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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.
Thus, in comparison to Medicare, which allows for near "auto-enrollment" for those over 64, children's caregivers may be required to fill out 17-page forms, produce multiple consecutive pay stubs, re-apply at more than yearly intervals and even conduct face-to-face interviews to prove the eligibility of the child.
You may be required to provide a few years of tax returns or recent 1099 forms instead of pay stubs from an employer. Myth: You can’t get a personal loan if you have another loan Every lender ...