Bad Credit Loans Information

Lenders are primarily interested in three things, “the borrower’s income, employment and assets. If the borrower can document these items and that the lender can check that the loan is considered a relatively low risk. This type of documentation loans is the norm for most borrowers.

The income reported or no doc (no documentation) loan was originally designed for people who are independent and have difficulty documenting their income. If you can not or do not want the document to be income, employment or property, then a stated income or no doc loan is the way forward.

Some types of these loans require reduced documentation:

1) stated income, verified assets (SIVA) Income is only indicated, assets are recorded and verified

2) Report of income, stated assets (SISA) income and assets are only recognized and unverified

3) n ‘we have heard no reports of two types: one with an income and assets are prepared and audited Image, and the other with no income reported or verified.

4) No income, no asset (NINA) “information has no income or assets is reported or verified. Approval of the loan is based on credit score and down payment. Some lenders require proof of employment, while others do not .

5) has no income, no job, no assets “is not considered a document” real “when the information has no income, employment or assets is stated or verified.