Posted by Devon on September 27, 2004 at 16:18:18:
AS SIMPLE AS POSSIBLE:
Full doc = full documentation. All employment verified (2 years self employed or 2 years employment period with no 30 day gaps). All income verified (providing 2 years W2’s and 1 month worth of paystubs) and assets verified (usually 2 months reserves and money seasoned for 2 months)
Stated = 2 different types stated income and stated assets. Stated income is where you “state” your income on 1003 but is not verified. Stated income must be reasonable with job. Stated assets are assets that are stated on 1003 but not verified.
No Doc = no documentation. No employment, assets or income information is DISCLOSED on 1003 therefore it is not verified.