stated-income loan
- A mortgage loan that permitted self-employed individuals to declare their income without needing documentary evidence, but became virtually non-existent after misuse leading to tighter federal lending regulations
- The entrepreneur was unable to secure a stated-income loan due to new federal regulations.
- Even with his steady income as a freelancer, the bank rejected his stated-income loan application.
- Compared to the early 2000s, securing a stated-income loan is much more difficult now because of stricter lending rules.
Provide Feedback
