There are options for reduced documentation and or additional income programs and or down payment funding programs or down payment assistance for consumers Real Estate Financing needs.
Of course like anything, some work together and some can't.
What I mean by that is, some Loan Programs may be Combined with other programs and some cannot. Some Programs are only allowed in Specific States and some down payment programs are designated by counties within those states. Some are for clients who have been impacted by a Foreclosure or Short Sale and they want to return to the market now. Some are for Investors and Some are for 1st time buyers. Some allow the use of Gift Funds and some allow the use of a Non-Occupant co-borrowers. Some Loans are only for a Primary Residence and so on...
I could go on and on but to say it simply, everyone has a unique situation and goals and no two are ever alike.
Lastly, if a property has good equity and other factors are also favorable (like fico score , credit history) the DU (automated underwriting engine) will generate an approval taking in to account all the aspects of the file. So in essence you can get reduced documentation without asking for it.
That brings us to the end of this discussion and to summarize a path to your success:
(1) Whether you have had derogatory events in the past or not, or you are Self Employed or You are a 1st time buyer, Have all your Income, Asset, etc..paperwork prepared to be reviewed.
(2) Be a Saver and Not a Shredder Right now
(3) Get Prequalified from a Direct Lender and have them assist you with anything that needs corrected on your credit.
(4) Ask if there is more than one option for your Real Estate Financing needs.
(5) If you have challenges in gathering these items, ask me for the solutions.
Please feel free to contact me for accurate information