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New Home Construction Loans 101
When you are ready to build your first home or that dream home
that you have been wanting for so long you will probably wind up
needing help with the financial part of the building process.
The funding for your new home is available through new...
Payday Loans: Fast, Easy
Payday Loans: Fast, Easy
Looking for payday loans, fast, easy and affordable? There are a
number of various loans out there that you can take advantage
of. The goal is to find the right one for your specific needs.
Having many companies out...
Personal Loans For Self Employed Applicants
Many people are attracted to the benefits of self-employment,
from setting your own hours and being your own boss to having
control over the development of your business and career. The
control over your lifestyle and work is a good reward for...
SECURED LOANS: AN ASSURANCE TO A CAREFREE TOMORROW!!!
Secured Loans facilitate borrowers to avail of capital against
the value of the asset placed as security with the creditor. The
creditor now has the ownership rights to the asset, which acts
as guarantee against the loan. Although the asset is...
Should You Consolidate Your Student Loans?
Spending time in college means going to classes, writing papers, studying for exams, and enjoying the college experience of fun, food, and frolic. Oh, if it only were that easy! Chances are you are racking up some serious debt in the form of...
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Stated Income and No Doc loans
Lenders are interested in mainly 3 things – the borrowers’ income, employment and assets. If the borrower can document those items and the lender can verify them, the loan is considered relatively low risk. This type of full documentation loan is the standard for most borrowers.
The stated income or no doc (no documentation) loan was initially designed for people who are self-employed and have difficulty documenting their income. If you are unable to or do not wish to document either income, employment or assets, then a stated income or no doc loan is the way to go.
Here are some types of these loans requiring reduced documentation:
1) Stated Income, Verified Assets (SIVA) – income is stated only, assets are stated and verified
2) Stated Income, Stated Assets (SISA) – income and assets are stated only and not verified
3) No Ratio – we have heard of two types of no ratio: one with income and
assets stated and verified, and the other with no income stated or verified.
4) No Income, No Assets (NINA) – no income or asset information is stated or verified. Loan approval is based on credit score and down payment. Some lenders do require proof of employment while some do not.
5) No Income, No Employment, No Assets – this is considered a “true no doc” where no income, employment or asset information is stated or verified.
To learn more about these types of loans, visit Empire Real Estate – About Stated Income and No Doc Loans .
This article may be reprinted only if credit is given and all links are kept intact.
Copyright©2005 Empire Real Estate Group, Inc.
About the Author
Andre McFayden is Vice-President of Empire Real Estate Group, Inc. in Fresno, CA
www.empirefresno.com
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