Robert McLister·General·March 9, 2010Stated Income Mortgage A stated income mortgage is where the lender does not verify the borrower’s income by looking at their pay stubs, income tax returns, or other income documentation. Instead, borrowers are essentially asked to state their income, and taken at their word. These loans are intended for self-employed borrowers, or other borrowers who might have difficulty documenting their income using conventional means. To offset their additional risk, stated income mortgages often come with higher fees and/or higher insurance premiums. The rates are sometimes higher rates as well. (Partial source: Wikipedia) Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.