SISA Loans. 39 likes. Mortgage Brokers. Facebook is showing information to help you better understand the purpose of a Page.
SISA loans usually fall into the Alt-A classification, and may carry a higher interest rate than a prime mortgage. Self-employed borrowers often use SISA loans because their tax returns might not reflect that actual cash flow they have available to pay their mortgage. Let’s get the obvious issues out of the way.
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The detriments of a stated income loan could be that the interest rates most likely will be higher than a traditional mortgage loan, depending on the lender. The down payments can also be quite high. Many of the stated income loans are based on the equity position in a property.
Sisa Loans – La-canada-flintridge-la-crescenta-real-estate – – The second type of loan available to a person is a Stated Income Stated Asset or sisa loan. sisa loans usually fall under the Alt-A category and it may have a higher interest rate than traditional lenders.
SISA loans are one loan in a category of products called Alt-A. SISA loans are also known as no income-no asset (NINA) loans and liar loans. Loosened lending requirements allowed the SISA loan to. This loan program is an adjustable rate mortgage with added flexibility of making one of several possible payments on your mortgage every month, in order to better manage your monthly cash flow..
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The downside to SISA loans is the pricing will usually be a lot higher, and you won’t be able to apply for all the popular loan programs. In addition to that, most banks and lenders make first-time homebuyers verify assets to secure financing.