Stated Income Mortgage Come-Back: Should You Get One?

Written by Banks Editorial Team
2 min. read
Written by Banks Editorial Team
2 min. read

Sponsored By

Before the housing market took a nose dive in 2008, stated income loans were a hot commodity. Although they’ve dwindled in popularity and are no longer available, there are still alternatives to choose from if you’re having trouble qualifying for a traditional mortgage

Traditional and NQ Mortgage Loans

Are you looking to finance a home too expensive for a conventional loan? An Angel Oak Jumbo Loan can provide financing for up to $3.5 million.

What is a Stated Income Mortgage?

Stated income mortgages are home loan products that do not require income documentation or verification. They’re commonly referred to as no income-no asset (NINA) loans since you technically only need a solid credit rating to qualify. 

How Is a Stated Income Mortgage Different from a Traditional One?

Traditional mortgages are only available to borrowers that can prove their income through financial documents. However, income verification is not required with a stated income mortgage. 

How to Prove Your Income for a Traditional Mortgage

You can prove your income for a traditional mortgage by providing pay stubs, W2s, and tax returns to the lender. 

Can You Get a Stated Income Mortgage Today?

In short, no. The Dodd-Frank Act, which was enacted in 2010, requires borrowers to prove that they’re able to repay a mortgage loan before getting approved by a lender. This legislation protects both borrowers and lenders – the risk of foreclosure is lower, and the lenders are less likely to sustain sizable losses. 

You’ll have to do a little more legwork to find viable alternatives. Or you can consider a reputable lender, like Angel Oak Home Loans, which provides non-traditional mortgage loans. 

Alternatives to Stated Income Mortgages: Non-QM Mortgages 

Consider these non-qualified mortgage products from Angel Oak Home Loans to secure the financing you need. 

Traditional and NQ Mortgage Loans

Are you looking to finance a home too expensive for a conventional loan? An Angel Oak Jumbo Loan can provide financing for up to $3.5 million.

Bank Statement Loans

If you’re self-employed with two years of experience, you may be eligible for a Bank Statement Home Loan of up to $3 million. It can be used to purchase a single-family home, condo or townhome to use as your primary residence, second home or an investment property. Rate-term and cash-out refinance are also available. You’ll need to provide 12 or 24 months of personal or business bank statements when you apply. 

1099 Income Loan

Use your 1099 earnings to qualify for a home loan for a purchase or refinance with this mortgage product. Loans between $150,000 and $3 million are available, and you’ll need a credit score of at least 680 to be eligible for funding. Furthermore, you should have 1099 earnings from the same employer for at least two years. You can also use bank statements to qualify.

Asset Qualifier Loan

Borrowers with at least $500,000 in liquid assets, including checking and savings accounts, retirement accounts and stocks, may find this home loan appealing. You should have this amount available post-closing, and it’s a must that the assets are seasoned for at least six months. Asset Qualifier Loans are capped at $3 million. 

Investor Cash Flow Loan

Investor Cash Flow Loans cater to real estate investors who’d prefer to use the earning potential on a property they’re looking to purchase instead of tax returns or income statements. This means you can qualify without providing any employment documentation. You can borrow up to $1.5 million, and there’s no limit on the number of properties you can purchase. Like the other non-traditional mortgage products from Angel Oak Home Loans, it can also be used for a rate-term or cash-out refinance. 

How to Get a Non-QM Mortgage 

You can learn more about these offerings from Angel Oak Home Loans by completing this simple online form. If none of these options work for you, there are also traditional mortgage products to choose from that could be a much better fit. 

Angel Oak

You may also like

It’s possible to buy a home after bankruptcy, but the waiting period depends on the lender and home loan product you select. Learn more.
Read more

Advertisement Disclosure

Product name, logo, brands, and other trademarks featured or referred to within are the property of their respective trademark holders. This site may be compensated through third party advertisers. The offers that may appear on’s website are from companies from which may receive compensation. This compensation may influence the selection, appearance, and order of appearance of the offers listed on the website. However, this compensation also facilitates the provision by of certain services to you at no charge. The website does not include all financial services companies or all of their available product and service offerings.