When President Obama answered consumer questions about the housing market on Zillow, he referred to liar loans. What was he talking about?
Basically, a liar loan is referring to a mortgage that has very little documentation to support the borrower’s income. Stated income loans are one type of loan that require minimal paper work. These loans are designed for people who have a hard time documenting their income. Usually these are small business owners or people who work for tips or are seasonal employees. They are referred to as liar loans b/c they make it easy for people to be dishonest on their loan application and overstate their income. Even if someone has a credit score over 800, if they don’t have the income to support the repayment of the loan, obviously they should not get the loan.
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