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. The loan program information below is found at lenderline and is intended to be used as a general guideline as to what kind of NINA loan programs are available from stated income lenders who specialize in stated income loans.
NINA Loan Program Highlights
ELIGIBLE PROPERTY TYPES:
- Single family residences, PUDs, condos, townhomes and 2-4 units.
- Purchase, rate & term refinance, and cash-out refinance allowed.
- Primary residence, second home, and investment properties allowed.
INCOME, ASSETS, EMPLOYMENT & CREDIT:
- Income is not stated on the application nor verified. Debt-to-income ratios are not calculated.
- Assets are not stated on the loan application, nor are they seasoned or sourced.
- Employment is not listed on the loan application, nor is it verified.
- No minimum credit score.
RESERVES & AUTO-PAY REQUIREMENTS:
- All borrowers will be required to open an FDIC-insured account with the lending bank and deposit the required down payment (if the transaction is a purchase) and an amount equal to 6 months payment (PITI) reserves for all purchase and refinance transactions. There are no seasoning requirements, nor will the assets need to be sourced.
- All borrowers will be required to set up an automatic payment feature with the lending bank which authorizes the bank to draft the mortgage payment from their newly opened FDIC-insured account with the lending bank as it comes due.
- Borrowers may be U.S. citizens, permanent residents, or foreign nationals with valid foreign passport and U.S. visa.
- Undocumented ITIN workers are not allowed under this program. All foreign national loans will be priced as second homes.
- Borrowers will be required to be physically present in the United States to sign loan application and loan documents.
- Borrower may have an unlimited number of financed properties.
- The limit on the number of properties that may be financed under this program is 3.
- Seller must have owned property for 6 months from date of application for purchase transactions to be eligible for financing.
- For property to be eligible for a refinance, borrower must have owned property for 1 day from date of application if the property was purchased with all cash, and 6 months from date of application if the property was purchased utilizing any financing.
- Borrower must have owned property for 12 months from date of application to use current appraised value for a refinance. For properties owned less than 12 months, the lender will use the lower of the original purchase price or the current appraised value.
- This program is currently being offered in the following counties: Alameda, Contra Costa, Los Angeles, Orange, Sacramento, San Bernardino, San Francisco, San Mateo and Santa Clara. If your county is not listed, please inquire, as additional counties may be added at any time.
- No prepayment penalty.
Interested in learning more about the NINA loan programs available to you? Get started below or contact lenderline directly who can help you get into the right NINA loan program that is right for your situation.