DOCUMENTATION OPTIONS: Lenders require evidence of your ability to
afford a mortgage. Evidence can be provided through bank statements, W-2's, credit scores,
verification of employment and assets, etc.
FULL DOCUMENTATION:
Requires a number of documents displaying evidence of income, employment, and
assets.
STATED INCOME:
You do not have to show evidence of income but rather 'state' it. The lender accepts
your 'stated income' based on credit scores and Loan to Value. This is a great mortgage program
for business owners, independent contractors, people with international accounts or 'family
money', and others that can afford the loan but can't (or don't want to) show evidence of their
income.
NINA:
No Income No Assets. You do not have to provide evidence of imcome or assets. It is
based on credit scores and/or Loan to Value. Choosing this program does, however, adversely
affect the interest rate.