798 Rays Road #102 Stone
Mountain, GA 30083 Bus. 404.298.9200 Fax. 404.298.9377
Full Doc
A full doc loan is one that requires that the borrower
present all necessary documents, including inc me
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.
State 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.
