As a Realtor, you know the ins and outs of selecting the perfect house for your clients. When it comes to selecting the right loan, you count on your Loan Officers to point your clients in the right direction. Sometimes, though, you need a little more information to help your client shop in the right price range for their financial situation. This little glossary of documentation types should give you an idea of how to answer some basic financing questions and suggest to your clients the right home for them.

FIFA
Full Income/Full Asset: A Full Doc loan requires asset, employment and income documentation and verification. Two months' worth of bank statements usually qualifies for asset verification. For income, two years' worth of paperwork is usually required.

SIFA
Stated Income/Full Asset: Only the income stated on the loan applicaiton is included in the loan application; no paystubs or other verification is collected. No income statements are collected but a written or verbal verification of two years of employment is required. Full documentation of assets is required.

SISA
Stated Income/Stated Asset: Only the assets stated on the loan application are included. No bank statements or any other paperwork is included. Assets are stated on the application but not verified. Employment is documented for two years and verified. Lack of documentation usually must be balanced with a high credit score and low LTV or CLTV.

NINA
No Income/No Asset: No asset verification or income information is in the application. Two years of employment is documented and verified. Lack of documentation usually must be balanced with a high credit score and low LTV or CLTV.

No Ratio
Income is not disclosed or verified. Employment is stated and verified, and full asset documentation is required.

No Doc
No asset, income or employment verification of any kind is on file, nor are they verified. Lack of documentation usually must be balanced with a high credit score and low LTV or CLTV.Alt Doc
These loans use alternative methods to document income, employment and assets, such as tax returns or credit reports.