No-Doc & Stated Income Mortgages in Pennsylvania

What is a stated income loan today?

The term usually refers to a bank statement, P&L or similar non-QM loan marketed to self-employed borrowers. You are not stating an unverified number; the lender calculates income from documents you provide. The phrase survives because people still search for it, but the loans behind it today involve real verification and an ability-to-repay review, subject to credit approval.

Are there mortgages with no income verification?

For homes you will live in, lenders must verify your ability to repay, though they can use sources other than pay stubs and returns. Asset depletion loans use savings, and some investor loans rely mainly on a rental property's rent rather than personal income. Those are still documented loans. Be cautious of anyone promising a home loan with no verification at all.

Do no-doc mortgages still exist?

Not in the original sense for owner-occupied homes. Loans that accepted income without checking it largely ended after the 2008 crisis, when the Ability-to-Repay rule took effect. What people find today are alternative-documentation loans that verify income or repayment ability with bank statements, a P&L, 1099s, assets or rental cash flow instead of tax returns. Lenders still verify, just with different records.