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.
Our advice: Be sure to ask your lender about FHA loans. FHA loans have very competitive interest rates because the loans are insured by the US Federal Government. Even if you have had serious credit problems, such as bankruptcy, it is easier to qualify for an FHA loan than a conventional loan. Also, taking an FIXED rate loan while the interest rates are still low is a smart idea. Check your eligibility here:
| Not at all | Definitely |
Mortgage QnA is not a common forum. We have special rules:
- Post no questions here. To ask a question, click the Ask a Question link
- We will not publish answers that include any form of advertising
- Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
Common misspellings: mortage and morgage