I'm getting a loan for a home. The loan is "Stated Income, Verified Assets"...what EXACTLY is that? How do they verify, what do they verify etc.?
2007-01-12 10:57:35 · 5 answers · asked by cheryl4785 2 in Business & Finance ➔ Renting & Real Estate
A SIVA-documented loan is one that allows you to state the income you make within a reasonable range depending on your employment, but requires you to provide verification of any liquid or real assets you possess. You'll be required to provide anywhere between 60 and 90 days' worth of bank statements, or a verification of deposit completed by accounts manager at the bank, deeds of trust or clear title for any real property you own, and your most recent statements for any retirement or investment accounts you are claiming as assets to procure your loan.
The lender typically will require that your assets be equal to the greater of 2-3 months' PITI or 3-5% of the loan amount.
2007-01-12 11:08:08 · answer #1 · answered by John K 2 · 5⤊ 0⤋
You have to give documents of these assets. Like bank statements, brokerage accounts, CDs (certificates of deposits), Real Estate title deeds, etc. If you give them these docs, they can verify them.
2007-01-12 16:12:23 · answer #2 · answered by Think Richly™ 5 · 0⤊ 1⤋
Just like what it sounds like--assets they can verify, tangible assets, predictable assets.
2007-01-12 12:32:08 · answer #3 · answered by Anonymous · 0⤊ 1⤋
You have a title to your car. You have documents showing investment in securities. You have deeds to other property, etc.
2007-01-12 11:02:38 · answer #4 · answered by Ben B 3 · 1⤊ 1⤋
I agree with John - his statement is correct!
2007-01-12 11:58:01 · answer #5 · answered by amy23 3 · 1⤊ 2⤋