A Stated Asset Mortgage is a mortgage that, although you must disclose your assets such as bank accounts, investment accounts, other real estate, and so on, you do not have to verify it with statements and other paperwork. The lender just takes your word for it. A mortgage may be either stated assets, stated income, or both. Since "going stated" represents more risk to the lender, lenders usually charge a higher interest rate, discount points, or require mortgage insurance for stated asset loans.

A Stated Income Mortgage is a mortgage that, although you must disclose your income, you do not have to verify it with W-2s, income tax returns, or pay stubs. The lender just takes your word for it. A mortgage may be either stated income, stated assets, or both. Since "going stated" represents more risk to the lender, lenders usually charge a higher interest rate, discount points, or require mortgage insurance for stated income loans.