What Is a NINA Home Equity Loan?

No income and no asset home equity loans and NINA HELOC mortgages have been difficult to find over the last few years, BD Nationwide Mortgage helps consumers find reduced documentation home equity loans and 2nd mortgages with no income and no assets required for qualified borrowers.

Self-employed borrowers, independent contractors and many sales persons need a reduced documentation second mortgage because gathering the paper-work that underwriters require would be a nightmare.

Are You Looking for a No Income and No Asset Home Equity Line of Credit?

NINA HELOC loans, previously prevalent during the subprime mortgage crisis, are now exclusive to real estate investors. Dubbed “no-doc” loans, NINA loans necessitate no income or asset verification, solely requiring confirmation of employment status.

For homeowners unable to furnish conventional income documentation, no-income verification HELOCs and NINA home equity loans present an alternative route to tapping into home equity. These loans, occasionally referred to as “no-doc” loans, cater to individuals with unconventional income sources or self-employment status.

Ask about the latest No-Income HELOC program that eliminates the need for income or employment verification, offering flexibility to clients in various situations such as retirement, career transitions, or nontraditional work schedules. Here are some key program highlights:

  • No minimum credit score necessary.
  • Applicants must maintain a reserve account with a minimum of 12 to 24 months of PITI.
  • Eligible properties include single-family residences, condos, or multi-family homes with one to four units.

Many of these types of homeowners have grown accustomed to no income verified home financing because it streamlines the loan process for them at a competitive rate of interest.

Stated income Home equity loans have become very popular for people who commission driven borrowers whose income can vary significantly from month to month. Credit scores become the most important factor for underwriting these types of loans.

Typically the interest rates are slightly higher than standard full documentation home loans. Bankers and lenders argue that “Stated-Income – Stated Asset loans carry a higher risk factor and justify the higher interest rate and fees.”

3 Types of Reduced Doc Equity Loans

• State Income/ Verified Asset home equity loans

• No Income / No Asset Home equity line or loan

• No Income Verified – Bank Statement second mortgages