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Originally Posted by Beestie
Stated-income is where you tell the mortgage broker/lender what you make and the number is not verified - no documentation is submitted to support the figure it is just accepted without question.
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Holy crap, some banks do that?? My bank wouldn't even allow "stated income" for a fixed rate loan with excellent credit and demonstrable regular deposits into one of their own checking accounts. Their process to prove it was such a pain in the ass, in fact, that we ended up just pretending I don't have any income at all since we were still well qualified for the loan without it.