What are the other types of loans?
Stated income/verified assets: Income is disclosed and the source of the income is verified, but the amount is not verified. Assets are verified, and must meet an adequacy standard such as, for example, 6 months of stated income and 2 months of expected monthly housing expense. Stated income/stated assets: Both income and assets are disclosed but not verified. However, the source of the borrower’s income is verified. No ratio: Income is disclosed and verified but not used in qualifying the borrower. The standard rule that the borrower’s housing expense cannot exceed some specified percent of income, is ignored. Assets are disclosed and verified. No income: Income is not disclosed, but assets are disclosed and verified, and must meet an adequacy standard. Stated Assets or No asset verification: Assets are disclosed but not verified, income is disclosed, verified and used to qualify the applicant. No asset: Assets are not disclosed, but income is disclosed, verified and used to qualify t
State of New York Mortgage Agency (SONYMA): SONYMA is dedicated to providing affordable home ownership opportunities to low – and moderate income families in the State of New York by offering competitively-priced mortgages. SONYMA offers six mortgage programs to assist you with the purchase of a home in New York State. Each program offers a competitive interest rate, low down payment requirements, no prepayment penalties, and offers closing cost assistance. Each of these features are designed to make your home purchase more affordable. All SONYMA loans are financed through the sale of tax exempt bonds. High Balance Conforming: The Housing and Economic Recovery Act of 2008 (ARRA) changed Fannie Mae’s charter to expand the definition of the “conforming” loan. Effective with the November 2008 release of the conforming loan limits, two sets of limits are provided for first mortgages: 1) general conforming loan limits, and 2) high-cost area conforming loan limits. To implement the expansion
