Stated Income, definition

Stated Income,. (SFC “442”) which is defined as: the borrower reports income on the Uniform Residential Loan Application (Form 1003) and a verbal Verification of Employment may be obtained. Lender is not required to verify the reported income, but must verify the borrower’s assets.
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Examples of Stated Income, in a sentence

  • If a Stated Income Loan is based upon self-employment or a home-based business, the Ameriquest Parties shall request evidence of the existence of the business.

  • The Ameriquest Parties shall maintain a record of those applications that are originally submitted as full document or limited document (also called Fast Trac) Loans that are subsequently approved as Stated Income Loans.

  • A Loan Prospector Stated Income Mortgage must be a 15-, 20- or 30-year fixed-rate fully amortizing conventional whole Mortgage (Balloon/Reset Mortgages and ARMs are not eligible).

  • Loan Prospector Stated Income Mortgages are not eligible for delivery under Gold Cash Xtra.

  • Stated Income loans did not require borrowers to 9 substantiate their claimed incomes with tax forms or other documentary proof.

  • A Loan Prospector Stated Income Mortgage may be secured by a 1-4 unit Primary Residence, a second home, and a 1-4 unit Investment Property.

  • The LTV/TLTV/HTLTV ratios for a Loan Prospector Stated Income Mortgage may not exceed the maximum LTV/TLTV/HTLTV ratios set forth in Exhibit 5-A attached to this Attachment.

  • The Seller represents and warrants that all Loan Prospector Stated Income Condominium Unit Mortgages meet ▇▇▇▇▇▇▇ Mac’s Class III Condominium Project requirements.

  • A Loan Prospector Stated Income Mortgage may be a purchase transaction, “no cash-out”, or cash-out refinance Mortgage.

  • The Mortgage Loans were originated generally in accordance with guidelines (the "Underwriting Guidelines") established by the Originator with one of the following income documentation types: "Full Documentation," "Fast Trac Documentation" or "Stated Income." The Underwriting Guidelines are primarily intended to evaluate the value and adequacy of the mortgaged property as collateral and are also intended to consider the applicant's credit standing and repayment ability.