Borrowers in New York still search for no-doc and stated income mortgages, usually because their tax returns do not reflect what they earn. Those exact loans are mostly gone, but alternative-documentation programs fill the same need. A New York business owner, contractor or retiree may qualify using bank statements, a P&L, 1099 forms or assets, while the lender still verifies ability to repay under federal rules. The label on the search is old; the paperwork behind today's loans is what matters for a New York file.
Call to talk with a licensed loan officer. Programs vary by borrower, property and investor.
Mortgage lenders, brokers and loan originators serving New York are licensed by the New York State Department of Financial Services. Non-QM loans are made by the same licensed lenders and brokers, so you can confirm any company's or loan officer's license on NMLS Consumer Access before you apply.
Where the numbers point in New York
Counties with the most first liens with debt-to-income above 50% (2024):
| County | First liens with debt-to-income above 50% (2024) |
|---|---|
| Suffolk County | 1,685 |
| Nassau County | 721 |
| Erie County | 587 |
| Queens County | 543 |
| Monroe County | 367 |
| Kings County | 285 |
| Orange County | 272 |
| Westchester County | 266 |
| Onondaga County | 245 |
| Dutchess County | 194 |
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Prefer to talk first? Call (888) 508-8976. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.
Local pages in New York
- Non-QM lenders in New York
- Non-QM lenders in Brooklyn
- Non-QM lenders in Queens
- Non-QM lenders in Manhattan
- Non-QM lenders in Bronx
- Non-QM lenders in Buffalo
- Non-QM lenders in Rochester
- Non-QM lenders in Albany
- Non-QM lenders in Staten Island
- Non-QM lenders in Syracuse
- Non-QM lenders in Poughkeepsie
- Non-QM lenders in Yonkers
- Non-QM lenders in Binghamton
- Non-QM lenders in Utica
- Non-QM lenders in New Rochelle
- Non-QM lenders in Saratoga Springs
- Non-QM lenders in Mount Vernon
- Non-QM lenders in Schenectady
- Non-QM lenders in Glens Falls
- Non-QM lenders in Brentwood
- Non-QM lenders in Elmira
- Non-QM lenders in Middletown
- Non-QM lenders in White Plains
- Non-QM lenders in Ithaca
- Non-QM lenders in Kingston
- Non-QM lenders in Watertown
- Non-QM lenders in Levittown
- Non-QM lenders in Troy
- Non-QM lenders in Niagara Falls
- Non-QM lenders in Freeport
Common questions
What is a stated income loan today?
The term usually refers to a bank statement, P&L or similar non-QM loan marketed to self-employed borrowers. You are not stating an unverified number; the lender calculates income from documents you provide. The phrase survives because people still search for it, but the loans behind it today involve real verification and an ability-to-repay review, subject to credit approval.
What is the Ability-to-Repay rule?
It is a CFPB rule requiring most mortgage lenders to make a reasonable, good-faith determination that a borrower can repay, using verified information. Lenders consider factors such as income or assets, employment, credit history, existing debts and the monthly payment. It applies to non-QM loans too, which is why no lawful home lender can skip checking your ability to pay.
Why do no-doc mortgage lenders charge more?
Alternative-documentation loans are non-QM, which means they sit outside the Qualified Mortgage category and are usually sold to private investors rather than to Fannie Mae or Freddie Mac. Those investors take on more risk, so pricing is often higher. Lenders may also expect a larger down payment or more reserves. Comparing Loan Estimates is the clearest way to see the difference.
Other non-QM options in New York
Bank statement loansNon-QM lendersSelf-employed1099 loansP&L loansAsset depletionNew self-employedITIN loansForeign nationalNon-warrantable condoBank statement HELOCInterest-only
Related guides
- Stated Income and No-Doc Loans Today: What the Terms Really Mean
- QM vs. Non-QM Loans: What the Difference Means for You
- Private Mortgage Lenders vs. Non-QM Lenders: What Is the Difference?
No-Doc & Stated Income Mortgages overview · New York non-QM overview
- 2024 HMDA data