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
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% *
Down & Interest Only
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.
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.
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.
stated income loan programs have credit FICO scores as low as
620 with higher debt to income ratios.