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.

Only temporarily. Mortgage credit is pulled differently than let’s say for a credit card. On your credit report, it will show as a “Mortgage Inquiry” which allows multiple brokers to pull your credit while only taking the initial hit of the first pull. This hit is normally much lighter than a hit for a credit card, auto loan, unsecured loan, etc. and will likely not last as long on your report. So with a minimal impact, know you’re protecting your score when we run your credit.

Read more about stated income on our blog post!