A
full doc loan is one that requires that the borrower present all
necessary documents, including income verification to be considered for
the home loan. This type of loan usually offers lower rates because it
is less risky for the lender. On the other hand, if you are self
employed you may not have all of the required documents and should look
into a stated income loan.
Stated Income
Stated
income home loans allow those who are self employed or do not have
documentation of earned wages to state a wage on the mortgage
application and qualify for a mortgage based on that stated income. The
advantages of a stated income home loans allow those who are self
employed or do not have documentation of earned wages to state a wage
and qualify for a mortgage based on that stated income. The advantages
of a stated income loan are that the borrower does not need to verify
income and approval is generally faster than with traditional home
loans. The disadvantages of this type of loan are that interest rates
and the required down payments are often higher than with traditional
home loans.
Toll Free: (877) 360-9360 Office: (816) 792-2360 Fax: (816) 792-2560
5 East Kansas Street, Suite 204 Liberty MO 64068 Email: erich@360-mortgage.com 360 Mortgage Inc.
