What is a NINA loan anyways?

NINA is an acronym for no income, no assets. These loans best serve self employed individuals, wage earners, and retired borrowers. It’s also the most hassle free loan to obtain. Since the loan does not require income or asset verification, this makes the loan quite a risk for the lender, so the interest rate is a bit higher. At this time, however, there are very few if any lenders offering this loan. It is just too volatile a loan type in this more conservative lending environment.

Still it’s interesting to note just when a NINA is appropriate, even though it is no longer available. Here are typical NINA loan scenarios:

Husband had lots of income but poor credit the wife has no income but great credit. The solution is - put the wife on the loan, using her good credit, but without a job, income cannot be verified; so no income no asset loan.

A fixed income person who has great credit, but their income is too low for lending standards because they cannot include, as income, the border who helps offset her bills with extra rental income.

Individuals with job lapses or who have recently become self employed after working as a W2 employee for several years.

It does not matter if you are seeking out Oregon Home Loans or California Home Loan Mortgage Rates, if you fit into one of the loan scenarios illustrated above, your best strategy is to seek a NINA loan. Unfortunately, they are no longer available, but I suspect that to change soon. After the mortgage meltdown settles somewhat, I suspect that lenders will start to carry NINA loans again, especially for those with top notch credit scores.

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