A NINA (short for No Income, No Asset) loan is a loan in which the borrower does not have to disclose income or bank statements on the application.No Income No Asset loans can be a great alternative to stated income loans.
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.
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.
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.
