Stated Income Stated Asset Loans - updated July 2008

Stated Income, Stated Assets loans are still available for loans up to $417,000 as of July 2008, but not in all states. 

These loans are run through our automated underwriting system and they are sold to either Fannie Mae or Freddie Mac and they require a signed 4506. They are for those with excellent credit and assets who are looking to streamline the mortgage application process.

If you are self-employed, then employment verification is typically handled one of 3 ways:  

• Letter from your CPA verifying that you have been self-employed for at least 2 years and that you have, in fact, filed your returns as a self employed individual and we will ask the CPA to confirm this.
• Business licenses for the past 2 years. 
• If you work for someone else then we will verbally verify your employment with a telephone call, but the employer needs to be listed in the phone directory and we will confirm the existence of the employer from multiple sources. 

If you cannot provide any of the above, but you have an employment (or self employment) situation that makes sense then we may still be able to do the loan for you.  For instance, we have done numerous loans for strong borrowers that do not have their own company, but do a lot of contract work for one or more companies and have been for 2 or more years.   We will typically verify this with the companies they are contracted with and/or with their CPA.  Again, like all stated income situations the scenario has to make sense and we have to be able to connect the dots.  (We are not going to lend to someone who is not creditworthy or whose employment situation is not solid or someone who is obviously looking to cheat the system).

If you can verify assets then please visit our Stated Income Loan  page 

Please note:  We get a lot of calls from frustrated borrowers who are having trouble with their current lender due to the fact that the lender either didn't completely understand that they needed a Stated Income, Stated Asset Loan...or the lender has been less than truthful about what it takes to qualify, or "misquoted" the rate and points, or wasn't truthful about how long it would take to get approval, or they made a mistake and they needed you to prove assets, or income, or etc.  Well, as direct lender we underwrite, close and fund our Stated Income, Stated Asset loans "in house" and very quickly. ( We will typically issue an initial approval the same day that you apply).

 We are not a huge call center and we provide a very high level of personalized customer service with excellent rates and fees.