Tag: Stated Income Loans

What’s the Truth about Stated Income Loans?

A stated income loan is when a borrower does not provide income documentation such as bank statements, tax returns, or W2’s. Rather, the borrower simply states their income on the loan application. After the government passed Dodd-Frank in 2010, stated income loans are only permitted for business purpose loans, not consumer loans. As explained in previous blogs, a business purpose loan is business related, including…

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