There are special categories of loan programs available to borrowers who cannot, or prefer not to, prove their income and/or assets. Generally the credit score needs to be good, but it is a combination of credit score, down-payment and the information you want to prove which will determine the program and interest rate. The categories are outlined as follows and are listed in order from lower rates to higher rates: Stated Income - The borrower states their income on the application, and although the income is not verified, it must be reasonable for the profession. Self-Employed borrowers will have to either provide a business license for 2 years, or provide a letter from a CPA or Attorney verifying the 2 year history of being self-employed. Some programs allow W-2 employees to qualify. Assets will need to be verified and must be sourced and seasoned for 60 days. No Ratio – Income is not listed on the application, however employment is verified, similar to the Stated Income program above. Assets are verified. Stated Income/Stated Assets (SISA) - Similar to Stated Income above, however the assets for down-payment are simply stated on the application but do not have to be verified. No Income/ No Asset (NINA) - Income and Assets are neither listed nor verified. An employment history is verified, similar to the Stated Income program above. No Doc (No Job) – Neither Income nor Assets are listed or verified. Employment is not verified. Very good credit score is required. In addition, you may be required to document rental history (if applicable) and meet certain reserve requirements for funds left over after closing. These are guidelines and may vary from lender to lender. We need to discuss your specific situation with you to best determine which program can offer the lowest rate.

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