This site is used as a homework reference in:
Stoughton High School (Pat Schneider's economics class)
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No-Doc Loans: A thing of the past
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("NIV") |
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("NINA") |
Income |
You provide proof (e.g., paycheck stubs, W2's) |
You just tell the banker how much you make and they take your word for it |
You don't even say how much you make. (Don't ask, don't tell.) |
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Down Payment Needed |
Small |
Small to Bigger |
Bigger |
Biggest |
Credit Required |
Fair |
Good |
Excellent |
Near-Perfect |
Employment History |
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Proof of Assets |
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Proof of Income |
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Interest Rate |
Lowest |
Higher (+0.125% to 1% higher) |
Highest |
Highest (up to 3% higher) |
If you liked this site then you might like some of my other sites:
How to Find Cheap Airfare
How to Save Electricity
Slot machines demystified
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