Even though it is difficult securing a self-employed mortgage, it is not impossible. At a bank, it can be hard and the process is stressful. Most traditional lenders require the borrower to submit specific documentation on their income, credit score, net worth and much more. Self- employed people must provide the lender with an income application that most traditional banks will not accept. Stated income is nothing but an individual claiming to earn income. Even though a lender cannot accurately calculate the certainty of the stated income. The more proof you can provide to the lender, the better your chances of getting approved for better rates and terms.