Documentation Types
Most loans require full documentation of income and assets.
Full income and asset verification
- Income is fully verified with two years tax returns, W-2 Forms, and one current month’s pay stubs.
- Assets are verified with two monthly account statements.
- All FHA (except Streamline Refinance) and conventional conforming (Fannie Mae and Freddie Mac) loans require full income and asset verification.
Reduced Documentation with full asset verification
- Available on non-conforming loans for the self employed borrower. Income is stated but not verified.
- Business ownership must be verified with a CPA letter.
- Sufficient assets must be fully verified with two monthly account statements.
- Gift funds not allowed.
- Maximum loan-to-value 65%.
NIVA – No income stated or verified with full asset verification
- Available on non-conforming loans.
- Verification of business owner and/or employment required.
- Maximum loan-to-value ratio 60%
- Minimum FICO score 720
