What is the difference between stated and full doc for a mortgage loan?
Answers:
Full doc requires pay stubs while stated doesn't - you in recent times stae your career and what you make and they dance from statistics of other with that career to document it. Full doc usually get you a lower rate, though.
Full Doc Loans give you the best interest rate you qualify for. A State Income is usually cost for a moment more in interest.
For more Information on different Loan Programs and Rate Check out this website: http://www.firstmeridiancapital.com/Rate…
Actually, zilch, if you have very worthy credit and are either buying or refinancing an owner occupied property. The company that I work for have a program specifically set up for people with righteous credit that either can't, or don't really want to, prove income or assets.
You can get indistinguishable programs and rates as a borrower proving everything---we actually use your credit as proof that you are a good borrower!
Feel free to contact me if you would close to additional information. Source(s): In the biz for 12 years
I work for a nationally approved direct lender
A "full doc" loan requires complete documentation and proof of income. This includes W2's, paystubs, tax returns, etc. A "stated" loan requires only that you "state" your income and does not require proof.
It has to do with your income. Stated way that you tell them how much you make, and they do not verify it. Full doc, method that you have to provide documentation and it is verified.
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