Reduced Doc

Reduced Documentation

Are you self-employed? Do you earn tips or have difficulty proving your income, or have been on the job for less than a year, you may want to consider a loan with reduced documentation. If you have a less than perfect credit score, you can still use these options, however, the Loan To Value and the rate will likely be higher. There are several flavors of Reduced Documentation loans such as:

• Stated Income
  Your income is stated  or written on the application, however, this number is not verified with your employer. You won't have to provide tax returns, check stubs, or w2's, and the lender will only verify your re employment, not how much you make. Stated Income is typically used by self-employed borrowers, however some wage earners qualify if their full income is difficult to document. Stated Income can come in two different versions. The first is Stated Income/Stated Assets, where both income and assets are stated and not verified. The second is Stated Income/ Verified Assets requiring no income verification, however, assets must be verified. Apply Online!

• Stated Assets
  Your assets are stated on the application, but not verified. You won't have to provide, bank statements,  retirement or investment statements, or other asset or investment property documentation. Stated Assets usually accompanies Stated Income, however, it can be combined with Full Income Documentation. Stated Assets is typically used for high net worth borrowers with numerous assets or investment property. Apply Online!

• No Ratio
  A No Ratio loan is similar to a Stated Income loan, however, on a No Ratio loan, the income is left blank which results in no Debt To Income Ratio calculation income is stated or verified. Your assets are stated and your income is verified. Apply Online!

• No Doc
  A No Doc loan is the most convenient for borrowers who do not want to disclose any information regarding income, assets, or employment. These fields are left blank on the application. A No Doc loan will require a good credit score and the loan amount will most likely be restricted to 90% of the value or less. Apply Online!

• Bank Statements
  Some lenders will allow you to use deposits on your bank statements to determine your income. The income listed on the application will be based on a percentage of the deposits for 6-24 months. Apply Online!