An acceptable situation for non-verification of income is, per the FNMA and FHLMC guidelines, when the layering of risk is sufficiently low that supporting documentation is not required.
In plain English, if you have:
1. high enough FICO score
2. sufficient reserves
3. sufficient income etc.
Fannie Mae *does not want* the stack of paperwork. The intention is for process simplification and paperwork reduction, not to enable people to get a loan who shouldn’t.
2 Comments
April 16, 2007 at 8:49 pm
Nice blog!
November 29, 2007 at 11:24 am
Roses are red, sky is blue, you’re a better writer than me for sure, lol