Stated Income Home Loans in California & Florida: No Income Verification, Real Solutions

For many self-employed professionals, investors, and entrepreneurs, qualifying for a mortgage can feel impossible - even with great credit and strong assets.

That's where stated income home loans (also known as no-income-verification loans) come in. These programs are designed to help qualified borrowers purchase or refinance a primary residence without traditional income documentation.

At Elixir Mortgage Lending, we offer stated income loans in CA and FL built for real people with complex financial lives. Let's break it down step by step - including the benefits, risks, and when this loan makes sense.

🔹 Step 1: What Is a Stated Income Loan?

A stated income loan allows borrowers to "state" their income on the application instead of providing W-2s, pay stubs, or tax returns.
The lender evaluates other factors such as:

✅ Credit score (typically 700+ for best terms)
✅ Loan-to-value (LTV) - usually up to 60% for cash-out or higher for purchases
✅ Assets and reserves
✅ Property value and equity

💡 In short: you verify your ability to repay through your overall financial profile - not just tax returns.

🧾 Step 2: How Stated Income Loans Work

Instead of verifying income through employer documents, lenders focus on the property's value and your creditworthiness.

Here's how it typically works:
1️⃣ You declare your monthly or annual income.
2️⃣ The lender reviews your credit report, LTV, and assets.
3️⃣ You may provide bank statements to confirm cash flow (optional, depending on program).
4️⃣ Once approved, you can close your loan - often within 10 - 14 days.

These programs are ideal for primary residences, but also apply to investment and second homes, depending on the state and lender.

💰 Step 3: Who This Loan Is Best For

Stated income and no-doc loans are designed for borrowers with strong credit and assets but limited verifiable income on paper.

They're ideal for:
✅ Self-employed professionals (realtors, contractors, consultants, business owners).
✅ Entrepreneurs or freelancers with fluctuating income.
✅ Real estate investors who write off depreciation and expenses.
✅ Retirees or high-asset individuals with limited income documentation.

If you're in California or Florida and your income doesn't fit the traditional W-2 box, this loan could be your bridge to ownership or refinancing flexibility.

⚖️ Step 4: The Downsides (What You Should Know)

Like any non-traditional loan, stated income loans come with trade-offs.
At Elixir Mortgage Lending, we believe transparency builds trust - so here's what to consider before moving forward.

🚫 Higher interest rates: Because lenders take on more risk without income verification, rates are usually 1 - 2% higher than conventional loans.

🚫 Larger down payments: Expect at least 30 - 40% down for primary residence or 40%+ for cash-out refinance.

🚫 Stricter credit requirements: Typically, 700+ FICO is preferred, especially for higher loan amounts.

🚫 Limited program availability: These loans are offered through specialized lenders and private channels, not major banks.

💡 However, for borrowers with strong equity and assets, these trade-offs are often worth the flexibility.

🌟 Step 5: The Upside - Why Borrowers Choose Stated Income

Despite higher rates, stated income loans can be a financial lifeline when time and flexibility matter most.

✅ No tax return requirement - keep your deductions without impacting your approval.
✅ Fast closings - as quick as 10 days for well-qualified borrowers.
✅ Access to equity - refinance or cash out up to 60% LTV for liquidity or business capital.
✅ Primary residence flexibility - perfect for borrowers who live in their homes but lack W-2 income.

💬 You're judged by your credit, equity, and assets - not by how you report income on paper.

🧭 Step 6: Elixir Mortgage Lending - The Smart Way to Structure a Stated Loan

At Elixir Mortgage Lending, we specialize in non-traditional financing solutions for self-employed and high-credit borrowers in California and Florida.

Here's our process:
1️⃣ Review your property, goals, and credit.
2️⃣ Structure a custom loan plan based on your LTV and liquidity.
3️⃣ Match you with private lending channels for best pricing.
4️⃣ Walk you through every term, ensuring full clarity before closing.

We make the process fast, flexible, and personal - with real human guidance every step of the way.

🏁 Step 7: Is a Stated Income Loan Right for You?

If you have:
✔ High credit (700+)
✔ Strong equity (up to 60% LTV)
✔ A primary residence in California or Florida
✔ Complex or non-traditional income

…a stated income loan could give you the flexibility and breathing room traditional lenders can't offer.

📞 Call 800.558.0496 | 🌐 ElixirMortgageLending.com
NMLS# 1704105 | BRE# 01901050