| Full Doc = fully verified with acceptable documentation |
| Full/Alt Doc |
Prime Mortgages |
Utility Mortgages (SubPrime) |
| Employment Requirements |
Two years of continuous employment with in the same line of work
or an established and consistent source of income for two continuous years. |
Two years of continuous employment with in the same line of work
or an established and consistent source of income for two continuous years.
(Exceptions for as little as only 12 months employment history may be available
with other strengthening factors.) |
| Salaried Income Requirements |
- Written verification of employment
or
- 2 most recent pay stubs and
- 2 most recent W2's
|
- Written verification of employment
or
- 24 months bank statements (exceptions for 6 or 12 months' statements
may be available)
or
- Current year W2 and most recent paystub
|
| Non-Salaried Income Requirements |
- 2 years tax returns including all schedules (qualification calculated
from Adjusted Gross Income only)
- Verbal verification of employment
|
- 2 years tax returns including all schedules (qualification calculated from
Adjusted Gross Income only)
- 24 months business bank statements (exceptions for 6 or 12 months' statements
may be available
|
| Asset Requirements |
- Verification of deposit with 2 months' average balance
or
- 2 months' most recent account statements (all pages. Online statements
require 5 points: balance, date of balance, institution identity, account holder
identity, full account number)
|
- Verification of deposit with 2 months' average balance
or
- 2 months' most recent account statements (all pages. Online statements
require 5 points: balance, date of balance, institution identity, account holder
identity, full account number)
|
| Stated and No Doc (aka "Fast & Easy" or "Fast Forward")
= Job Verif, no Verif assets or income, Low LTV, High Credit |
| Fast Forward |
Prime Mortgages |
Utility Mortgages (SubPrime) |
| Employment Requirements |
2 years of continuous employment with the same employer or an
established and consistent source of income for two continuous years. |
(not available for subprime borrowers) |
| Salaried Income Requirements |
Signed 4506 at application and a verbal VOE without reference
to income. |
(not available for subprime borrowers) |
| Non-Salaried Income Requirements |
Signed 4506 at application and a letter provided by a neutral
third-party such as a CPA, regulatory agency or professional organization that
indicates that the borrower has been self-employed or has earned income from
other sources for at least 1 year. |
(not available for subprime borrowers) |
| Asset Requirements |
Assets stated by the borrower on the 1003 will be used for
qualification. |
(not available for subprime borrowers) |
|
|
|
