Loan Program

Advantages

Disadvantages

Full Documentation

¨Lower rates

¨Lower down payment

¨Helps to offset imperfect credit

¨Need to verify all sources of income, assets and employment history

¨More paperwork to submit

¨Takes longer to approve

Loan Program

Advantages

Disadvantages

Stated Income - Verified Assets

¨Don't need to verify income

¨Less paperwork to submit

¨Faster approval

¨Good for self-employed borrowers, retirees, and first-time homebuyers

¨Higher rates

¨Higher down payment

¨May require more cash reserves

Loan Program

Advantages

Disadvantages

Stated Income - Stated Assets

¨Don't need to verify income or assets

¨Less paperwork to submit

¨Faster approval

¨Good for self-employed borrowers, retirees, and first-time homebuyers

¨Higher rates

¨Higher down payment

¨May require more cash reserves

¨Typically need higher than average credit to qualify

Loan Program

Advantages

Disadvantages

No Documentation

¨Don't need to verify income, assets or employment

¨Less paperwork to submit

¨Faster approval

¨Good for self-employed borrowers, retirees, and first-time homebuyers

¨Higher rates

¨Higher down payment

¨May require more cash reserves

¨Must have good credit to qualify