|
Full/Alt Doc Loans: With these loans the borrower displays all of their income assets and credit. The borrower provides one month of pay-stubs, three month's bank statements and two years of tax returns. All of the information is reviewed and verified. There is more work for the borrower, but these typically offer the best available interest rates.
Jumbo Loans: These are full documentation loans that exceed the conforming limits with regard to loan amount.
Lite Documentation Loans: These loans offer borrowers the opportunity to not verify all of their income or to verify their income through non-traditional means. In some cases self-employed borrowers do not show all of their income on their tax return or they do show the income on their tax return but most of it is taken off the return via deductions and write-offs so they can't qualify for traditional financing. In some cases we can average their deposits into their personal account to show their income, or not verify the income at all and use a No-Income Verification Loan.
No Documentation Loans: These loans required very little documentation other than credit and property appraisal. The benefit is a rapid streamlined process. These loans usually required a minimum of a 20-25% down payment and the credit should be excellent.
Sub-Prime Loans : These loans are for borrowers with less than perfect credit histories. These borrowers are regularly late on their payments yet have incomes that can support their debt. These loans can also be used on a short-term basis to fix credit after a catastrophic event within a family that may have caused the period of bad credit.
http://www.concordelending.com/concerns.htm#Points |
