NINA Loan - A NINA (short for No Income, No Asset) loan is where the borrower does not have to disclose income or bank statements on the application.

If you have excellent credit and are seeking a lower LTV loan amount, this loan may not cost you any more than a full doc loan.

With this program, you will still likely be required to verify that you do have a source of income. One way of supplying this information is through a Verification of Employment, by which your employer verifies that you are an employee of their company. Other options, for the self-employed, include providing a copy of your business license or a letter from your Certified Public Accountant stating that you do generate income.

NINA loans are sometimes referred to as no doc loans, however "true no doc" loans are sometimes further defined as NI NA NE for No Income, No Assets, No Employment documentation. These loans are ideal for borrowers who have difficulty substantiating employment, including the recently retired, and borrowers who have started their own business within the last 12 to 24 months

With a stated loan you are required to show proof of a job, your job history, and you need to list your true income on your loan application. The reason why people do stated income loans is for reduced income documentation. With a stated income loan you are not required to show W2's, pay-stubs, tax returns, bank statements, etc... to show proof of your income. The bank is trusting that you are listing your actual income on your loan application. Usually a stated loan will carry a little bit higher rate than a regular full income documentation loan and the qualifying requirements will be a little tougher as well. However, if you do not actually make as much money as you are stating on your loan application and you are lying about your income a more appropriate loan may be a NINA, No Income, No Asset type loan. With this type of loan you do not have to disclose an income amount on your application at all. While your job will still be verified, to make sure you actually do have a source of income, there will be no income verification and there will be no income even listed on your loan application at all. NINA loans will carry even a higher rate bump than stated loans because of the higher risk in these types of loans. These types of loans are good for people who are self-employed and make a lot of money but write off a lot too. NINA loans are also good for people whose incomes may be just a little higher than the permitted DTI, debt to income ratio, on a certain program. NINA loans can also be good for people who have other sources of income, in addition to their primary jobs, that can not be documented or would not be accepted by a lender. Consult your mortgage professional to find out which mortgage loan program is best for you.

Only borrowers with strong credit will qualify for this type of loan. Also, expect to pay a higher interest rate and be limited to a lower LTV or loan to value.

The NINA loan program is perfect for borrowers who are self-employed who may not be able to document their income for any reason.

For the average homeowner who is on a fixed income or are wage earners who may qualify based on their credit, be careful not to buy too much house than you can actually afford.

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. 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.

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

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.

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

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.

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.

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.

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.

The higher the Loan to Value on No Income Loans, the higher the credit score needed to Qualify.

No income no asset loans (NINA) loans can be useful for a borrower who has a high commission job or is self-employed.

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.

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.

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.