no income no asset mortgage
Back in the Wild, Wild West era of mortgage lending before the housing crisis, NINJA loans (loans given to borrowers with no income, no job, and no assets required) became quite the rage. NINJA.
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No Income-No Assets Home Equity Loan (NINA) Nationwide Mortgage Loans offers reduced documentation home equity loans and 2nd mortgages with no income and no assets required for qualified borrowers. Self-employed borrowers, independent contractors and many sales persons need a reduced documentation second mortgage because gathering the paper.
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No Income No Asset loans can be a great alternative to stated income loans. NINA Mortgage Refinance – NINA stands for No Income, No Assets and means that a borrower can qualify for a loan without present documentation of either income or assets. NINA (No Income No Asset) type loans are good for many different situations.
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Also, you’ll list all of your bank account information, assets, debts, income and employment history. loans than with a full-documentation loan. Low and no documentation loans are called Alt-A.
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No income, no asset (NINA) is a term used in the United States mortgage industry to describe one of many documentation types which lenders may allow when underwriting a mortgage. A loan issued under such circumstances may be referred to as a NINA loan or NINJA loan.
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Privately-owned mortgage banking firm, 360 Mortgage Group, LLC ("360 Mortgage"), announced its exclusive launch of the Agency NINA pilot program. This program is a no income, no asset required product for homeowners. The Agency NINA allows for LTVs (loan to value) of up to 80% and FICO scores as low as 620.
NINA loans are making a comeback and are now available through certain lenders. NINA stands for No Income No Asset verification and the NINA loan has been popular with small business owners before the lending industry went through its most recent financial crisis.
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