What are the stated income documentation mortgage loans?


Stated income documentation mortgage loans generally vary between SIVA, SISA and NINA loans. They are alternative mortgage documentation loans particularly useful for self-employed borrowers.

SIVA stands for Stated Income Verified Assets documentation mortgage loan.

SISA stands for Stated Income Stated Assets documentation mortgage loan.

NINA is abbreviated from No Income No Assets loan.

All are used with increasing rates from SIVA to NINA - the less documentation provided, the riskier the loan, as lenders assume, and higher the rates.

All those stated income documentation mortgage loans provide for quicker approval and are great for people working on tips, commission, or are self-employed. An alternative documentation mortgage program will allow non-prime lenders to extend money based on the amount deposited in the borrower's bank account over the previous several months to calculate annual earnings.

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