Full Income Verification

Definition

  • Refers to a requirement where a potential borrower must show complete and accurate proof of income when applying for a loan. These types of loans usually offer lower interest rates than no-income or "no-doc" verification loans.

Synonyms
income verification, verified income

Related Terms and Acronyms

  • Burden of Proof (BOP) Acronym,
    • The legal requirement to provide enough evidence to win a lawsuit. In civil cases, such as tax court, the burden is decided by the preponderance -- the most -- evidence. Except in cases of tax fraud, the burden of proof in a tax case generally is on the taxpayer.
  • Loan Definition,
    • Letting another party use something of value temporarily.
  • Loan Application Definition,
    • A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • Low-documentation Loan Definition,
    • A mortgage that requires less income or asset verification than conventional loans. Low-documentation loans are designed for the entrepreneur or self-employed, for recent immigrants, or for borrowers who cannot or choose not to reveal their financial information. A substantial down payment and excellent credit history are generally required. This type of loan will also yield a higher interest rate.
  • Mortgage (mtg) Abbreviation, Important,
    • A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
  • Mortgage Application Definition, Very Important,
    • A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • Verification of Employment (VOE) Acronym, Important,
    • Confirmation that a loan applicant is telling the truth about where he or she works and how much he or she makes.
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