"Mortgage Capital and Investment LLC has handled our loans for the past three years with approximately 30 loans per year. We have been very pleased with the service and knowledge of the industry and would highly recommend them and will continue to send our clients to them as well."
Invest-N-Homes.com, J. Worden
Invest-N-Homes.com, J. Worden
Income Document Types
Full Document loan
This is the most common income document type because there are far more programs for a fully documented income loans and the terms are much better. Most companies require the last 2 pay stubs and the previous 2 years W2’s. For self employed borrowers the last 2 years tax returns is usually considered full doc. Retirement income, pension income, disability, and social security income can be considered full doc with an award letter from the source of income.
No Income verification, no ratio
This loan does not require any documentation of income. It is also know as “NIV”.
Stated Income and Stated Asset Loans
The stated income documentation is used when the income can not be documented. This is typical for self employed or commissioned borrowers. Stated assets loans allow the assets to be stated but it has to be reasonable. This is also true with stated income. A low income position can not be stated that it is generating a six figure salary.
No doc, no employment verified
The no doc loan is just as it sounds. No employment, no income, or no assets are verified. The decision on the strength of the loan is made on the credit and appraisal for the property.
Self employed and commissioned income loans
Most self employed or commissioned borrowers utilize a no income verification loan or stated income loan. This allows these borrowers to not have to document a 24 month history of income. This is sometimes difficult for these borrowers because of expense write offs or the instability of the income cash flow.
Bank statement loans
A bank statement is considered a full document income loan for some companies. This loan allows us to use the deposits as income. The deposits are added over a 6, 12, or 24 month period and then averaged for monthly income. Only one bank account can be utilized and transfers are not considered deposits. This can be used for business bank accounts but most lenders will only use 75% of the deposits for income.
Just graduated college loans
This loan is just as it sounds. The lender will use the transcripts as employment but there must be current employment in place. Most lenders would like to see a 2 year history of employment so this allows every graduate a chance to be a homeowner without wasting money on rent.
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