Eligibility Criteria for Stated Income Loans

To qualify for a stated income loan, borrowers need to meet certain criteria, which may vary depending on the specific loan program and lender. Here are some common eligibility requirements:

• For self-employed borrowers, a minimum of two years of self-employment is typically required.
• Credit score requirements are generally higher for stated income loans, with a minimum credit score of around 620.
• Down payment requirements for stated income loans starting at 10% but varying by loan program.

It’s important to note that while stated income loans offer flexibility in income documentation, borrowers still need to demonstrate creditworthiness and the ability to repay the loan.