From MortgageWiki
[edit] Core Documentation Options
Full Doc
Full income verification, including 12 months’ bank statements for self-employed borrowers.
- 12 months’ employment and income verification ≥ 620 FICO
- 24 months’ employment and income verification < 620 FICO
- Funding from 580 FICO
- Three trade lines required: one 24 months old, all rated 6 months each
LIV
Limited income verification. Qualify using just 6 months' bank statements.
- 12 months’ employment verification ≥ 620 FICO
- 24 months’ employment verification < 620 FICO
- Average 6 months’ deposits less expenses to determine income
- Funding from 580 FICO
- Three trade lines required: one 24 months old, all rated 6 months each
[edit] Alt-A Documentation Options
Full Doc
Traditional full income verification.
- 24 months' employment and income verification
- FICOs from 620
- Three trade lines required: one 24 months old, all rated 6 months each
Stated
No earned income verification. Qualifying ratios calculated using income as stated on loan application.
- 24 months' employment verification
- FICOs from 660
- Four trade lines required: one 24 months old, all rated 12 months each
No Ratio
Income not disclosed. Qualifying ratios not calculated.
- 24 months' employment verification
- FICOs from 660
- Four trade lines required: one 24 months old, all rated 12 months each
[edit] External Links
First Franklin Home Page
