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Full Doc and Stated Income

Hansen Mortgage Services, Inc.

Full Doc

A full doc loan is one that requires that the borrower present all necessary documents, including income verification, to be considered for the home loan. This type of loan usually offers lower rates because it is less risky for the lender. On the other hand, if you are self-employed, you may not have all of the required documents and should look into a stated income loan. Learn more by scheduling your FREE mortgage consultation with Hansen Mortgage Services, Inc today.

Stated Income

Stated income home loans allow those who are self-employed or do not have documentation of earned wages to state a wage on the mortgage application and qualify for a mortgage based on that stated income. The advantages of a stated income home loan allow those who are self-employed or do not have documentation of earned wages to state a wage and qualify for a mortgage based on that stated income. The advantages of a stated income loan are that the borrower does not need to verify income, and approval is generally faster than with traditional home loans. The disadvantages of this type of loan are that interest rates and the required down payments are often higher than with traditional home loans.
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