At Mortgage Direct, LLC we work with over 400 lenders. This enables us to find the perfect loan program to fit your specific credit needs. We specialize in providing loans with 100% financing and our loan programs include both full document loans and stated loans.
What is the difference between a full document and a stated
loan?
 |
Full
document loans require a few additional items vs.
stated loans. The advantage to this type of loan is typically a slightly better interest rate. In order for the loan process to be carried out in a timelier manor it is helpful for you to have certain items available once you have decided you are ready to purchase a home. Among the items that are needed are: W-2's or Tax Returns from the last two years, your two most recent pay stubs, two years of employment history and a 12 month record of rental history.
Stated
loans on the other hand require two years of verified
employment history (or a CPA's Letter for self-employment),
and a copy of your most current bank statement including savings
and/or any other documentation of savings and/or funds. |
The advantage
of one loan versus another truly depends on you and
your personal needs. At Mortgage Direct, LLC we are
committed to helping you find what fits your preferences.
Please feel free to give a call today for a free consultation
and take the next step towards becoming a new home
owner. |
