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Stated Income Loan / No Income Verification programs

No Income Verification Loan (NIV) - requires No W2's, No Pay stubs, No Tax returns, and No IRS Forms. Available to W-2 wage earners, 1099, Self Employed, and Retired.

If you need financing but your income is difficult to prove or document then the answer for you is a Stated Income or No Income Verification loan. Review the Program Details and the available states for stated income loans.

There are "3" types of NIV or No Income Verification loans for purchase or refinance that offer 100% financing explained below:

Stated Income Verified Assets Loan: (SIVA) - Loan approval is based on your stated income, credit history, and verified liquid assets. The Verified Assets should be consistent with the income claimed.

Stated Income Stated Assets Loan (SISA) - This loan features no assets being verified. You only state your income and state your assets on the application. This program carries a slightly higher rate because the assets are not verified.

No Ratio Loans - Similar to the programs above except that no income information is provided or verified on the application.

Stated Income Loan Rates as low as 1.95% *

"0" Down & Interest Only


Lenders usually look for a minimum of 2 years of self-employment history or employment history in the same field. Proof for minimum of 2 years employment history for self-employed borrowers may be accomplished by obtaining a typed letter from a accountant/CPA on their company letterhead to get verification of the borrowers self employment. If an accountant is not available, two years of business license or confirmation from 3 disinterested parties may be required. Your ability to qualify for the loan is based on the income stated on the application. The stated or claimed income must be in line with your occupation.

Credit & Reserves:

For borrowers with credit FICO scores over 640 and want a loan on 3/1, 5/1, or 7/1 ARM's, the borrower should have 3 to 4 months of the mortgage payment in liquid cash reserves on a purchase or refinance for the best rate. Liquid Cash Reserves can be from checking, savings, cash, CD's, money market accounts, stocks, bonds, IRA's, 401k's, and Keogh accounts.

On cash out refinances, reserves can come from the loan proceeds and the credit score may need to be higher. The other programs (30 yr and 15 yr fixed) require less reserves.

Some stated income loan programs have credit FICO scores as low as 620 with higher debt to income ratios.

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