Primary & Second Homes
Self-employed and high-net-worth buyers can qualify for a primary or second home on credit, equity, and reserves, with no income or employment verification.
Non-QM · STATED INCOME LOANS
Stated Income Loans for Self-Employed: No Tax Returns, No Employment Verification
Qualify without tax returns, pay stubs, or W-2s for primary homes, second homes, and investment property. Lenders still verify credit, assets, and reserves. We compare non-QM lenders to find the program that fits your situation.
Licensed mortgage broker · Answer Home Loans, Inc. NMLS #1729528
How you qualify
Not required
- Tax returns
- Pay stubs & W-2s
- Employment verification
What lenders review
- Credit history
- Property equity
- Assets & reserves
An appraisal is required. Programs, terms, and eligibility vary by lender.
- No Tax Returns or Pay Stubs
- Primary Homes & Investors
- Multiple Non-QM Lenders
- Licensed Broker · NMLS #1729528
Quick answer
Do Stated Income Loans Still Exist?
Yes. Stated-income-style loans are still available for primary homes, second homes, and investment property. Some non-QM lenders approve without income or employment verification, qualifying you on credit, equity, and reserves instead of tax returns, W-2s, or pay stubs. Expect a larger down payment and a higher rate than a fully documented loan.
At a glance
- Occupancy
- Primary, second home, investment
- Income documents
- Not required
- Qualified on
- Credit, equity, reserves
- Trade-off
- More equity, higher rate
Two ways to qualify
Stated Income Options for Homes and Investment Property
The right program depends on how you'll use the property. Here's how the two paths compare.
Owner-occupied
Primary and Second Homes
No income or employment verification. Instead of documenting income, lenders qualify you on your credit, the equity in the property, and your reserves.
- No tax returns, W-2s, or pay stubs
- No employment verification
- No debt-to-income ratio calculation
- First-time homebuyers may be eligible
Business purpose
Investment and Commercial Property
Business-purpose stated income and DSCR programs qualify you on the property and your overall profile, not your personal tax returns.
- Rentals, multi-unit, mixed-use, and commercial
- LLC and entity ownership accepted
- Build or expand a rental portfolio
- Cash-out refinance options
Credit, assets, and reserves are still verified and an appraisal is required. Programs, terms, and eligibility vary by lender.
Compare programs
Stated Income vs. DSCR vs. Bank Statement Loans
| Program | How income is shown | Eligible property | Best for |
|---|---|---|---|
| No-Income-Verification (Stated Income) | How income is shownNot verified. Qualify on credit, equity, and reserves | Eligible propertyPrimary, second home | Best forBorrowers who can't or prefer not to document income |
| Business-Purpose Stated Income | How income is shownStated on the application, checked for reasonableness | Eligible propertyInvestment, commercial, multi-unit | Best forInvestors and entity buyers |
| DSCR Loan | How income is shownProperty rental income covers the payment | Eligible propertyInvestment property | Best forReal estate investors growing a portfolio |
| Bank Statement Loan | How income is shown12–24 months of personal or business bank statements | Eligible propertyPrimary, second home, investment | Best forSelf-employed borrowers with strong deposits |
Requirements vary by lender and program. A licensed broker can confirm which option fits your situation.
More options
Other Ways to Qualify Without Tax Returns
If you can document your income in another way, these programs may offer better pricing than a no-income-verification loan.
Bank Statement Loans
Qualify using 12–24 months of personal or business bank statements instead of tax returns.
Learn more →Profit and Loss Loans
Qualify with a CPA- or tax-preparer-prepared profit and loss statement.
Learn more →1099 Loans
Qualify on 1099 income for independent contractors and gig workers.
Learn more →Asset Depletion Loans
Qualify based on your liquid assets instead of your employment income.
Learn more →The process
A Simpler Path to Approval
Instead of assembling tax returns, you share your scenario and the lender focuses on your credit, assets, reserves, and the property.
