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 (employee income) forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at their word. These loans are sometimes called liar loans or liar’s loans.
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Under a stated income program, the lender is establishing the borrower’s qualifications for every loan benchmark but income as claimed. It is the least risky of the less-than-full documentation loan options out there and the choice that often makes sense for self employed or commissioned employees, or for newly promoted workers on their way up the career ladder.
What is a stated income loan? In the past, stated income mortgages were home loans where lenders did not verify or document income at all, and were called stated income loans because lenders used the income stated on a loan application to issue a loan. Stated income loans started to rise in popularity in the early 2000s.
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Dubbed "liar loans" by industry critics, stated-income mortgage programs allow applicants to bypass standard underwriting requirements for W-2s or copies of personal and corporate income tax records.
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The basic elements of today’s stated income loan program is for the stated income lender to see a steady flow of money coming into your bank accounts. They will typically use the last 12-24 months bank statements to get an average monthly flow. A percentage of the average deposits are used and will be considered to be "income".
Stated Income Loans Program Guidelines The New 80% Stated Income Loans is available nationwide (other states case by case). Our banking contacts at several lending institutions have given us a new unique stated income loans product to offer to our borrowers. Example: 5/1, 7/1. 30yr & 15yr.
Stated Income Home Loans Designed for Self Employed Borrower’s Unable to Qualify With Their Tax Returns. No Tax Returns, Pay-Stubs or W-2’s Required.