What is a Stated Income or No Income Verification mortgage?
A State Income Stated Asset (or SISA) loan is when your income is stated on the application. This is normally used when a borrower is commissioned or self employed, and the income is hard to verify, but employment can be verified. However, if you have a great credit history and equity in the property (either by owning or with a down payment) the rates can be close to conforming rates. The No Income Verification mortgage or NIV is generally used by people with good credit histories who do not wish to document their incomes.
