If I’m going to use NIVA or No Doc loan, do I need to fill employment information up in the employment information of the form? How about income and asset information, is it the same?
NIVA (no income/verified assets) can vary from lender to lender. There are a couple that have recently started to allow the employment section to be left blank but the majority need a solid 2 year history of employment. Six months of reserves are needed for assets. 1 month of reserves = 1 month of piti on the expected new mortgage payment. Funds need to have been in the account for at least 2 months.
A No Doc means no income, no employment, and no assets are listed. There are a couple lenders that will allow a client to declare a 2 year history of employment with this program which allows for a slighthly lower rate, .125%-.25%.
I do more residential financing in FL, this may not apply if this is a commercial lending question.
Typically for the NIVA, a job would be required, but your income would be left blank. Also, NI-VA - the VA, you would include assets up to the requirement or whatever you LO suggests (Investment Loans talks about PITI, there is generally a requirement of how many assets you need to qualify… doesn’t help too much (unless on the fringe) to show any additional assets)
On the NoDoc… it’s the simplest of all, you really need to fill out the top half of the 1st page of the 1003. Lenders will be making the decision based upon your credit history.
You might want to look into a SIVA or SISA too. They are slightly better rates, and variants of the above.