NINA Loan - A NINA Loan is a where the borrower does not disclose income or assets on the application.

The Loan To Value ratio in which borrowers are allowed to borrow are usually much lower on a No Income, No Assets loan program.

These loans are generally a higher risk to the lender. Since they are higher risk loans they demand a higher fico score and the rates can be higher.

NINA stands for "No Income, No Assets".

This does not mean that the borrower does not have income or assets. It just means that the borrower does not want to disclose that information to the lender.

These loans typically carry higher interest rates than fully documented loans.

NINA loans usually require a higher credit scores. Genrally the higher LTV(loan to value)the higher the score needed to qualify

Because NINA mortgages require less paperworks, they generally take less time to underwrite and less approval conditions to clear before closing.

The NINA loan is typically chosen for self employed borrowers that do not have seasoned funds and cannot prove thier income. Season funds must have a trackable history of 60 days and cannot include cash or unsecured borrowed funds.

The NINA loan approval is based on down payment, credit history, and property value. This program still requires "employment" documentation of your past 2 years, while others do not.

The line gets fuzzy between no-ratio and NINA mortgages, and generally is delineated by credit score. In many cases, the lender will want to know what the NINA applicant does for a living, and for how long. Lenders feel more comfortable with a borrower who has been doing the same job for at least two years.

NINA mortgages, No-Income No-Asset, do not require loan applicants disclosing the amount of their salaries and their cash reserves. Banks still want to know about the homebuyers' employment information. NINANE, which stands for No-Income No-Asset No-Employment, or better known as No-Doc mortgages, do not require even the disclosure of the homebuyers' employment.

NINA loans are often used by homebuyers whose incomes are difficult to document, such as waiters, taxicab drivers and hotel doormen, whose incomes consist mostly of cash tips. Many small business owners also prefer NINA mortgages because their incomes are closely tied to their business. When business owners apply for Full-Doc loans, banks require their business financial documents, such as 1120, 1120S, 1065, various schedules, year-to-date Profit and Loss statements, business account statements, etc., in addition to their personal financial documents. In stead of disclosing all their business financial information, most business owners opt for the simplicity of NINA mortgage 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.

Sometimes NINA is reffered to as a NO DOC type of loan. However some NINA programs will still verify employment. A true NO DOC loan will not verify employment.

NINA (No Income No Asset) type loans are good for many different situations. If you are recently self-employed and are unable to get a traditional mortgage loan because you don't have a 2 year history of being self-employed you may qualify for a NINA loan and not have to state where you work, what you do, how much you make, or how much money you have "stashed away" anywhere. If you receive income from other sources that you would rather not disclose or they may not be acceptable to an underwriter you may want to apply for a NINA loan. This way you do not have to disclose any income or asset information that you don't want to. Consult a mortgage professional to see if you would qualify for this type of mortgage financing.

Who is N.I.N.A. - 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.

A sister to the NINA loan is the No Doc loan, also known as NINANE - the NE stands for No Employment, meaning that you do not need to provide employment information on the mortgage application. All of these loans have a place and a real purpose depending on your situation. Keep in mind, however, that your rates will usually go up slightly each time you reduce the amount of information you provide to the lender on your application.

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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