No Income Mortgage Services in NYC
No-income verification mortgages are also known as stated-income mortgages. This mortgage loan application allows the borrower to declare their income with no verification from the lender. Applicants qualify using non-standard income documentation without being asked for tax returns. No-income verification mortgages consider other factors such as home equity, available assets and overall cash flow. This simplifies the process of getting loan as a self-employed individual. There are four different types of no-income verification mortgage loans.
- Stated Income, Stated Assets (SISA): This type of no-income loan is only useful if you have assets and income that can’t be easily documented. When an individual applies for a SISA loan, it is given on the terms that the lender accepts the asset and income figures provided by the individual with no required documentation. Small business owners that don’t keep their assets in a business account or document their compensation with W-2 forms, pay stubs or 1099 forms usually find this helpful.
- Stated Income, Verified Assets (SIVA): A SIVA loan allows a borrower to state his/her monthly gross income on the loan application, and it requires the borrower to verify his/her assets by providing bank statements or a similar asset document. This type of loan is helpful if the majority of a person’s income is difficult to document, but the person has verifiable assets.
- No Income Verified Assets (NIVA): This loan is intended for applicants who have verifiable assets and income which cannot be documented. In this case, the lender doesn’t take the applicant loan into consideration. A retiree who gets income from retirement accounts but who has documented assets can benefit from a NIVA loan.
- No Income, No Assets: This loan has the fewest requirements. It is ideal for applicants who cannot offer verification for their assets or income. The approval for a NINA loan is solely based on collateral and other non-income factors.
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R&J No Income Mortgage NYC 75-39 179th street Fresh meadows, NY 11366 (718) 215-8038