I’m looking for a HML to purchase and rehab some properties in VA. I have a middle credit score of 673 as of 2 weeks ago. I don’t make a lot of money from my fulltime job (just enough to live, not much more), therefore I need a HML that does stated loans. How can I find such a lender, if one exists?



If you just make enough to live an no more, than more than likely your income is not enough to qualify you. A stated income loan is not designed for you to add more income than what you really make in order to get the deal to work.

Although many hard money lenders will do stated income loans, they may still look at the ability for you to service the loan should something happen. Your income to debt would be a good indicator of that.

Be careful of individuals (even the lenders themselves) telling you that you can put whatever income you want on the application. Applying with a higher income to qualify is loan fraud.