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 forms,
income tax returns, or other records. Instead, borrowers
are simply asked to state their income, and taken at their
word.
These loans are nominally intended for self-employed borrowers,
or other borrowers who might have difficulty documenting
their income. Stated income loans have been extended to
customers with a wide range of credit histories, including
subprime borrowers.
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