Stated income/verified assets: In this type of loan, the income is disclosed. The income source is verified as well. However, there is no verification of amount. Aside from verifying the assets, it is also important for them to meet adequacy standard.
Stated income/stated assets: Assets and income are disclosed but they are not verified. The borrower’s source of income is verified though.
No ratio: The income is verified and disclosed. However, it is not used to qualify the borrower.
No income: The assets should meet adequacy standard. In addition, they should be verified and disclosed. Income remains undisclosed though.
No asset verification or Stated Assets: The income is verified and disclosed. It is also used as a qualification of the applicant. The assets are not verified but they are disclosed.
No asset: Income is verified and disclosed. It is also used as the applicant’s qualification. The assets, on the other hand, are left undisclosed.
No assets/no income: No income or asset is disclosed.