What is a SIVA (stated income-verified assets) loan?Answer:
SIVA, SISA and NINA are common stated income loan programs mostly used by people with good credit who cannot document properly the fact that they can afford a mortgage.
SIVA or the stated income-verified assets loan will allow to verbally state your income as long as it is consistent with your occupation. If you are a bank cashier you are not making $100,000, probably. Your verbally stated income has to be high enough to qualify for your mortgage and satisfy the required debt-to-income ratio. Your assets will be fully verified by providing some of the most recent account statements - checking and savings account, retirement plans, bonds and stocks, etc. Employment will also be verbally verified. Expect a rate increase of up to 1 percent compared to better documented loans, such as Full or Alternative.
SISA will stand for stated income-stated assets. With this loan neither income, nor assets are verified at application time.
NINA stands for No Income No Assets. Neither income, nor assets, nor employment are stated nor verified.
Any time you move from to SIVA to SISA to NINA in that order be sure to expect an increasing interest rate.
If you are self-employed or get commission rather than a wage, you might consider the stated income loans. Many high net worth borrowers would prefer the convenience of not explicitly stating assets and income and would tolerate the higher interest rates.
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