Stated Income / Verified Assets (SIVA) – Including Owner-Occupied Properties
An incredible product for individuals who have too many write-offs on their tax returns to qualify for a Full-Doc Mortgage or just haven’t had long enough seasoning at their current employment. This product eliminates the possibility of being denied a mortgage due to issues deriving from a Borrower’s income.
No Income Verification Loans
Loans with no income verification are typically intended for self-employed individuals or independent contractors who may have difficulty proving their income through traditional means. These types of loans may also be suitable for people who have a steady income but don’t receive a regular paycheck, such as those who are paid in commission or through dividends.
There are a few different types of loans that may be available to people with no income verification:
Peer-to-peer loans: These loans are funded by individual investors rather than traditional financial institutions. Some peer-to-peer lending platforms may not require income verification but may consider other factors such as credit score and debt-to-income ratio when determining loan eligibility.
Personal loans: Some personal loan lenders may not require income verification but may consider other factors such as credit score and debt-to-income ratio when determining loan eligibility.
Mortgages: It may be possible to get a mortgage without income verification, but this is generally only possible if you have a large down payment or significant assets that can be used as collateral.
Be Careful of Predatory Lending Practices
It’s important to note that loans with no income verification may come with higher interest rates and less favorable terms than traditional loans. It’s also important to be cautious of lenders who claim to offer loans with no income verification but may actually be engaging in predatory lending practices. To avoid unscrupulous lenders, watch for extremely high fees or interest rates or for lenders who change the loan terms between the initial offer and the contract’s signing.
