For the most part, stated income loans were not available for years. This was a byproduct of the near total collapse of the US economy and almost all types of viable financing.
There are multiple types of stated income loans:
- Stated Income Verified Asset (SIVA): No income verification with asset verification
- Stated Income Stated Asset (SISA): No income verification with no asset verification
- No Income Verified Asset (NIVA): No income stated or verified with asset verification
- No Income No Asset (NINA): No income stated or verified with no asset stated or verified
As you can imagine, the program where you provide the most documentation will be the program with the most attractive rates. The program that we have available is Stated Income Verified Asset (SIVA). The verification of assets is obviously most important for purchases.
Currently we have to different versions of Stated Income Loans. Some are available in some states, some are not. One version has higher loan amounts. One version has some asset classes that the other does not. There are certain asset classes that are hard to get financing, namely gas stations, restaurants and hotel/motels. We know of no programs for gas stations and limited availability for restaurants and hotels/motels. Check the matrixes to see recent availability. Programs change frequently so feel free to contact us to make sure we have up to date information.