How Do You Qualify For A SIVA Or SISA (Stated Income) Mortgage Loan?
Most SIVA (Stated Income Verifiable Asset) or SISA (Stated Income Stated Asset) loan is mostly for self-employed. Although W-2 employees and 1099 contractors can also qualify for these programs. Make sure you have excellent credit score. Most of these lenders require a credit score of at least 700. If you are purchasing a home, make sure you have at least 20% down. If you’re simply refinancing, make sure you have 20% worth of equity in your home. Gather at least 2 years worth of tax returns. If you do not have a tax return from the most recent tax year, make sure you have a copy of the extension request. Make sure you have 6 months reserves in a bank account seasoned for at least 2 months. 401-K or IRA doesn’t count! The rate and term change very often, you can get up to date information from website such as WeAreMortgageFinders.com, who specialized in SISA and SIVA loan.