- 1
Share Your Scenario
Tell us about the property, how you'll use it, and your credit and assets. No tax returns, W-2s, or pay stubs. Business-purpose programs ask you to state your income on the application.
- 2
Credit, Assets & Reserves Verified
The lender reviews your credit profile, liquid assets, and cash reserves, and orders an appraisal of the property.
- 3
Approval & Closing
With strong compensating factors in place, the lender issues approval, and we coordinate your file through closing.
Where it fits
Built for These Situations
Stated income and no-income-verification financing fit borrowers and properties where tax returns don't tell the full story.
Investment Properties
Rental and fix-and-flip investors often have income that doesn't show up cleanly on tax returns. Credit, reserves, and the deal carry more weight.
Commercial Properties
Office, retail, and mixed-use properties are evaluated more on the asset and your overall financial profile than on personal income documents.
Bridge Loans
Close on a new property quickly while you arrange long-term financing or sell the property you already own.
Portfolio Loans
Portfolio lenders set their own guidelines instead of following agency rules, giving investors with multiple properties more room to qualify.
Entity & LLC Purchases
Buy through an LLC or other business entity without mixing personal tax returns into the file. Lenders review the entity documents instead.
Cash-Out Refinance
Access equity in an investment property without assembling full income documentation. Popular with business owners who keep returns private.
Foreign Nationals
Foreign nationals investing in U.S. real estate often can't supply U.S. tax documents. Programs for these buyers rely on credit and verified assets.
Multi-Unit Properties
Two-unit and larger residential buildings and small apartment complexes, where rental income and asset strength often outweigh personal income documents.
The advantage
Why Borrowers Work With Us
Programs built around the way self-employed borrowers, investors, and business owners actually earn, not the way W-2 employees file taxes.
No Tax Return Documentation
Skip tax transcripts and explaining complex deductions to an underwriter.
Fewer Document Requests
Without full income documentation, files typically move from application to approval with less back-and-forth.
Flexible for Complex Income
Seasonal income, business distributions, and self-employment earnings don't need to be averaged across two years of returns.
Ideal for LLC & Entity Purchases
Entity buyers avoid mixing personal tax returns with business financials during underwriting.
Strong Credit, Better Pricing
Borrowers with excellent credit and ample reserves are rewarded with more competitive terms, even in a non-QM program.
Many Property Types
Primary and second homes, rentals, multi-unit, commercial, and mixed-use properties can all be considered.
Cash-Out Options
Access equity from investment properties through a cash-out refinance without the documentation burden of a conventional loan.
Multiple Lenders & Programs
We compare a network of non-QM and portfolio lenders to match your credit profile and property to the best available option.
Requirements
What You'll Need to Qualify
Because income isn't documented with tax returns, lenders rely on stronger compensating factors. Here's what they typically look for.
Note: Credit score minimums, down payment, reserve levels, and eligible property types vary by lender and program and are subject to change. Talk with a licensed mortgage professional for program-specific requirements.
- 01
Strong Credit Profile
Credit history is the primary compensating factor. Minimum scores vary by program, and higher scores generally earn better pricing and larger loan amounts.
- 02
More Equity or a Larger Down Payment
A larger equity stake reduces lender risk when income isn't verified. Expect a larger down payment than a fully documented loan. Exact requirements vary by program.
- 03
Verifiable Liquid Assets and Cash Reserves
Lenders verify bank, investment, and reserve accounts. Adequate reserves, typically several months of mortgage payments, are a core requirement.
- 04
Reasonable Stated Income (Business-Purpose Programs)
When a program asks you to state your income, the figure should fit your occupation or business. An implausible number will raise underwriting flags.
- 05
Eligible Property and Occupancy
Primary and second homes qualify through no-income-verification programs. Investment, commercial, and multi-unit properties qualify through business-purpose stated income or DSCR programs.
- 06
Entity Documents if Buying Through a Business
For an LLC, corporation, or partnership, lenders request formation documents, the operating agreement, and proof of good standing. Personal tax returns aren't required.
