I will keep this short and sweet. We closed another single-family rental property loan via stated income in Colorado Springs, CO and we didn’t even need any tax returns or proof of income.
Heiu wanted to purchase a really nice single-family property pictured above for $495K in one of the hottest markets in the country. One of her employees actually wanted to occupy the house so she already had a renter before she even bought the property. Really Nice!
We were able to secure her a 30-year fixed rental loan at 75% LTV in which she did not have to show her income. The type of loan is called stated income and was perfect for this single-family property and her situation.
We did not ask for her tax returns, 1099s, W2s, or anything along those lines. We didn’t even ask for any verification of rental income from the seller. We based our decision on a rental income analysis of the area and her credit, and that is basically it.