Stated Income Loans: No Longer a Thing of the Past

In today’s housing market, rules, regulations and even types of home loans offered are constantly changing.  In order to help understand the different types of loans offered today, Brian Reynolds, of Samuel Scott Financial Group, shares his knowledge and expertise on stated income loans and how they are no longer just something from our past, but now a part of the future.

In the past, before our economy hit rock bottom and during the housing boom, people could simply state that they made more money than they actually did, leaving them with a house payment that they couldn’t afford when the market eventually turned.  As a result, these loans were considered dangerous and quickly became a thing of the past.  But today, we are seeing these loans beginning to resurface, which is a positive sign that our economy is beginning to stabilize.

One of the major differences between a full doc loan and a stated income loan is the paperwork being submitted.  For a full doc loan, the potential homebuyer must submit all income paperwork, such as W-2’s, bank statements, and tax returns.  A stated income loan allows you to omit some of this income paperwork.  This kind of loan is especially good for those who are self-employed and do not have tax returns showing enough income on paper.  Self-employed professionals such as doctors, realtors, and lawyers often utilize this type of loan program, as well as those borrowers who receive a salary plus cash that is not documented.  Restaurant servers, hairstylists, and limo drivers also qualify for this kind of loan program.  If a potential buyer can show that they are in an equitable position (down payment), have seasoned cash reserves, and have good credit, they may be eligible for this type of loan.

At Samuel Scott Financial Group, they are excited to work with people who own their own business, and be able to work strategically to help them obtain a loan.  The home buying process can be a difficult one, which makes it extremely important to have not only a good realtor, but a great mortgage expert.  To find out more information about stated income loans or to contact a mortgage expert, please visit


Carmel Valley San Diego Community | Brian Reynolds | Samuel Scott Financial GroupIn 2006, when Brian co-founded Samuel Scott Financial Group with Todd Pianin, his thoughts were with his clients.  He understood the market was changing and wanted to proactively create a place where he could continue to grow his business through honest transactions.

Brian has been in the lending business for well over a decade and has built his reputation on exceptionally high service and tailoring the perfect loan to his clients’ needs.  He often explains that his team is not there to get borrowers through just the one transaction, but to build the type of trust that leads to a lifelong relationship.

With all of Brian’s many talents, his most appreciated one is his problem solving skills – especially when it comes to closing the deal. Brian has the ability to meet all the deadlines and timelines it takes to make each deal run smoothly.  He has handled all kinds of loans, including construction to perm, land loans, first time buyers, refinances and residential purchases up to 10 million dollars.

Samuel Scott Financial Group is a boutique mortgage company recognized for superior customer satisfaction and the way they tailor the residential loan process to every individual client.  Todd “Samuel” Pianin and Brian “Scott” Reynolds founded the company on the principles of long lasting relationships, and a sincere honest approach to every single individual we serve.  Consistent and reliable, Samuel Scott Financial Group has been selected as The

Carmel Valley San Diego Community | Samuel Scott Financial GroupBest Mortgage Company in San Diego for the 5th straight year by readers of local publications.

President:  Todd Pianin

Vice President of Sales:  Russ Schreier

Mortgage Advisors:  Christian Alvarez,  Dean Brown, Mark Buchanan, Mitch Palmer, Brian Reynolds, Debra Roberts, Mark Robertson, Alex Scoma, Brian Shaw, Keith Sims, David Talbott.

Carmel Valley San Diego Community | Equal housing Lender | Samuel Scott Financial Group


Samuel Scott Financial Group is licensed by the CA Dept. of Real Estate license #01458652 and NMLS identifier 235584. ©2011 Samuel Scott Financial Group. All rights reserved.


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