1.
Stated Income
STATED-INCOME.COM
STATED-INCOME.COM
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2.
Stated Income Loans Are Back
Stated income loans used to be popular a few years back,
and there were plenty of stated income lenders that were
available. These lenders had flexible guidelines and offered
low stated income rates– but once the credit crisis hit, lenders
started to pull their stated income programs. Stated income
loan programs helped people with unique situations, which is
why many, especially small business owners, started having
issues getting loans once they were no longer being offered.
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HOTLINE: 888-581-5008

3.
Stated Income Loans are favored by many. Here are some types
of borrowers that may consider getting a stated income loan:
People who are highly commissioned, who may have a
low salary base but make most of their earnings through
commission.
Self-employed individuals who own a small business
People who cannot prove documentation for at least 2
years of income at their current income levels.
Individuals who make plenty of money but do not want
to disclose their income information.
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HOTLINE: 888-581-5008

4.
In 2016, Guidelines Vary By Lender
Since stated income loans are being offered by lenders
again, borrowers are able to receive loans and get help with
refinancing their current home or buy a new one with a
mortgage loan. Different lenders, typically means different
guidelines. A lender will establish a stated income product
and then develop guidelines around it– ultimately, producing
varied guidelines from lender to lender.
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LENDER HOTLINE: 888-581-5008

5.
These various stated income programs will
usually have certain nicknames like:
“Low doc”
“No doc”
“SISA”
“NINA”
And many more
STATED-INCOME.COM
LENDER HOTLINE: 888-581-5008

6.
Stated Income Lenders
Not all lenders offer stated income loan programs. The
majority of loan officers know that having a stated income
lender can immensely help a small business owner get into
a home. Stated income lenders are typically smaller
lenders, who come up with innovative solutions, stated
income products, and flexible guidelines. These assets help
attract good business, which creates a beneficial result for
all parties involved.
STATED-INCOME.COM
LENDER HOTLINE: 888-581-5008

7.
Stated income loan programs will all be different
based on the guidelines that are set by each,
individual lender. For example: Lender A’s NINA loan
will probably have different guidelines set than
Lender B’s NINA loan. This is why it is important to
shop around when considering a stated income loan.
STATED-INCOME.COM
LENDER HOTLINE: 888-581-5008

8.
Stated Income Interest Rates
Similar to guidelines, stated income interest rates will vary
by lender, as well. You can anticipate for a stated income
loan to have higher interest rates than a FHA loan, however,
nothing that is out of the market. Stated income loans carry
a premium and they will have to be competitive.
Guesstimate a few percentage points higher than a FHA
loan and you should be in the right ballpark for a stated
income interest rate.
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LENDER HOTLINE: 888-581-5008

9.
Frequently
Asked
Questions
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10.
What is a SIVA loan?
SIVA, or Stated Income Verified Asset, is a type of loan that
allows you to state your gross monthly income. This loan
requires the lender to confirm assets, which is usually done
by providing your bank statements, brokerage statements,
or some documentation that verifies your claimed assets
on the loan application.
STATED-INCOME.COM
LENDER HOTLINE: 888-581-5008

11.
What is a SISA loan?
SISA, or Stated Income Stated Assets, is a loan that has
guidelines that allow you to state your income and assets.
This means that you will not have to verify assets nor income.
STATED-INCOME.COM
LENDER HOTLINE: 888-581-5008

12.
What is a No Doc loan?
Even though guidelines will vary by lender, a “no doc”
loan program does not require you to verify anything
other than your citizenship.
STATED-INCOME.COM
LENDER HOTLINE: 888-581-5008

13.
Can I be declined if I state my
income too high?
Yes, it is possible to have your loan declined because your
stated income does not match your job title and description.
For example: if you are a server who claims you make
$50,000 per month, an underwriter would take a second
look at your file. Underwriters use resources that allow them
to see the range of pay based on a job title and description.
Though they are not always accurate, underwriters are
typically in the right ballpark. There is also a possibility that
an underwriter or lender will require you to fill out an IRS
Form 4506. This allows the lender to request IRS verification
of your tax returns over the last two years.
STATED-INCOME.COM
LENDER HOTLINE: 888-581-5008

14.
Is there a minimum credit score?
Yes is usually the answer, here. However, minimum credit
score requirements will vary by lender and program.
STATED-INCOME.COM
LENDER HOTLINE: 888-581-5008

15.
Is there a minimum down
payment required?
Again, yes is the typical answer, here. But minimum down
payment requirements will also vary by lender and
program. Generally, stated income programs will require a
higher down payment than that of conventional loans.
STATED-INCOME.COM
LENDER HOTLINE: 888-581-5008

16.
Getting the Best Deal
Getting a stated income loan will require you to do a little bit
of shopping around, since not all lenders offer stated income
loans and the lenders that “do” stated income loans usually
only offer select products. In 2016, it may be easier to find
multiple lenders with the same loan than it would be to find
a lender who will offer you the right loan for your situation.
Searching for the right lender is simple is you start here. All
you need to do is submit your information and we will work
on matching you with a lender who will work the best with
your situation. Getting matched with the right lender is free,
easy and fast– so start now!
STATED-INCOME.COM
LENDER HOTLINE: 888-581-5008

17.
T O L E A R N M O R E
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LENDER HOTLINE: 888-581-5008
C L IC K HE R E
STATED-INCOME.COM
LENDER HOTLINE: 888-581-5008

18.
Justin McHood is Americas Mortgage
Commentator and has been providing
Mortgage commentary for over 10 years.
INFORMATION PROVIDED BY:
Justin McHood
Mortgage Commentator
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LENDER HOTLINE: 888-581-5008

19.
LEARN MORE ABOUT MORTGAGE COMMENTATOR:
MORTGAGECOMMENTATOR.COM
FACEBOOK.COM/MORTGAGECOMMENTATOR
@MORTGAGECOM_
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