|
Stated Income
Loan / No Income Verification programs in NC
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.
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
No
Documentation / No Doc Loan
No income or asset information is
provided or verified. Approval is based on down
payment, credit history, and property value. Some
programs still require "employment" documentation,
while others do not (10% down). No Doc Loans may go
to 100% loan to value or 10% down/equity depending
on credit. Alternate credit is allowed. This program
allows foreign nationals with no income and no
credit in United States to buy property. The
standard credit scores needed are above 640. For No
Doc 100% financing, you'll need credit scores above
680.
-
No
Income No Asset Programs:
(NINA)
(Homes, 2 to 4
Units*, condo high rises, jumbo loans)
100% to
$650,000
95% to
$1,000,000
90% to
$1,500,000
90% for
Non-owners & Foreign Nationals
85% Cash Out to
$1,000,000
95% to $600,000
on 4 Units (Owner/Non-Owner; Stated Income Only;
660+ FICO- (Not available in AK, LA, NY, VT )
No
Income, No Asset, No Employment: ( No Doc)
These loans have No Verification of Employment,
Income, or Assets Loans are available on 6 mo
adjustable, 2, 3, 5, & 7 year fixed ARM's which
convert to adjustable rates for their remaining
terms. A 15 & 30 year fixed rate is also
available.
95% up to
$500,000
90% from
$501,000 to $1,000,000
The above
program requires a minimum of 5%-10% down or
equity when job is not verified up to $1mil
outside of CA.
New
100% No Doc up to $750,000 ( need 680+ scores )
New
100% No Doc up to $1,000,000 SFR Primary
Residence (California Only;
interest
only not available on 2nd loan, 720 credit score
for 100%, 680+ for 95%)
Q. What is a Stated Income Loan?
A. With a Stated Income Loan, you do
exactly what it says. You, the borrower, state the
income and the financial institution does not verify
the dollar amount. In most circumstances, your
position and title are verified only.
Q. Are
there any conditions with a Stated Income Loan?
A. The one condition of a Stated Income
Loan is that your income is reasonable with your
title. For example, a waitress making $9,000 a month
in tips usually will not make it through the
underwriting process.
Q. Who
would use a Stated Income Loan?
A. Stated income is a very popular form of loan
qualifying. As you're probably aware, most
successful business owners write off a lot of their
expenses at the end of the year on their taxes,
causing very little net income to be used for
qualifying for a loan. You also see this with
borrowers that make tips, bonuses and commission as
their sole form of income. These people would want
to use a Stated Income Loan.
Q. Is
there a minimum FICO required?
A. Stated Income Loans are available with
FICO scores as low as 580. If your FICO score is
above 730, there is no penalty in rate for doing a
Stated Income Loan.
Q. When
can I use a Stated Income Loan?
A. Stated Income Loans are available for purchases,
refinancing your current home and home equity lines
of credit.
|
