Apply For Loan



Applying for stated income loans could not be any easier.  This is one of the main attractive features.  Simply download the Stated Income Loan Application at the link below, in addition  to a 1003 loan application.  If you own an investment property such as a strip mall, office building, multifamily, etc., you will also complete a rent roll and send with it a copy of your signed leases. If you are already own an existing business, you will also download the Business Debt Schedule form and complete that.  If the forms are complete you should have some sort of preliminary answer within 48 hours. These programs are geared to close within 30 days and part of that is contingent on the completeness and accuracy of the forms.


Of great importance is knowing what your credit score is.  The number one reason stated income loans are declined is due to credit issues. Even though you may have a high credit score, you may have things on your credit report that disqualify you. If you have mortgage lates in the past two years you will be declined.  If you have derogatories on your credit report in the past year, you will be declined.   Make sure you pull a credit report that shows all three credit scores.  If you find you have something that would disqualify you, you might want to consider using a credit repair company, such as Lexington Law.  Many times issues can be resolved in short order.


Also make sure that the information you enter into the 1003 application matches with your credit report, i.e. credit card balances, monthly payment and mortgage information on any properties you may own.  Any inaccurate information or discrepancies will delay an approval.


Below are the normal forms you will need to submit:

Stated Income Loan application

1003 Loan Application (for both commercial and residential)

Rent Roll (for investment properties)

Business Debt Schedule (if you currently own other businesses)

SILC contact info