These loans are actually a type of low doc loan. In this loan your mortgage lender does not require you to submit them any proof or evidence of your available resources and income to repay the loan.
Besides all the advantages and ease of use it’s not easy to qualify for stated income/assets loans. The minimum requirement to qualify for stated income/asset loans is that you must have well enough credit score. You are required to tell the truth about your resources to your mortgage lender even though they don’t require the proof or evidence of your resources.
Stated Income/assets loans are the most beneficial type of loan for those who have problems for showing consistent income who do not have valuable assets or who don’t want to show their valuable assets and above all who don’t want to disclose their income and property details as they want to keep their information confidential.
You must have to agree the term that you will make your tax returns available to the lender if you are willing to apply or you are applying for stated income/assets loans.
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