FULL DOCUMENTATION

ALTERNATIVE DOCUMENTATION

• Verification of Employment
  
  
• Verification of Income

• Certified copies of most recent 2 years W-2's
  
  
• 1 full month of year to date paystubs
  
  
• Verbal verification of employment

STATED INCOME

NO RATIO

• Income stated but not verified on application
  
  
• Disclosure of Assets and Employment are verified with VOD that discloses 2 month average account balance
  
  
• -Or- 2 most recent bank, brokerage and/or mutual fund account statements
  
  
• Employment must have 2 year history in same field/line of work
  
  
• Income must be reasonable for the line of work the borrower is in

• DTI is not calculated
  
  
• Disclosure of Employment and Assets are verified
  
  
• Assets are verified with either a written VOD that discloses a 2-month average account balance, or 2 most recent bank, brokerage and/or mutual fund account statements
  
  
• Employment or recent credit history must be consistent with level of mortgage debt applied for
  
  
• Employment is verified written or verbally and must have 2 year work history in same field/line of work

NINA

STATED INCOME/STATED ASSETS

• Income and Assets are not stated on the application and are not verified
  
  
• Disclosure of Employment is required and is verified, written or verbally and must disclose a 2 year employment history in same field/line of work
  
  
• 1 year of documented graduate or post-graduate school history plus one year of employment in the same field is satisfactory
  
  
• Employment or recent credit history must be consistent with level of mortgage debt applied for

• Income and Assets are stated on the application but not verified
  
  
• Income state on typed application must be consistent with the initial signed application
  
  
• Disclosure of Employment is required and is verified, written or verbally and must disclose a 2 year employment history in same field/line of work
  
  
• 1 year of documented graduate or post-graduate school history plus one year of employment in the same field is satisfactory

NO DOC W/ASSETS

NO DOC

• Income and Employment are NOT stated or verified anywhere on the application
  
  
• Assets are verified with either a written VOD that discloses a 2 month average account balance, or 2 most recent bank, brokerage and/or mutual fund account statements

• Income, Assets and Employment are not stated or verified anywhere on the application