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Frequently Asked Questions (FAQs)

Federal and State Disclosures

Loan Programs

UP2 No Income Verification

Conforming (prime) loan programs require an applicant to prove the amount of the income he or she reports on their loan application for purpose of qualification. Borrowers that seek to qualify with self-employment income will typically be required to provide a minimum of two income tax returns to document the amount of their income.  Applicants needing to utilize bonus or commission income may also be required to provide written proof of receipt of that income for two years or more.  An applicant that earns sufficient income to qualify in these circumstances may not be able to provide the documentation necessary to fulfill the requirements on a conforming (prime) loan.

For these applicants a “no-income-verification” (“NIV”) loan program or an “alternate” documentation loan program (e.g. using deposits to bank accounts to document income in lieu of tax returns) may be the only option for qualification.

These types of loan programs have significantly higher rates and costs.

Refer to our Frequently Asked Questions about No-Income-Verification Loans for more information about this type of loan program.