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Who is NINA? This was an actual question
asked by a homeowner who was trying to do a little
research online about their mortgage, what mortgage
would be right for them and about qualifying for the
mortgage. NINA means no income, no assets. This is in
regards to verifying assets and income for your loan for
income documentation. Homeowners who can not do a full
income documentation loan for whatever reason may want
to use a NINA loan to qualify for their mortgage.
N.I.N.A. stands for No Income, No Assets, and is a great program for people who may not have cash reserves in the bank, and may have trouble fully documenting their income. A variation on this theme is the No Ratio loan. This one allows one to either state their income or fully disclose your income, but not necessarily penalize you for have a worse than 50% debt to income (DTI) ratio. Certain lenders have programs for borrowers with excellent credit that afford the benefits of a No Income, No Asset verification loan with no increase to rate or fees. Credit scores often need to be in the excellent range for these programs. NINA or No Income No Asset loan documentation options are not true "no documentation" or No Doc loans, because they require the borrower to verify their employment. A true no documentation mortgage refinance requires No Income, No Assets & No Employment or NI/NA/NE. No income and no asset loans, also referred to as NINA, are usually very helpful for borrowers who are heavily commissioned with little base salary, borrowers who are self-employed and for borrowers who are 1099'ed. NINA loans can be used for any type of borrower, however they are more common for the above types of borrowers. Do you need to close quickly? NINA loans tend to close very fast because there is very little information that has to be verified by underwriting. If you have a good credit score and speed is your goal, ask your mortgage professional about a no doc NINA loan. One benefit of a NINA loan is that since no income is listed, there is no "reasonability" test of your income. In layman's terms, there is no scrutinization of your income at all. The higher the Loan to Value on No Income Loans, the higher the credit score needed to Qualify.
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Information listed above is to be used for educational purposes only and is not guaranteed
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