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income documentation |
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Today's mortgage lenders understand the
complications some applicants face in proving their income with
supporting documentation so many mortgage products have features
which allow a borrower to state their income (without
verification), avoid any reference to income and/or even provide
only limited documentation for income and assets. You have
to think of these options as privileges and the better your credit
the more options you will probably have. Below is a general
guidelines of what some lenders consider as minimum scores
required for such options. This information does not represent an offer to
lend and should only serve as a tool for viewing some available
programs in today's marketplace. To learn more about the limited
income documentation programs available - contact a mortgage professional in your
state.
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Credit Score |
Income Documentation Options * |
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Above 720 |
Full Documentation
No Income / No Assets (NINA)
No Ratio
Stated Income
Stated Income / Stated Assets
- Maximum Loan Amounts may Apply to programs other than
full documentation -
- Investment properties are limited to some of the products
listed above -
- Contact a mortgage professional for
more info - |
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Above 680 |
Full Documentation
No Income / No Assets (NINA)
No Ratio
Stated Income
Stated Income / Stated Assets
- Maximum Loan Amounts may Apply to programs other than
full documentation -
- Investment properties are limited to some of the products
listed above -
- Contact a mortgage professional for
more info - |
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Between 660-680 |
Full Documentation
Stated Income
Stated Income / Stated Assets
- Maximum Loan Amounts may Apply to programs other than
full documentation -
- Investment properties are limited to some of the products
listed above -
- Contact a mortgage professional for
more info - |
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Between 620-660 |
Full Documentation
- Maximum Loan Amounts may Apply to programs other than
full documentation -
- Investment properties are limited to some of the products
listed above -
- Contact a mortgage professional for
more info - |
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