Sentences with phrase «full doc loans»
Since there is more risk, the loan will usually have a higher interest rate and won't offer as high of a LTV as a Full Doc loan.
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Stated Loan — As opposed to a Full Doc loan, you will not be required to fully document your income or your assets — you «state» what you have and the lender takes you at your word.
Not exact matches
Nineteen out of 20 borrowers typically financed with full docs and with the most - boring — and the most secure — loans available, loans without prepayment penalties, interest - only start periods or option ARM financing.
Home loans used to be underwritten full doc, meaning you would need to provide pay stubs or W - 2's, along with asset and employment information.
Full Documentation («Full Doc») Loan — a mortgage where you document everything about your income and assets.
Consequently, Easy and No Doc loans should only be used when necessary, not simply to avoid the paperwork requirements of a Full Documentation loan.
When you approach your lender have a full file of docs including: copy of credit report, 1003 standard loan application, copy of W2 income statements (or 1099s for self employed), bank statements, and summaries of your successful real estate deals you have done.