What kind of documentation do you need to provide when you get a stated income loan today ?

Posted on Sep 28, 2012 in Stated Income Loans

Question by love_people_please: What kind of documentation do you need to provide when you get a stated income loan today ?
I’ve heard that lenders are asking for documentation proving your income even on stated loans. My husband is self-employed and I get tips.

Best answer:

Answer by Landlord
Your tax returns for the last two years are usually proof enough.

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4avg.rating 24 votes.

2 Comments

  1. He will need a breakdown of his accounts and tax papers for the previous tax year showing total income and tax paid as well as a prediction done by his accountant for the coming tax year. He will also need account statements for the past 3 or 6 months (I don’t recall, but I think it’s 6 months)

    That was the documents my husband needed when he got his loan and he’s also self employed.
    Just ask the bank what they will need if your husband does his own accounts, it may be different. Good luck. It is fairly straight forward, especially if you’ve been with your bank for a few years.

  2. If it is a stated income loan, then NO documents are needed to verify the income, hence the name “stated”. You may need to provide bank statements verifying enough assets to make 6 months of mortgage payments, that would be a SIVA loan (Stated income, verified assets).

    Bottom line: ask your lender.