Stated Income Loans

Do you desire to become an investor that owns and manages apartment complexes? Or say you own several homes and desire to manage your growing portfolio. If this sounds like you, then you likely have unusual income sources that do not meet certain loan expectations. Luckily, a stated income loan can help you get faster financing approval. Hard money loans are available through Commercial Mortgage Depot (CMD) in New York, New Jersey, Connecticut and Pennsylvania. Contact our offices in Clifton, NJ today!

Understanding Stated Income Loans

Stated income loans are very straightforward. In the process of approval, you can state your income even if it is not documented through pay stubs and tax statements. You can use this type of mortgage for either purchase or for renovation mortgages. Commercial Mortgage Depot has a fast approval process. If you are a business owner or have non-traditional methods of income and challenges documenting, you can simply print out profit and loss or bank statements for approval. Often times owners of several properties use this approval process to pay for various needs in their housing.

If you have a lot of debt, then the approval process may be tougher, unless you are able to provide a larger cash down payment to get the loan to a more reasonable size. Sometimes, the lender may charge a higher interest rate if they see more risk. In addition, your credit score is still reviewed. Many people can be approved for stated income loans, but this is not an example of every case. Here are some of the documents reviewed:

• A credit score of 600-660 and a minimum loan amount.
• Bank statements covering a period of 12 to 24 months.
• Non-owner-occupied property.
• Minimum 30% down payment (or equity if seeking to refinance).

Reasons to Use A Stated Income Loan

Stated income loans can really streamline the process to get you fast approval for your financing. Providing documentation may be easy.  If you can document your assets and sources of income, then we can work with you. Many property owners use this type of funding to quickly cash out and finance repairs or renovations. Others use it to pull out cash and repay other debts.

In some cases, people are declined from another type of loan program for insufficient documentation of income. So, they turn to a stated income loan. Some lenders can use manual underwriting to find a way to approve you. Stated income loans are also ideal for people looking to use their assets to get into real estate investing.

Commercial Mortgage Depot (CMD) has fast approval for stated income loans on properties in New York, New Jersey, Connecticut and Pennsylvania. Our team in Clifton, NJ is standing by to help out!