Non-QM (Non-Qualified Mortgage) loans are designed for borrowers who don’t meet traditional lending guidelines.
Stated income loans fall under the Non-QM category and allow alternative ways to verify income instead of standard W-2s or tax returns.
These loans are commonly used by self-employed individuals, business owners, and borrowers with complex income.
Ideal for borrowers who earn income through a business and prefer not to use traditional tax returns.
A strong option for freelancers, contractors, commission-based earners, and investors with variable income.
Income may be reviewed using bank statements or stated income documentation, depending on the program.
Designed for borrowers who may not qualify for conventional, FHA, or VA loans.
Most programs use 12–24 months of personal or business bank statements to assess income.
Credit score and down payment requirements vary by lender and borrower profile.
Stated income loans are a type of Non-QM loan that uses alternative income verification.
In many cases, no. Bank statements or stated income may be used instead.
They are most common for self-employed borrowers, but others with non-traditional income may qualify.
