| A stated income mortgage may be the best | | | | If your loan is a SISA (state income state assets) |
| option for you if you have verifiable employment | | | | you will also state your financial assets. On a |
| and an acceptable credit score (typically a FICO | | | | SIVA loan (Stated income verified assets) you will |
| of 680 or higher). This type of loan is often used | | | | be required to document your financial assets and |
| by self-employed borrowers because of the ease | | | | account for any recent large deposits. Both fixed |
| of providing less documentation. On the application | | | | rate and adjustable rate loans are offered under |
| you simply state your income but it must be | | | | these programs. Please be aware that if you |
| accurate and reasonable for your job type. | | | | select a stated income mortgage, you may |
| Self-employed borrowers must be able to show a | | | | receive a higher interest rate than could be |
| two year employment history in the same field. | | | | obtained under a fully documented loan. |
| This can typically be done in one of two ways; | | | | Stated income loans help prospective buyers who |
| either with two years of a State Business license | | | | may not qualify for a traditional mortgage achieve |
| or a letter from your CPA. For wage-earners the | | | | their homeownership goals. |
| verification is much simpler. Often a telephone call | | | | As always, it is important to carefully assess your |
| to the HR department of the Employer will | | | | financial situation before making a major |
| suffice. The lender will not attempt to verify | | | | commitment. This will help ensure that you don't |
| income only employment. | | | | get in over your head. |