Stated income stated asset loans fall under the heading of "no doc loans." With a stated income loan or a stated asset loan, you state your income or your assets on the mortgage application, but the income or assets are not verified. Stated income or stated asset loans are a common option for the self-employed, or for those who receive a large portion of their income in the form of cash from tips.
For more information about stated income stated asset loans, please see our No Doc Loans page.
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