loan document types

Got this from one of my lenders that I refer to
my clients and wanted to share it with you...
Great Info on Different Programs and
the documentation they require....

@ the office doing a "go see" but the client
brought the stuff to me....hope I get the listing
ciao ciao and happy thursday!!!


Here's a comprehensive reference guide to loan documents used in today's market:

Full Income/Full Asset: A Full Doc loan requires asset, employment and income documentation and verification. Two months' worth of bank statements satisfies the asset verification requirement. For income verification, the requirement is one month's payroll check stubs, two years' tax returns and W-2 forms.

Alt Document: Requires two months' bank statements, one month's payroll check stubs and two years' W-2 forms.

Full Income/Stated Asset: Income is verified on the 1003 (standard loan application). Verification of two years' employment is required along with tax returns and W-2 forms. Assets are stated on and included on the loan application. No bank statements or any other paperwork is required or verified.

Stated Income/Full Asset: The income is stated on the 1003 and included on the loan application. It must be reasonable for the vocation of the borrower. No payroll check stubs, tax returns or W-2 forms are collected, but employment is verified for a minimum two-year period. Full documentation of assets is required.

No Ratio: Income is not disclosed or verified on the loan application. Verification of employment for a minimum two-year period is required and verified. Full asset documentation is required.

Stated Income/Stated Asset: Income is stated on the loan application; no verification is collected. Verification of employment for a minimum two-year period is required. Assets are also included and stated, but not verified on the loan application. No bank statements or any other paperwork is required.

No Income/No Asset: Employment is required and verified, butno asset verification or income information is on the application.

No Doc: No asset, income or employment verification of any kindis in file or on the application, nor are they verified.

**compliments of Karen Vogel/American Home Mortgage...909.466.1290 ext. 118