Stated Income Loans
For those who may not qualify for traditional home loans
Stated income loans fall under the category of Non-QM (Non-Qualified Mortgage) loans, providing a flexible alternative for borrowers to state and substantiate their income, similar to conventional home loans. However, they differ significantly in the verification methods applied for income assessment.
In contrast to traditional mortgages, stated income loans offer more flexibility in income verification, eliminating the need for tax returns. Instead, these loans require alternative documentation such as Verification of Employment (VOE), a Profit and Loss statement (P&L), or bank statements to validate the borrower’s income.
DSCR Loans for Investment Properties
Primarily designed for investment properties, IBIS Financial Corporation also provides DSCR (Debt-Service Coverage Ratio) loans, which utilize rental income as a qualifying factor. These loans require a robust credit score exceeding 700 to be eligible. The emphasis on creditworthiness, alongside the utilization of rental income to assess qualification, distinguishes these loans from traditional lending methods.
The absence of tax return requirements and the adaptability in income verification methods make stated income loans an attractive option for self-employed individuals or high net-worth borrowers who may have unconventional income sources or difficulty in providing standard income documentation. However, a solid credit history and adequate rental income become pivotal factors in qualifying for these specialized loans.
Empower your finances today
Experience flexibility with our stated income loans. Tailored for self-employed individuals or high net-worth borrowers, offering financial freedom. Explore flexible financing options now by calling our office today.