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One of the most commonly asked about mortgage loans is the stated income
loan. The popular Stated Income mortgage also known as No Income
Verification Loan (NIV) - requires just that! No W2's, no pay stubs, no tax
returns, and no IRS forms. Available to W-2 wage earners, 1099, Self
Employed, and Retired. If you need financing but your income is difficult to
prove or documentation is hard to get then a Stated Income or No Income
Verification loan may then be the answer for you.
Stated Income Mortgage Loans are the most commonly used and least expensive
product in the reduced or no documentation suite of programs. A Stated
Income Mortgage Loan is the perfect choice if you have verifiable
employment, even if it is self employment, and assets.
Here are some general guidelines for a Stated Income Mortgage Loan:
Minimum credit score of 620 for most lenders
At least 5 credit accounts are required.
Bankruptcy and foreclosures must be discharged for 3 years with
reestablished credit
Two years employment with same employer
5% minimum down payment is required from your own funds by most lenders
Stated Income programs allow you to purchase or refinance a single family,
townhouse or condo.
There are "2" types of Stated Income loans for purchase or refinance that
offer 100% financing explained below:
Stated Income Verified Assets Loan: (SIVA) - Loan approval is based on your
stated income, credit history, and verified liquid assets. The Verified
Assets should be consistent with the income claimed.
Stated Income Stated Assets Loan (SISA) - This loan features no assets being
verified. You only state your income and state your assets on the
application. This program carries a slightly higher rate because the assets
are not verified. Now available on Home Equity Lines or Fixed Rate second
mortgages.
There are also No Ratio Loans which are similar to the programs above except
that no income information is provided or verified on the application.
My name is Glenn Levy and I am a real estate investor based in Denver, Colorado. I recently had the opportunity and the great privilege to work with Castlewood Home...
- Glenn L.
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