Posted on: 14th Dec, 2009 10:03 am
What exactly is a Stated Income Stated Assets (SISA) mortgage loan?
You'll be required to state your income and assets to your Lender as apposed to the Lender requiring you to verify these figures with documentation. The interest rate is generally a bit higher and the Loan To Value will be reduced compared to Conventional Loan Products. I hope this helps...
furthermore, the assets you claim to have must be reasonable based on the income that you claim to have; and the income you claim to have must be reasonable based on the type of employment (or self-employment) that you have.
