Stated Income/Asset
This Qualification type gives you the convenience of not providing historical documentation which supports your income or your assets. With this loan you do not need to show any documentation to support your loan request - the numbers you state on the loan application are used exclusively for credit approval.
When to choose this type of loan:
- If you want the convenience of providing no documentation other than a completed application for loan approval
- If you have cash flow to support your loan request, but cannot document your income with historical tax returns
- If you have the assets to support your loan request, but cannot provide the source or seasoning documentation to support the assets