People might be starting a new chapter in their lives. Maybe they’re starting a business, just retired, or they have irregular income for whatever reason, but they would like to own a home.
Stated income as the name suggests allows you to qualify for a loan without verifying your income. A great alternative for someone who is self-employed, retired, real estate investor, new business owner, recent immigration, has volatile or irregular income, etc.
PICA - This focuses three out of four (property, credit, and assets)