A Stated Income Loan is a type of home loan that allows the borrower to state their income on the loan application without providing any income documentation to verify it. The loan approval is based on the borrower’s credit score and the value of the property being purchased. Stated Income Loans are typically used by self-employed individuals or those with irregular income who have difficulty providing sufficient documentation to qualify for a traditional loan. These loans are also known as “liar loans” since borrowers could overstate their income, making them riskier for lenders. Due to this higher risk, Stated Income Loans may have higher interest rates and stricter qualifications than traditional loans. However, they offer a more straightforward application process and a faster approval time.

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