Commercial and Residential Loan Specialist in|Memphis, TN 


Set To Go Loans 

Commercial & Residential Broker 

Memphis, TN,

Nationwide

Stated Loans

 

Did you know that a stated income loan is a mortgage where the lender does not verify the borrower's income by looking at their pay stubs, W-2 (employee income) forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at their word?

 

Did you know that Stated income loans were originated by Ameriquest?[2]

Did you know that there were two types of Stated Loans programs, SISA & NINA?

 

Did you know that one type of Stated Loan is SISA?

 

Did you know that SISA meant Stated Income Stated Asset?

 

Did you know that NINA means No Income No Asset?

 

Did you know that a SISA Loan program was used with when the husband had average credit and the wife had good credit?

 

Did you know that NINA intended for self-employed borrowers, or other borrowers who might have difficulty documenting their income?

 

Did you know that Stated Loans are simple targets for fraud.[3]

 

 Did you know that U.S. Senator Chuck Schumer is currently leading an effort to restrict stated income loans;[5] his Borrower's Protection Act of 2007 would essentially forbid them?

 

Did you know that Stated Loans qualification requirements are based on stable employment, good reserves, good FICO and no less than 40% equity position in the property?

 

Did you know that Stated Loans loan availability changes state to state?