Stated income mortgages are now available again in New York (both New York City and throughout the entire state of New York). This includes a handful of mortgage lenders that offer what are known as “alternative income verification loans”, which are also often called “alternative documentation mortgage loans”, or “bank statement loan programs”. All of these terms are interchangeable and mean the same thing.
These new loan products differ from the pre-recession mortgage programs, which were infamously known as “liar loans”. Today’s stated income loans actually require that your income be verified, however there are flexible options in how this verification takes place. Participating stated income lenders often allow either 12 or 24 months of bank statements to be used instead of tax returns. This is most helpful for borrowers who receive their income from many sources, such as those who are self employed.
Below are a few of the top stated income lenders in New York that offer bank statement programs.
New York Stated Income Mortgage Lenders:
3 – JMAC Lending
Would you like help seeing if you qualify for a home loan with these lenders and more? Contact us for assistance. We offer a free lender matching service.
Frequently Asked Questions
Q: What type of bank statements can be used?
A: Any personal or business bank statement is allowed. Some lenders will only qualify 50% of the business bank account deposits. You should be able to use the combined amounts of any bank accounts or financial institutions that you collect income into.
Q: What other documentation is needed to qualify?
A: You will most likely need to provide a profit and loss statement. As far as we are aware, all stated income lenders in New York require a profit and loss statement for their bank statement program. These are also known as P&Ls.
Q: What is the typical down payment needed?
A: Each lender has their own down payment requirements, but most require at least 20-30%.
Q: Can these loans be used to purchase investment properties?
A: Yes, in fact these loans are very popular with investors.
Q: How long do I have to have been in business or self employed?
A: Most lenders will want there to be at least 2 years of business history.
Q: What sort of self employed people can qualify for stated income mortgages?
A: Any legitimate business will qualify. This includes a variety of business owners and contractors.