Question:

When and for whom is it best to get a stated income-stated assets loan?

Answer:

The SISA loan, or the stated income-stated assets loan, is one of the popular stated income loans requiring less documentation than what is commonly used. With this type of loan your assets and income will not be verified. Good for you.

However, you can expect a slightly higher rate compared to the SIVA loan - stated income-verified assets.

The stated income-stated assets loan is of the reduced documentation loans that rely on the good credit rating of the borrower and may even be offered by the lender himself. A good credit rating is read as ability to know what you can afford and what you cannot. Often borrowers who would like to have such a loan would have main income source out of commission, tips, rent or investment. They may or may not have salaried employment, but will most probably like to benefit of reduced documentation loans. Also, these may be people that simply would like to keep their income and assets in privacy.

A reduced documentation loan such as the income-stated assets loan and alike is tuned to fit the needs of self-employed borrowers and those with out of the mold situations.

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