Refinance Mortgage Loan Document Types

Stated Income Mortgages (SIVA)

• No verification of income
• Employment will be verified
• Great for self-employed borrowers
• Often requires a high credit score

A stated income mortgage refinance does not require you to provide any income documentation however it will require proof of employment.  You simply tell the lender what your annual income is.  Keep in mind that your income needs to be relevant to your job title.  Self-employed individuals may be required to provide a business license, a CPA letter or some other proof of employment.  The credit score requirement will generally be higher on a stated income loan.  This makes the loan process much easier for individuals that cannot show proof of their income and individuals that do not show a large amount of income on their taxes.  This is commonly referred to as a stated income / verified assets (SIVA) mortgage because assets are verified by the lender.

Stated Income / Stated Asset Mortgages (SISA)

• No verification of income
• No verification of assets
• Proof of employment required
• Often requires a high credit score

Stated income / stated asset mortgages have become very common for small business owners and individual that do not with to provide income and asset documentation to their lender.  A very good credit profile will be required to qualify for a stated income / stated asset mortgage.  You will be required to provide proof of employment.  A stated income / stated asset mortgage is often referred to as a SISA.  Your income will need to match your job title or position within reason.

No Income / No Asset Mortgages (NINA)

• Lender will not ask for income
• Lender will not ask for assets
• No verification of employment
• Excellent credit profile required

No income / no asset mortgages require the least amount of documentation for a borrower looking to acquire a mortgage or a refinance.  No income / no asset mortgages are also referred to as NINA.  The borrower is not required to provide income, assets or proof of employment.  Any borrower thinking about a NINA mortgage will need an excellent credit history.  Lenders will only require an appraisal of the property, a credit report and a few simple documents.  A no income / no asset mortgage is the simplest way for a borrower to obtain a mortgage but the rate may be higher and you have to have the credit to support this type of mortgage.