What exactly is a Stated Income Stated Assets (SISA) mortgage loan?

Currently it is very difficult to get SIS Loan.Following are the qualification factor for SISA Laon:

Downpayment must be 30% or more.

Income is stated but not verified (must be believable)

Self employment number of years must be verified and must be two years or longer.

Liquid assets are verified. No specific amount, but, should be in line with income stated.

No minimum credit score but should probabaly be 620 or higher.

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It definitely is much harder now to find no documentation loans. I have seen a select group of investors and lenders who are still willing to do no income and no asset verification deals. Of the investors and lenders still originating NINA loans, the additional risk is displayed through the conservative LTVs and rates.

Typical LTVs will range from 50-65% LTV in select states around the US. We have done a several deals recently that were no income and no asset, as well as stated income and verified assets.

If you need additional information on this topic, or have any questions, you can PM me or email me. Thanks, and I hope I have provided information that is helpful to your specific situation.

They are still available. There is a lender in the northeast who will do a stated income/stated asset loan with 30% down.

thanks all of you for giving such important information