No Income Verification (NIV), Stated Income
The popular No Income Verification Loan (NIV) also known as Stated Income -requires No W2's, No Pay stubs, No Tax returns, and No IRS Forms. The No Income Verification Loan is Available to W-2 wage earners, 1099, Self Employed, and Retired.
If you are self employed, have recently taken a new job, or want to simply reduce the amount of paperwork needed to close your loan, stated income may be the right loan program for you.
Stated income allows you to "state" your annual income, eliminating the need to document your income through pay stubs, tax returns and other official documents.
There are three types of No Income Verification (NIV) loans for purchase or refinance that offer 100% financing explained below:
Stated Income Verified Assets Loan (SIVA) |
Stated Income Stated Assets Loan (SISA) |
No Ratio Loans |
|---|---|---|
| Loan approval is based on your stated income, credit history, and verified liquid assets. The Verified Assets should be consistent with the income claimed. | 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. | Similar to SIVA and SISA programs (left) except that no income information is provided or verified on the application. |
Stated Income is the Best Choice for:
- Self Employee
- Just started new job
- Hide your financial information
Note: Watch What You Say on NIV Loans. Just because you don't have to provide documentation of your income to the lender, it doesn't mean you have a license to lie. Most lenders will make you sign an authorization to release federal income tax returns. They may not check now, but if your loan goes into default, they may obtain copies of your tax returns. If the income you report on your loan application is way out of sync with your tax returns, you may be answering to loan fraud charges.
