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Stated Income Mortgage up to $417,000
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Stated Income Mortgage for employed people and self employed
( At present, not available ) There are three types of NIV or No Income Verification loans for purchase or refinance that offer up to 100% financing explained below: Stated Income Verified Assets Loan (SIVA) - Loan approval is based on your stated income, credit history, and verified liquid assets. The Verified Assets should be consistent with the income claimed. Stated Income Stated Assets Loan (SISA) - This loan features no assets being verified. You only state your income and state your assets on the application. This program carries a slightly higher rate because the assets are not verified. No Ratio Loans - Similar to the programs above except that no income information is provided or verified on the application. Income matched to 90% of max shown on Salary.com, no higher than a 55% back end ratio Stated Income mortgage market conditions have changed completely since last year, rates are running about 1.25% higher than 30 year fixed rates. If you are thinking of doing a refinance or buying a home with a stated income mortgage, we recommend you do it as soon as possible because of ever changing market conditionsr. |
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