But he said he thought the Ledfords understood they could qualify only if he put down a stated income, typically an undocumented business income that raises the borrower's interest rate. 
( But ( he ( ( said ( he ( thought ( ( the Ledfords ) ( understood ( they ( could ( qualify ( only ( if ( he ( ( put down ) ( ( ( ( a ( stated income ) ) , ) typically ) ( ( an ( undocumented ( business income ) ) ) ( that ( raises ( ( the ( borrower 's ) ) ( interest rate ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) . ) ) )
(ROOT (S (CC But) (NP (PRP he)) (VP (VBD said) (SBAR (S (NP (PRP he)) (VP (VBD thought) (SBAR (S (NP (DT the) (NNPS Ledfords)) (VP (VBD understood) (SBAR (S (NP (PRP they)) (VP (MD could) (VP (VB qualify) (SBAR (RB only) (IN if) (S (NP (PRP he)) (VP (VBD put) (PRT (RP down)) (NP (NP (DT a) (JJ stated) (NN income)) (, ,) (ADVP (RB typically)) (NP (NP (DT an) (JJ undocumented) (NN business) (NN income)) (SBAR (WHNP (WDT that)) (S (VP (VBZ raises) (NP (NP (DT the) (NN borrower) (POS 's)) (NN interest) (NN rate))))))))))))))))))))) (. .)))
He thought he didn't need anything to qualify.
( He ( ( thought ( he ( ( did n't ) ( ( need anything ) ( to qualify ) ) ) ) ) . ) )
(ROOT (S (NP (PRP He)) (VP (VBD thought) (SBAR (S (NP (PRP he)) (VP (VBD did) (RB n't) (VP (VB need) (NP (NN anything)) (S (VP (TO to) (VP (VB qualify))))))))) (. .)))