A SIVA loan, or stated income/verified asset loan, allows you to state your monthly gross income on the loan application and requires you to verify your assets by furnishing bank statements or a similar asset document. By state, I mean just inputting a gross monthly income figure on the loan application.
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What is a stated income mortgage? At its most basic, a stated income mortgage is one where the borrower doesn’t have to provide tax returns for income verification. A qualified mortgage, on the other hand, requires tax returns when determining whether or not a borrower can repay the mortgage.
We offer stated income loans, jumbo loans and super jumbo loans from $150k to $50 million. We’re a favorite among self employed, business owner’s and investor’s unable or unwilling to use their tax returns to qualify for a mortgage.
Here’s an overview of how it works and who qualifies: Direct loans: Issued by the USDA, these mortgages are for low- and very low-income applicants. Income thresholds vary by region. With subsidies,
Stated Income Lies Stated income lies are less about the true amount of income the borrower has available than about the source of the income. Few loan officers or mortgage brokers will encourage borrowers to exaggerate the amount of their income, because that is the surest path to a default where everybody loses.
The Stated Income mortgage loan program is one of the most flexible lending options available to real estate investors. Why? Simply put, there is no income documentation, no income verification, no tax returns; and on most transactions (refinances) you will not be required to show any bank statements.
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The budget, as it relates to student loans, is built on several stated goals, among others. Loan Repayment According to the Trump administration, there are too many income-driven repayment plans.