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What is a stated income loan?

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What is a stated income loan?

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It is a loan that is based on what you say your income is. It will usually require a high FICO Score. We are currently (7/2006) doing them with a credit score of 640 or higher. These requirements can change on short notice as they are set by the companies that buy the loans. There are certain limitations as to debt to income ratios. Etc.

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