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There are different
levels of income documentation that can be used in applying for
a mortgage. Examples are as follows:
Full
Documentation
Income is verified with tax returns, W-2 forms and current
paystubs for salaried borrowers. Self employed borrowers will
also provide profit/loss statements.
Stated Income:
The borrower will state an income, but not provide any proof
of the income being used. This makes it easier in cases where
the income documentation is very complicated. Generally the
lender will look to the borrowers' liquid assets and see if the
level of assets makes sense with the income as stated.
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