Figure 1 Stated-Income and No-Income Loan
Types Category Program Income Assets Stated-Income (SI) Stated-Income/ Stated, Stated, Verified-Assets (SIVA) not verified verified Stated-Income/ Stated, Stated, Stated-Assets (SISA) not verified not verified No-Income (NI) No-Ratio Not stated, Stated, (No-Income) not verified verified No-Income/ Not stated, Not stated, No-Assets (NINA) not verified not verified No-Doc Not stated, Not stated, not verified not verified Category Ratios Employment Stated-Income (SI) Calculated Stated, sometimes verified Calculated Stated, sometimes verified No-Income (NI) None Stated, sometimes verified None Sometimes stated, sometimes verified None Not stated, not verified SOURCE: MGIC
Expect more of a focus on stated-income loans with more careful scrutiny and a move away from no-income loans
. Some lenders may also limit the layering of risk for alt-A loans by putting some restrictions on cash-out refis, investment properties and second homes.