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A stated income loan is a mortgage where the lender does not verify the borrower's income by looking at their pay stubs, W-2 (employee income) forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at their word. These loans are sometimes called liar loans or liar's loans. [1]
With a bank statement loan — also known as a stated income loan — you won’t need to provide your lender with some of the typical financial documents needed for a mortgage, such as W-2s and ...
Among Alt-A securitizations, 80% of loans issued in 2006 had limited or no documentation. As William Black, a former banking regulator, testified before the FCIC, the mortgage industry’s own fraud specialists described stated income loans as “an open ‘invitation to fraud’ that justified the industry term ‘liar’s loans.’” [13]
Key takeaways. A no-doc mortgage offers a way to get a home loan without some of the income and employment verification paperwork lenders traditionally require, like W-2s and pay stubs.
No income, no asset (NINA) [1] is a term used in the United States mortgage industry to describe one of many documentation types which lenders may allow when underwriting a mortgage. A loan issued under such circumstances may be referred to as a NINA loan or NINJA loan .
FHA loans: Insured through the Federal Housing Administration, FHA loans have more lenient credit score and DTI ratio requirements than conventional mortgages. The minimum down payment is 3.5 percent.
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