SIVA is a loan program in which the lender allows you to state your income on the 1003 without verifying with pay stubs and tax returns. You will be required to verify your assets that you have included on your 1003 application. The SIVA loan requires verification of employment, but not income.

A true No Doc loan will not require you to verify your income and assets. You will also not be required to verify your employment history, rental history, and any other thing that is normally required of you when obtaining a new mortgage. Credit score requirements are higher on these types of loans, because of the risk involved for the lender. You will also be subject to a slightly higher interest rate with these loans, also do to the risk factor.

A No Ratio loan is a loan where the debt to income ratio is not calculated because the borrowers income is not stated. The debt to income ratio is one of the determining factors for a loan approval.

You calculate the debt to loan ratio by dividing your total monthly payments by your total monthly pre-tax income. If the debt to income ratio is above 40%, it is difficult to get a loan without assets and clean credit.

This type of loan is good for borrowers who have larger than usual debt but substantial assets.

No Income No Assest Loans are great for Part-Time, Cash-Tip Earners, and Temporary Employee's. If you fit within the FICO guideline's than this might be the loan for you and your family.

SISA - Stated income and stated asset loans are loans that allow you to state your income along with stating your assets. The purpose of this type of loan is documentation relief. Self employed, investors, cash- earners, and tip earners sometimes find this type of program perfect for their needs.

Alternate Documentation mortgage program is a type of income documentation loan designed for home buyers who are self-employed, on commissions, or are not paid on a regular basis. One popular Alt Doc mortgage plan is the "bank statements loan" offered by non-prime banks, where the lender uses the amount deposited into the home buyer's checking or savings accounts over the most recent 6 to 12 months as basis for income calculation.

Alternative income documentation - There are many mortgage programs that allow for alternative income documentation. Alternative income documentation is using non-traditional methods of documenting income. Traditional methods would be using pay-stubs, W2 forms and income tax returns. An example of alternative income documentation would be to use a 12 months bank statement program to document income.

Alternative income may be stated income, stated assets, 12 month bank statements personal or business, 24 month bank statements personal or business, no income no asset loans and no ratio loans.

Taking this one step further you may also choose to go the stated income/stated asset route. Most lenders require some type of reserves and on stated asset you are not required to show this money.

You may also elect to choose a stated income loan instead of providing W2's or tax returns to expedite the processing of your loan. With a stated income loan you state your actual income on your loan application but usually the most documentation the underwriter will want is to get a verbal VOE or a copy of your business license to prove you have a job currently and you have had a job for the past 2 years.

Alternative income is another way to qualify for a loan. If you cannot qualify the traditional way with paycheck stubs and tax returns the lenders will still work with you. There was at one time a lot of money being lost due to turned down loans because of income. Lenders recognized this and have made adjustments to there lending guidelines. Now there is alternative income, stated income, no income no asset... Just to name a few.

When using bank statements as proof of income, some lender banks use the average gross deposits as total income, others use net deposits. Net deposits are gross deposits minus withdrawals. Naturally, a borrower is considered to have higher income if a bank does not include withdrawals in its income calculation. Transfers from one account to another are usually not considered as income.