Documentation Type

Why choose this type of loan?

Impact on Interest Rate

Amount Financed

Full Document

·       Good Credit
·       Can document income & assets
·       Best rates
·       Requires verified employment

·       With good credit – the best interest rates and the most choice of programs*

·       Up to 100% depending on credit and property type

Stated Income

·       Less hassle for borrowers who have complicated income or a self employed
·       Can’t document all income, i.e. receives some or all of income in cash
·       Requires verified employment

·       Fewer programs 

·       higher rates than full document

·       Up to 100% depending on credit and property type

No Income/
No Assets

·       High consumer debts, couldn’t meet required debt ratio
·       Requires verified employment

·       Small # of programs
·       Higher rates

·       Up to 95% depending on credit and property type

No Document

·       One spouse may have great credit but doesn’t work and the other spouse has major credit problems
·       No verification of employment 

·       Very limited program options
·       Higher rates

·       Up to 95% depending on credit and property type