Question:

What exactly is a Stated Income Stated Assets (SISA) mortgage loan?

Answer:

A Stated Income Stated Assets (SISA) mortgage loan is one that allows the borrower to provide less documentation when applying for a home loan. SISA is a mortgage loan that belongs to the family of low/reduced documentation loans. Homebuyers are advised to go with full documentation when applying for a mortgage to maximize the interest rate and other terms for the loan.

However, many borrowers are unable to comply with full doc requirements and have to do reduced documentation - Stated Income, No Doc, No Ratio and variations of those.

With a SISA loan, the lender is not going to verify what your income and assets are, but they will check your income source. If you have less than 2 years past job experience in the same field or the same employer; or if you cannot show proof for all your income to qualify for the mortgage you will have to do a reduced doc loan.

SIVA, SISA and NINA are all low doc mortgage loans.

Sometimes, even when borrowers are able to comply under stricter underwriting guidelines they prefer to go NINA (No Income No Asset verification loans) to attain better privacy.

SIVA is a Stated Income Verified Asset loan. It is the closest you can get to fully documenting your loan. SISA and NINA are likely to get you subprime rates.

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