State Income Loan

Stated income loans are for non-occupying investors looking for short term financing on an investment property they plan to flip, or use for rental income. It is now illegal for any consumer to get a stated income mortgage for an owner-occupant property.

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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The FDIC also works with state as well as local non-profits to offer no credit loans to the disabled. These individuals, due to the fact they often live on a fixed, limited income, often are not in the mainstream lending industry.

Among the bills highlights: increased state aid for school districts serving higher proportions of students from low-income.

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Stated income loans are widely recognized as one of the primary factors that caused the housing market collapse between 2007 and 2010. These so-called "liar loans" didn’t require any form of income verification and ultimately allowed borrowers to take out loans they simply could not repay.

Stated income loans allow borrowers to simply state their monthly income on a mortgage application instead of verifying the actual amount by furnishing pay stubs or tax returns.

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It does so by providing state aid grants that will cover much or all of tuition for more Washington resident students -.

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This type of loan allows you to state your gross monthly income and requires the lender to verify assets – usually done by you providing bank statements or brokerage statements or some type of document that verifies your having the assets you claim to possess on the loan application.