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Any loan that is not considered a Full Document Loan (VIVA, verified income and verified assets) is considered an Alternative Income Document Loan.

Here is a list and brief description of alternative income document loans.

Alternative Income Doc. Loans include:

Stated Income and Verified Assets (SIVA)

With a SIVA documentation loan, the client only has to show the lender their asset documentation. The client’s income is stated on the application. No documentation is used to back up the income stated.

Stated Income and Stated Assets (SISA)

With a SISA documentation loan, the client’s income and assets are stated on the application. No documentation is used to back up either the assets or the income.

No Income and No Assets (NINA)

With a NINA documentation loan, the client’s income and asset information is completely omitted from the application. The client’s income and assets are not stated or verified. The client will have to provide employment information and FICO scores.

No Ratio (NIV)

With a NIV documentation loan, the client only has to show the lender their asset documentation. The client’s income and employment is not stated on the application. It is left blank. Since the income is left blank the debt ratio requirement is waived.

Easy Doc

With an Easy documentation loan, the client income, assets and employment information is completely omitted from the application. The client’s income, assets and employment are not stated or verified.

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