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Home Equity Loans - Friend or Foe?
Home equity loans are advertised on the airways, newspapers, magazines and just about anywhere else a homeowner may see or hear the advertisement. Some people feel that home equity loans are trouble waiting to happen. Others feel that home equity...
How to Get Rid of Pesky High Interest Student Loans
Currently student loans are at an all time low interest rate, which is a great deal for those currently attending college. But, if you’re like me and attended college in the nineties or in the eighties then you know that there was no such thing as a...
Online PayDay Loans: How to Gain an Advantage over Lenders
When you need money today, and not just a week from today, online payday loans can be a salvation. But for many people, these loans, also called payday advances or sometimes just cash advances, have become a nightmare. Here's the good and the bad...
Secured loans for unemployed - tone down the bitterness of unemployment
Can ones home be of any extra importance for the unemployed
people? Watching the growing interest of loan providers towards
unemployed people makes one think on these lines. The present
outlook becomes all the more important, given the treatment...
What are business loans?
Business loans can be defined as money lent for a specified amount of time at a specific interest rate to a specific person or people that operate a business or plan to operate a business. This definition is very broad, but so are the various types...
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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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