A Stated Income Loan is when a mortgage in which the lender does not verify the borrower’s income and instead takes them at their word. These loans are a step above hard money loans and offer a quick loan process.
Typical Items Needed for a Stated Income Loan:
- Loan Application
- Borrower Authorization
- Bank Statements
- Picture ID
- Proof of Income Form W2
- Income Tax
- Loan Submission Form
- Home Owners Insurance
- Mortgage Statement for Payoff Information
- Purchase Agreement (Contract)
If Property is Leased/Rented:
- Lease agreement
If Corporation:
- Articles of Incorporation
- Bylaws
- Statement of Information
- Form W9
If LLC:
- Articles of Organization
- Statement of Information
- Form W9
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