How do I know which loan docs to use Full docs, SISA/SIVA, No Ratio for financing or purchasing a house?

Posted on Sep 26, 2012 in Stated Income Loans

Question by jasonhpi: how do i get a no proof of income mortgage loan?
what banks or lenders still do this?

Best answer:

Answer by DR + Mrs Bears face
This sort of mortgage is very expensive and there are some loan sharks out there.
Do take care if you decide to go that route.

Add your own answer in the comments!
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by DaveBleasdale

Question by caitlin: How do I know which loan docs to use Full docs, and SISA/SIVA, No Ratio for financing or purchasing a house?
I’m a new loan officer & need tips to analyze loan scenarios quickly & smartly.

Best answer:

Answer by Casey C
You need good training. check out it’s great service to help you understand these things.

Here’s some basic tips though.

Full doc is for people that state what they make and can prove it with w-2’s and paystubs.

SISA is for people that are generally in business for themselves and have a tought time showing income or assets.

SIVA is for the same but can show money in the bank.

NO ratio is good for people that have a job or business, but don’t make enough on a monthly basis to show they can cover the payment, but they have enough money in the bank to show they can make the payment one way or the other.

It’s all about getting as much info as you can from your client and figuring out what fits them best.

Know better? Leave your own answer in the comments!

4avg.rating 14 votes.

One Comment

  1. Hi. I assume that whomever you’re working for does not have training? I would start by asking them first. To answer your question is hard because it depends on your customer. Full document loans have a better interest rate because you are able to fully prove their ability to pay with paystubs and W2’s. If you’re customer is self employed and does not have proof, then you may need to go to a Stated Income program. You’re best bet is to ask the customer how they get paid (as in do they get a W2 from the employer, or a 1099, or are they self employed, etc.) So, figure that out first, then you’ll have a better idea on what income docs to use first. This is a tough business, so, if you have any training available thru your company… I’d ask them first. If you do NOT have training available, then I’d recommend getting on with a bank, or somewhere that will teach you the business. Its highly competive and you certainly need to know what you’re doing. For instance, if you had a full doc customer, but you took him stated… you would probably have a higher interest rate than someone who quoted him on a full doc loan… and you’d most likely lose that loan…so, make sure you know what you’re doing! Good luck!!