No Income and No Asset and Stated Asset Home Loans
The ideal borrowers for this program are clients who are Self Employed, 1099, or W-2 employee; Unable to document all sources of their income necessary for qualifying; Are asset rich (in the form of non liquid assets - e.g. multiple investment properties), but cash poor, thus unable to show sufficient typical cash reserves to close.
The NINA option typically requires a two-year employment history in the same business or profession as stated on the loan application. Self employed borrowers may utilize their CPA for employment verification. The program eliminates any reference to income which results in a no debt to income ratio qualification and no asset disclosure eliminating cash reserve requirements.
The NINA applicant will show a high regard for their financial obligations as reflected in their credit score model. Minimum Credit Score for this product starts at 620. Maximum CLTV is 100% using our 80/20 financing.
The applicant must state the specific sources of income (e.g. employer name, address, phone number etc.) A verbal verification of employment is required, but neither income nor assets will be verified. All other sections of the mortgage loan application must be fully completed and supported with standard documentation.
Features:
No income
or asset verification requirements, regardless of income source
No income stated on application
No debt ratio calculations
Eligible Borrowers:
Purchase,
rate/term and cash out refinances available on primary residences, second
homes, and investment properties.
