Qualifying Borrowers In Today's Market - Tip #2

Tip #1 - 5/5/08

Qualifying Affordability: Income is the second key requirement; you must be sure the borrower can really afford the loan. Not just for today, but down the road (particularly when applying for adjustable rate financing).

Tip #2: Qualify your borrowers for a full-doc program with a cushion for future adjustments in payments. Be sure to verify all forms of income on the first call by having the borrower physically read you exact pay stub, W-2 or tax return information.