Stated Income Loans

A stated income loan is designed to improve the speed and efficiency of approving very credit worthy borrowers. This type of loan request does not require the borrower to provide verification or proof of their income, eliminating the need to submit large volumes of tax returns and other forms of income verification. The lending institution takes the income information stated on the credit application for face value to process a loan request. These kind of loans are commonly made to self employed individuals, borrowers with high net worth and those whose income fluctuates from year to year, as well as, borrowers who get large sum of money at various intervals during the year. While this kind of loan is becoming very popular it is important that a borrower's credit profile, stability and equity position in the loan and all other credit attributes are well within a lending institutions credit tolerance.