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  • Stated Income Declaration - Top Mortgage

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Clear Form Print Form Stated Income Declaration DATE BORROWER NAME ADDRESS OF PROPERTY BEING MORTGAGED CREDIT APPLICATION/MORTGAGE NO. ESTIMATED INITIAL PAYMENT AMOUNT PRINCIPAL AMOUNT * Per Month.

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How to fill out the Stated Income Declaration - Top Mortgage online

The Stated Income Declaration - Top Mortgage form is essential for individuals seeking mortgage approval based on stated income. This guide provides clear, step-by-step instructions to help users complete the form accurately and efficiently online.

Follow the steps to accurately complete the Stated Income Declaration form.

  1. Click ‘Get Form’ button to access the Stated Income Declaration form and open it in your preferred online tool.
  2. Enter the date in the designated field at the top of the form. Ensure the date is accurate, as it will be used to process your application.
  3. Fill in your name as the borrower in the 'Borrower Name' section. This should match your identification documents.
  4. Input the address of the property you are seeking to mortgage. Double-check the address for accuracy to avoid any potential issues.
  5. In the 'Credit Application/Mortgage No.' section, enter your application or mortgage number if applicable. This helps in tracking your application.
  6. Specify the estimated initial payment amount. This figure should reflect what you anticipate your initial mortgage payment will be.
  7. Enter the principal amount you are seeking to borrow in the designated field. Make sure this amount is realistic according to your financial situation.
  8. In the section regarding your total gross annual earnings/income, provide the specific amount. It is critical that this information is accurate, as it assesses your ability to repay the mortgage.
  9. Acknowledge the statements regarding your income and financial situation by confirming that the information is true and correct. Ensure that you understand your obligations under the mortgage agreement.
  10. Sign the document in the designated 'Borrower Signature' section. This confirms your agreement with the provided information.
  11. Have a witness sign the form in the 'Witness Signature' section. This step may be necessary for the validity of the document.
  12. Once you have completed all sections, save your changes. You can then download, print, or share the completed form as needed.

Complete your Stated Income Declaration - Top Mortgage form online today.

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Mortgage lenders will generally consider any source of steady income that is stable, consistent, and ongoing. That means all kinds of self-employment income are eligible for mortgage financing, including (but not limited to): Business owners.

With the passing of the Frank-Dodd Act of 2010, stated income loans for owner-occupied properties are now illegal. Lenders must fully document a borrower's ability to repay the loan either with income or assets.

Stated income lenders in California may require a larger down payment and the rates will most likely be a bit higher. Most stated income lenders require a minimum of 40-50% down or equity in the property plus a credit score greater than 700.

Interest & Dividend Income – If you are living that passive income life and your investments are generating dividends and/or interest you can use that to qualify for a mortgage. A two-year history from Schedule B of your personal tax returns will be used to calculate a monthly average for qualifying.

As a general guideline, 43% is the highest DTI ratio a borrower can have and still get qualified for a mortgage. Ideally, lenders prefer a debt-to-income ratio lower than 36%, with no more than 28% of that debt going towards servicing a mortgage or rent payment.

To determine how much you can afford using this rule, multiply your monthly gross income by 28%. For example, if you make $10,000 every month, multiply $10,000 by 0.28 to get $2,800. Using these figures, your monthly mortgage payment should be no more than $2,800.

Stated-income, stated-asset (SISA) loans are made without verification of a borrower's income or assets. SIVA. Stated-income, verified-assets (SIVA) loans allow lenders to accept your assets and your word about how much you earn as the basis for approval. They're often called bank statement loans.

A stated income loan is a mortgage where the lender does not verify the borrower's income by looking at their pay stubs, W-2 (employee income) forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at their word.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232