Posted by John on April 20, 2006 at 02:40:57:
Good point. Maybe a good question for ED on the financing board.
stated income - Posted by hdhougen
Posted by hdhougen on April 19, 2006 at 19:57:31:
Is it illegal to over estimate your income on a stated income loan?
Re: stated income - Posted by Natalie-VA
Posted by Natalie-VA on April 20, 2006 at 18:11:52:
HD,
I’m not sure which application is filled out for this loan, but the Uniform Residential Loan Application states that any intentional or negligent misrepresentation may result in civil liability and criminal penalties including, but not limited to, fines and imprisonment.
–Natalie
Re: stated income - Posted by John
Posted by John on April 19, 2006 at 21:11:42:
Stated Income loans are called liar loans for a reason. Your income is stated and not verified. It is common to figure your needs and the figure your income to meet the ratio. I am not sure about legality but it is common.
Re: stated income - Posted by rick m
Posted by rick m on April 19, 2006 at 21:48:44:
Isn’t fraud, fraud? Not likely to get called out but still a lie right?