For the Convenince of the Borrower, Various Reduced Income Documentation Options
Stated Income
Best for those that are self-employed for at least 2 years or salaried (W-2), and have a verifiable source of income (CPA letter or business license or vender letters or verbal certification for salaried employees). In addition to this, assets would need to documented and verified. Income must be reasonable for the profession, assets must be reasonable for the income that is stated. Some stated income loans will only source your assets- no seasoning. This means the lender just want to see that the money is there. They are not particularly concerned with where it came from or how long it has been there.
No Ratio:
No income is stated, therefore no debt ratios can be calculated. The source of income is verified as well as assets. The income section of the application (1003) is left blank.
No Income/No Assets:
This program is best used when a borrower does not have "sourced and seasoned" (where the money came from and has been in your account for 3 months) assets. No income or assets are stated or verified. Normally source of income must be verified- your bank account.
No Income/No Assets/No Employment (No Doc):
No employment, income, or assets are stated on the application.
I am well versed in these loan types if one is needed to suit your specific needs..
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