a business, we can lend money based on Profit & Loss statements. We will need current year to date and one other complete year, signed both by you and your tax preparer.

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