Definition: A stated income/stated asset loan (SISA) is a type of low-documentation loan. Your lender does not require any proof of your income or resources to pay back a loan.
Of course, qualifying for a stated income/stated asset loan is not always easy. At a minimum, you have to have good credit. Note that you are supposed to tell the truth about your resources even though they don't ask for proof.
Stated income/stated asset loans are useful for people who have difficulty showing consistent income, difficult-to-value assets, or those who want maintain privacy.
If you apply for a stated income/stated asset loan, you will probably have to agree to make your tax returns available to the lender. p]
- Return to the Low Documentation Loans page
