Mortgage Questions - Loan Doc Type
What is a mortgage loan doc type?
Doc type refers to the documentation required for the loan. Most home loans today are considered “Full Documentation” (Full Doc) loans or “Alternative Documentation” loans. These loans require the most documentation, but also provide the best rates.
“Stated” and “Stated Income Stated Asset” (SISA) loans require less documentation, but have higher rates and stricter qualifications. SISA loans allow you to state your income and assets without verifying them. Stated loans require asset verification, but allow you to state your income without verifying it. Loans allowing this type of documentation have all but disappeared.
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