Interest-only is a gimmick I’d avoid, because you don’t knock any principle down with each payment. You want a loan that amortizes. The whole point of investing in real estate in the long term is to have the rent retire the debt over the years so that you have a paid-for asset down the line.

Stated income and stated asset aren’t as advantageous as full documentation because they have higher rates, which adversely affects your cash flow.

In short, you want a fixed rate loan which pays the principle down monthly and no gimmicks. If you have to state you assets or income, or need interest-only for cash flow, it probably isn’t the right time to buy yet.