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Different Documentation Types available |
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| At Loan Gallery we realize that borrowers sometimes have special situations requiring custom-made loans. Below is a list of the different loan types we can customize for people with special circumstances. Please remember that these are basic guidelines to follow and that good credit is required for most custom loans. |
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| If you have questions or still can't find what you need, call our office or drop us an e-mail explaining your situation. We will respond with a customized loan program that fits your specific case. Loan Gallery takes pride in helping our customers attain the special loans they need. |
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| Fully Documented Loans |
| This loan requires a borrower to verify his/her employment, income and assets. The Borrower can be salaried, retired or Self Employed. These kind of loans most of the time will have the lowest interest rate. |
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| Stated Income/Verified Assets |
This loan requires a borrower to state his/her employment and income. Only employment and assets will be verified. Income is accepted as-stated, but it must make sense for the type of business or position held by the borrower. Assets should also support the stated income.
The borrower must be employed or self-employed, and employment will be verified by a phone call to the employer for salaried borrowers or by a letter from the accountant for self-employed borrowers. Self-employed borrowers should have held the same job at the same location for at least two years. All the necessary assets for the down payment, closing costs and reserves will be verified. Assets must be in the borrower's accounts for at least three months unless they have come from an approved source like the sale of a home. |
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| Stated Income/Stated Assets |
A borrower with this loan must state his/her employment, income and assets. Only employment will be verified, but income and assets must make sense for the type of business or position held by the borrower. The stated assets must be sufficient for the borrower to close the loan and have minimum reserves equal to four times the new PITI (payment, interest, tax & insurance).
The borrower must be employed or self-employed, and employment will be verified by a phone call to the employer for salaried borrowers or by a letter from the accountant for self-employed borrowers. Self-employed borrowers should have held the same job at the same location for at least two years. The initial escrow deposit must be drawn from an account belonging to the borrower. |
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| No Ratio/Verified Assets |
This loan type requires a borrower to state his/her employment but leave the income section of the application blank. Only employment and assets are verified. The borrower must be employed or self-employed, and employment will be verified by a phone call to the employer for salaried borrowers or by a letter from the accountant for self-employed borrowers.
Self-employed borrowers should have held the same job at the same location for at least two years. All the necessary assets for the down payment, closing costs and reserves will be verified. Assets must be in the borrower's accounts for at least three months unless they have come from a special approved source like the sale of a home. |
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| No Doc Loans |
| This loan type allows the borrower to leave the employment, income and asset parts of the loan application blank. Nothing is verified. A daytime phone number is required. |
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