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stated income Some loan products require only that applicants "state" the source of their income without providing supporting documentation such as tax returns or pay stubs. These programs carry a higher rate due to increased risk to the investor. survey A print showing the measurements of the boundaries of a parcel of land, together with the location of all improvements on the land and sometimes its area and topography. |
sweat equity
A program that gives a buyer part or all of the money for a down payment in exchange for hours of labor helping to build the home. This program has very specific guidelines and is typically not available to conventional borrowers.
