It has to do with your income. Stated means that you tell them how much you make, and they do not verify it. Full doc, means that you have to provide documentation and it is verified.
What is the difference between stated and full doc for a mortgage loan?
Full doc requires pay stubs while stated doesn't - you just stae your career and what you make and they go from statistics of other with that career to document it. Full doc usually gets you a lower rate, though.
What is the difference between stated and full doc for a mortgage loan?
Full Doc Loans give you the best interest rate you qualify for. A State Income is usually cost a little more in interest.
For more Information on different Loan Programs and Rate Check out this website: http://www.firstmeridiancapital.com/Rate...
What is the difference between stated and full doc for a mortgage loan?
A %26quot;full doc%26quot; loan requires complete documentation and proof of income. This includes W2's, paystubs, tax returns, etc. A %26quot;stated%26quot; loan requires only that you %26quot;state%26quot; your income and does not require proof.
What is the difference between stated and full doc for a mortgage loan?
Actually, nothing, if you have very good credit and are either buying or refinancing an owner occupied property. The company that I work for has a program specifically set up for people with good credit that either can't, or don't really want to, prove income or assets.
You can get the same programs and rates as a borrower proving everything---we actually use your credit as proof that you are a good borrower!
Feel free to contact me if you would like additional information.
No comments:
Post a Comment