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By Marilyn Royce

For many self-employed individuals or those with non-traditional income sources, securing a mortgage can be a challenging process. Traditional lenders often require extensive documentation and strict income verification, making it difficult for these borrowers to access the financing they need. Fortunately, stated income loans provide an alternative solution. In the dynamic real estate market of Florida, stated income loans can empower borrowers by offering a streamlined application process and flexibility in income verification. In this article, we will delve into the details of stated income loans in Florida and how they can open doors to homeownership and real estate investment opportunities.

Understanding Stated Income Loans

Stated income loans, also known as no-doc or low-doc loans, are mortgage products designed for borrowers who have difficulty providing traditional income verification documents. These loans allow borrowers to “state” their income on the loan application without providing extensive documentation such as tax returns or pay stubs. Instead, lenders rely on the borrower’s stated income and other factors to assess loan eligibility.

Advantages of Stated Income Loans

Stated income loans offer several advantages for borrowers in Florida:

Streamlined Application Process

The application process for stated income loans is streamlined compared to traditional mortgages. Since borrowers are not required to provide extensive income documentation, the process is faster and involves less paperwork.

Flexibility in Income Verification

Stated income loans provide flexibility in income verification. Borrowers can state their income based on their own assessment of their financial situation, making it an ideal option for self-employed individuals or those with fluctuating income sources.

Expanded Borrowing Opportunities

Stated income loans broaden borrowing opportunities for borrowers who may not meet the strict income requirements of traditional loans. These loans allow borrowers to qualify based on their ability to repay the loan rather than traditional income verification methods.

Eligibility Criteria for Stated Income Loans

While stated income loans offer flexibility, lenders still have certain criteria that borrowers must meet:

Good Credit Standing

Lenders will evaluate the borrower’s credit history and credit score to ensure they meet the minimum requirements for the loan.

Down Payment and Reserves

Borrowers will need to provide a down payment, typically ranging from 10% to 30%, depending on the lender and other factors. Some lenders may also require borrowers to have a certain amount of reserves in their bank accounts.

Applying for a Stated Income Loan in Florida

If you’re considering a stated income loan in Florida, here are the general steps involved in the application process:

Step 1: Research Lenders

Identify lenders in Florida that offer stated income loans and compare their rates, terms, and eligibility criteria. Working with a mortgage broker can help you access multiple lenders and find the best match for your needs.

Step 2: Gather Required Documentation

While stated income loans require less income documentation, you will still need to provide other necessary documentation such as identification, bank statements, and proof of assets.

Step 3: Get Prequalified

Contact your chosen lender to get prequalified for a stated income loan. The prequalification process will involve an assessment of your creditworthiness and an estimate of the loan amount you may qualify for.

Step 4: Complete the Application

Once prequalified, complete the loan application with your lender. Provide all necessary documentation and accurately state your income on the application.

Step 5: Underwriting and Closing

During underwriting, the lender will review your application, credit history, and other relevant information. If approved, you’ll proceed to the closing process, where you’ll sign the final documents and officially secure your stated income loan.


Stated income loans in Florida offer a valuable financing option for self-employed individuals, freelancers, and those with non-traditional income sources. With their streamlined application process, flexibility in income verification, and expanded borrowing opportunities, stated income loans can empower borrowers and open doors to homeownership or real estate investment. If you find yourself facing challenges with traditional income verification methods, consider exploring stated income loans and working with a trusted mortgage broker or lender specializing in these loan products. Take advantage of the possibilities that stated income loans offer in the vibrant real estate market of Florida and embark on your journey to financial success.