FAQ
Frequently Asked Questions About Stated Income Loans
Straight answers about qualifying without tax returns, for homes and investment property.
Can I get a stated income loan for a primary residence, or only investment properties?
Yes. Some non-QM lenders in our network offer no-income-verification programs for primary and second homes. Instead of tax returns, pay stubs or employment verification, approval is based on your credit, the equity in the property and your reserves. These loans typically require more equity and carry higher rates than fully documented mortgages.
What happens if my declared income doesn't match my occupation or business type?
For programs where you state your income, lenders review it for reasonableness against your occupation, business type, and overall financial profile, even though they don't verify it with tax returns or pay stubs. If the figure looks inconsistent with your profession or your credit and asset profile, underwriters may ask for more context or decline the loan. Accurately representing your income is essential to a smooth approval.
How does a stated income loan affect my interest rate compared to a fully documented loan?
Stated income and no-income-verification loans typically carry higher interest rates than fully documented loans, reflecting the added risk of unverified income. The exact premium depends on your credit score, equity, property type, and reserves. Borrowers with stronger compensating factors generally see better pricing.
Can I use a stated income loan to purchase multiple investment properties?
Yes. Stated income and DSCR financing are commonly used by investors building or scaling a rental portfolio, since qualification focuses on the property and your overall financial profile rather than a personal debt-to-income ratio. Each lender sets its own limits on total exposure, reserves, and the number of financed properties.
Is a stated income loan the same as a "no-doc" loan?
Not exactly. True no-doc loans, common before 2008, involved minimal underwriting. Today's stated income and no-income-verification programs still verify your credit, assets, and reserves and require an appraisal. What's different is that your income isn't documented with tax returns or pay stubs.
Which property types qualify for stated income financing?
Primary residences and second homes can qualify through no-income-verification programs, which approve based on credit, equity, and reserves. Investment properties, commercial real estate (office, retail, mixed-use), multi-unit residential buildings, and some bridge scenarios qualify through business-purpose stated income and DSCR programs. Eligibility, loan limits, and property requirements vary by lender.
Stated income and no-income-verification loans offer a simpler path to financing for homes and investment property. Requirements vary by lender. Talk with a licensed mortgage broker to compare current programs.
Get My Free QuoteExample scenarios
Stated Income Scenarios Borrowers Can Identify With
Self-Employed Buyer, Primary Home
Illustrative example, not an actual client.
A business owner wanted to buy a primary home, but large business deductions made their tax returns show far less income than they actually earn. A no-income-verification program could qualify them on their credit, the equity from their down payment, and their reserves instead.
Timelines, rates, and terms vary by lender and borrower profile.
Investor With Eight Rental Properties
Illustrative example, not an actual client.
An investor with eight rentals had tax returns reduced by depreciation and pass-through losses, so conventional lenders saw little income on paper. A business-purpose stated income or DSCR program could qualify the next purchase on credit, reserves, and the property.
Timelines, rates, and terms vary by lender and borrower profile.
Seasonal Business Owner, Mixed-Use Building
Illustrative example, not an actual client.
A seasonal business owner wanted to buy a mixed-use building. Uneven quarterly income made full documentation difficult. A business-purpose stated income program could qualify the purchase on credit, assets, reserves, and the property.
Timelines, rates, and terms vary by lender and borrower profile.
Get Started
Ready to Skip the Paperwork? Choose a Stated Income Loan
Fill out the short form and a stated income specialist will follow up within minutes. No hard credit pull, no commitment — just clear answers about what you qualify for.
Response within minutes
A specialist reviews every submission and follows up fast — not days later.
No hard credit pull
Getting a quote doesn't touch your credit score. We only pull credit when you're ready to proceed.
Investor & entity purchase specialists
Our team works exclusively with investment, commercial, and LLC purchase scenarios.
Access to multiple lenders
We compare stated income and non-QM programs across our portfolio lender network to find the best fit.