Lenders are interested in mainly 3 things – the borrowers’ income, employment and assets. If the borrower can document those items and the lender can verify them, the loan is considered relatively low risk. This type of full documentation loan is the standard for most borrowers.
The stated income or no doc (no documentation) loan was initially designed for people who are self-employed and have difficulty documenting their income. If you are unable to or do not wish to document either income, employment or assets, then a stated income or no doc loan is the way to go. Here are some types of these loans requiring reduced documentation:1) Stated Income, Verified Assets (SIVA) – income is stated only, assets are stated and verified2) Stated Income, Stated Assets (SISA) – income and assets are stated only and not verified3) No Ratio – we have heard of two types of no ratio: one with income and assets stated and verified, and the other with no income stated or verified.4) No Income, No Assets (NINA) – no income or asset information is stated or verified. Loan approval is based on credit score and down payment. Some lenders do require proof of employment while some do not.5) No Income, No Employment, No Assets – this is considered a “true no doc” where no income, employment or asset information is stated or verified. To learn more about these types of loans, visit Empire Real Estate – About Stated Income and No Doc Loans . This article may be reprinted only if credit is given and all links are kept intact.Copyright©2005 Empire Real Estate Group, Inc.
Electric RC Airplanes
In the recent past, almost all rc airplanes were powered by small internal combustion engines, using liquid fuels. Models powered by electric motors were few and far between. The electric rc airplane is now becoming much more common, especially in models designed for beginning pilots.
Model Jet Engines
Most of us can only dream of having a private jet airplane, but radio-controlled jets have become a practical and increasingly affordable reality. This is because of advances in model jet engine technology in recent years.
Where to get Down Payment Money for Your Home
Down Payment Money - For most first-time homebuyers, that is probably the biggest hurdle they face in their quest to purchase a home. These days, one can easily find a loan program that allows the buyer to put down only 10% of the purchase price. Even at 10% down, the homebuyer will have to come up with $25,000 for a median-priced home in Fresno, CA! That is a lot of money for the average person. How does one come up with the down payment?
