Top Jumbo Stated Income Lenders for 2020
Where Can I find a Jumbo Stated Income Lender?
Do jumbo stated income lenders exist in 2019?
Jumbo Stated income loans are absolutely available but there are only a handful of jumbo lenders who offer them.
Stated income loans are for self employed individuals who cannot qualify based upon the net income on their tax returns. Without the ability to document their income, self employed borrowers turn to stated income loans.
What is a Jumbo Stated Income Loan?
A jumbo stated income loan is a mortgage program that does not require full documentation for a mortgage that is over the conforming loan amount of $484,350 in 2019
We will take you through your options, what you need to qualify and where you can find one of these loans from a jumbo stated income lender. We have been the stated income resource for almost 15 years so you came to the right place. Feel comfortable contacting us for a free consultation just to find out more and see whether you qualify and what your rate could be.
What Jumbo Stated Income Programs Are Available Now?
Jumbo stated income lenders only offer the these types of programs to self employed borrowers. Self employed individuals have a problem in that they take all of the legal tax deductions, but then when it comes to applying for a mortgage they are showing a much lower net income. The net income after expenses is what makes it very difficult to qualify for the mortgage.
Jumbo Stated Income Loan Basics
The basic elements of a jumbo stated loan program is for the lender to see a steady flow of money coming into your bank accounts. They will typically use the last 12-24 months bank statements to get an average monthly flow. A percentage of the average deposits are used and will be considered to be “income”. They may also combine your business accounts and your personal accounts.
The loan to value ratios may vary but will most likely be higher than a conventional loan and sometimes up to 50%. It is best to speak with one of our lenders to get the specifics on the program and guidelines in your state. The jumbo version will have loan amounts as high as $5 million depending upon the lender. We are helping people to get these loans every day. Click for a free consultation.
Jumbo Stated Income Lender Requirements
- You must be self employed for at least two years.
- There will be a minimum of a 10% down payment needed for a purchase or for a refinance you can borrow up to 90% of the value of your home. Some lenders require 15%.
- You will be asked to provide 12-24 months bank statements.
- You may also be asked for your tax returns but they will still use your bank statements to qualify you.
- Stated income credit score requirements vary by lender but you can expect your scores need to be greater than 600
- If you have a foreclosure or bankruptcy, then certain lenders may require a higher down payment
If you are ready to speak with a stated income lender, we recommend you click for a free consultation now.
Who Are the Top Jumbo Stated Income Lenders?
There are a few lenders who offer jumbo stated income loans. Some of them include Carrington, Angel Oak, FNBA and others. The offerings and guidelines change constantly, and it will be difficult for you to research them all. We are making this extremely easy for you. Simply complete the contact form here and with some basic information about your loan scenario, we can match you with the right jumbo stated income lender directly.
What Are the Jumbo Stated Income Rates?
The rates for a jumbo stated income loan will be higher than what you may find for a jumbo mortgage where you qualify using full documentation. However, the difference between the two rates is not that significant. If you are self employed and need a jumbo loan to buy your home, then this really is going to be a great option for you.
Pros and Cons of a Jumbo Stated Income Loan
- Jumbo stated income loans allow self employed borrowers to qualify when conventional loans will not work.
- No need to provide tax returns for qualification purposes
- Rates are still competitive even with the reduced documentation
- You can get a loan with as little as 10% down.
- Some lenders allow for recent bankruptcies
- Credit score requirements are more lenient and sometimes as low as the mid 500’s
- You still need to provide bank statements
- None of the government programs such as FHA apply. There is no such thing as a stated income FHA loan, stated income VA loan or stated income USDA loan.
- The rates are slightly higher than a conventional loan.
- These programs are not easy to find. This is where we can help with our free lender match service.
**See our stated income frequently asked question section below
Jumbo Stated Income Frequently Asked Questions
What is a jumbo stated income loan?
It is a loan where borrowers provide reduced documentation and qualify for loans up to $5 million for their primary residence.
Are jumbo stated income loans still available?
Jumbo stated income loans are available although there are very few jumbo stated income lenders available.
Can I get a jumbo stated income cash-out refinance loan?
Jumbo stated income cash-out refinance loans are available if you qualify. Your maximum loan to value ratio may be 85%
Do I Need to Be Self Employed for a jumbo stated income loan?
You must be self employed for a minimum of two years. You must be able to prove that you have had the business. Either something tangible like a business listing or even a letter written by your accountant would work.
Is it hard to find jumbo stated income lenders?
Jumbo stated income lenders are not your local bank which makes it more difficult to find these lenders. You also are not going to find these programs by going to a place like LendingTree. We have been connected to the lenders who offer these programs for 15 years. You came to the right place. Just let us help you.
What states are jumbo stated income loans available in?
Jumbo stated income loans are available in all 50 states. Not all lenders can help you in all 50 states and their guidelines and requirements are all different. This is where our free lender match service can help.
We are able to help you to find a jumbo stated income loan with the best jumbo stated income lenders in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.