Stated Income and No Doc loans

by : Andre Mcfayden

The stated income or no doc (no documentation) loan was initially designed for people who are self-employed and have difficulty documenting their income. If you are unable to or do not wish to document either income, employment or assets, then a stated income or no doc loan is the way to go.

Here are some types of these loans requiring reduced documentation:

1) Stated Income, Verified Assets (SIVA) – income is stated only, assets are stated and verified

2) Stated Income, Stated Assets (SISA) – income and assets are stated only and not verified

3) No Ratio – we have heard of two types of no ratio: one with income and assets stated and verified, and the other with no income stated or verified.

4) No Income, No Assets (NINA) – no income or asset information is stated or verified. Loan approval is based on credit score and down payment. Some lenders do require proof of employment while some do not.

5) No Income, No Employment, No Assets – this is considered a “true no doc" where no income, employment or asset information is stated or verified.

To learn more about these types of loans, visit Empire Real Estate – About Stated Income and No Doc Loans .

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