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Can you get a NO Documentation Mortgage Loan? NINA, SIVA, SISA, Stated Income, No Doc

The quick answer is probably no, but maybe.

History of NO DOC / Stated Income Mortgage Loans

"NO DOC" loans had been around for years, and served a niche market for the self-employed, commission, and tipped income home owners. Because of their additional risk, they came with higher interest rates, bigger down payments, and generally were only available to self-employed people with a minimum of 2-years provable self-employment history and trouble documenting their true income.

As the home loan markets changed through the early 2000's, these loans grew in popularity, especially once Wall Street introduced new no doc, stated income stated assets (SISA), stated income verified assets (SIVA), no income no asset, job (NINA), and other ridiculous variations with underwriting guidelines so silly almost anyone could qualify for a home loan. Interest rates on these loans became only slightly higher than regular loans, and down payment requirements dropped to sometimes even zero down!

These new variations turned a great niche mortgage program into what became commonly known as liar loans. This was because because home buyers were easily allowed to misrepresent their true circumstances, and Loan officers were more than happy to look the other way to close a loan. Theses loans were highly abused by consumers, and bad loan officers everywhere, as people realized they could easily get a loan they either should not be getting at all, or more commonly, to get a bigger loan than they normally would have received.

These liar loans were some of the first casualties of the mortgage market meltdown that started in 2007, as many of these customers were some of the very first people to end up in foreclosure. Gee, go figure...  Lenders everywhere quickly pulled them from their product lines, and Washington politicians went crazy right after that throwing up numerous rules and regulations that essentially makes these loans now impossible, or now ban them completely.

Unfortunately, this leaves many self-employed, commissions, and tipped income people who truly need and benefited from these types of loans without any home financing options, especially once the Dodd / Frank Financial Reform Laws went into effect in 2010.

As we get further away from the financial crisis of 2008, these unique portfolio loans have slowly creapt back into the market with very limited options.


Current lending rules require lenders to document sufficient income of the buyer to safely make the house payments. Traditional loans like Fannie Mae, Freddie Mac, FHA loans, VA loan, etc., all deem this proof as regular documented income.  Your job, social security, disability income, etc. For self employed borrowers, whatever is the bottom line that your report to the IRS as your taxable income.

As of 2016, you are now starting to see some non-tradition programs slowly return in some areas. What we are seeing available today is generally bank statement programs, where lenders will use either 100% of personal bank statement, or 50% of business bank statements as your qualifying income. The terms are generally adjustible rate mortgages, with very high interest rates.  Generally we are seeing loan rates about double the regular loan interest rates.  Down payment requirements typically tend to be at least 20% down or more.

These non-tradtional portfolio loans are many times on a case by case basis, and many are also exempt from the stringent Dodd-Frank Ability to repay regulation restrictions.


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