Loan Document Types
Copyright © 2006 - 2008 HomesByCharly.com
Are you wondering what types of loans are available? Banks and investors have come up with a variety of loan types to help
borrowers qualify easier for home loan and refinance products.
While some buyers may be worried about being able to qualify for a home, you'll be amazed at the products available in the
marketplace that you can still take advantage of to purchase or refinance a home.
Full Documentation
Refers to standard Fannie Mae/Freddie Mac documentation. It is in the form of fully completed documents that are sent directly to the
Borrower's employer or depository and upon completion are returned directly from the employer or depository. Full Doc will include
Income,Assets,Employment Verification.
Alternate Documentation
Allows documentation to be obtained directly from the Borrower rather from the Borrower's employer, bank or mortgage servicer.
Reduced Documentation
This documentation type requires that the primary source of income to be verified while the amount of income, although disclosed, is
not verified. Unearned or passive sources of income, if used to qualify, must be verified in the standard manner.
No Ratio Test Documentation
The Borrower's source of income is verified, but the income amount is neither disclosed nor verified.
No Income No Assets (NINA) Documentation
The Borrower's employment, income, or assets are not disclosed or verified.
Streamline Documentation
This option allows Borrowers with good credit to qualify for a new loan with minimal documentation.
Stated Income/Stated Assets
The Borrower's employment is stated and verbally verified. The Borrower's income and assets are stated and not verified.
Note: It should be noted that certain loan programs may contain specific criteria that are more restrictive and/or different from
standard guidelines. Your mortgage professional will provide you with the guidelines for your particular scenario.
borrowers qualify easier for home loan and refinance products.
While some buyers may be worried about being able to qualify for a home, you'll be amazed at the products available in the
marketplace that you can still take advantage of to purchase or refinance a home.
Full Documentation
Refers to standard Fannie Mae/Freddie Mac documentation. It is in the form of fully completed documents that are sent directly to the
Borrower's employer or depository and upon completion are returned directly from the employer or depository. Full Doc will include
Income,Assets,Employment Verification.
Alternate Documentation
Allows documentation to be obtained directly from the Borrower rather from the Borrower's employer, bank or mortgage servicer.
Reduced Documentation
This documentation type requires that the primary source of income to be verified while the amount of income, although disclosed, is
not verified. Unearned or passive sources of income, if used to qualify, must be verified in the standard manner.
No Ratio Test Documentation
The Borrower's source of income is verified, but the income amount is neither disclosed nor verified.
No Income No Assets (NINA) Documentation
The Borrower's employment, income, or assets are not disclosed or verified.
Streamline Documentation
This option allows Borrowers with good credit to qualify for a new loan with minimal documentation.
Stated Income/Stated Assets
The Borrower's employment is stated and verbally verified. The Borrower's income and assets are stated and not verified.
Note: It should be noted that certain loan programs may contain specific criteria that are more restrictive and/or different from
standard guidelines. Your mortgage professional will provide you with the guidelines for your particular scenario.
Feel free to contact me with your home loan needs. I will go through all of your information with you and I'll be sure to match your
particular scenario up with a lender to discuss with you the products available in the current marketplace that are competitive and
priced right.
Simply compete the information below and I will get back to you within 24 hours.
particular scenario up with a lender to discuss with you the products available in the current marketplace that are competitive and
priced right.
Simply compete the information below and I will get back to you within 24 hours.
By Charly
Homes
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |||||
DRE License # 01789646