Full Document (Full Doc)

Both income and assets are disclosed on your loan application and verified, and income is used in determining the applicant's ability to repay the mortgage. Typically a two year verification of income and employment history are reviewed and a borrower’s current income is calculated and used in determining what a borrower can afford to pay for a monthly mortgage payment. See our Application Checklist to determine what documentation is need to verify income, employment and, assets.

Stated Income/Verified Assets (SIVA)

Income is disclosed to the lender on your loan application and the source of the income is verified, but the amount is not verified. Assets are verified and must meet an adequacy standard such as, for example, two months of expected monthly housing expense.

Stated Income/Stated Assets (SISA)

Neither income nor assets are disclosed to the lender on you loan application, but not verified. However, the source of the borrower's income is verified.

No Income

Income is not disclosed, but assets are often disclosed and verified and may need to meet an adequacy standard.

No Income/No Assets (NINA)

Income and assets are not disclosed. This is often referred to as No Doc.