What Is a NINA Loan?
It is a No Income No Assets Mortgage.
Nationwide lenders offers the perfect 2nd mortgage for homeowners who not only don’t want to submit income documentation, but they are not required to have any assets either. These are similar to stated income loans and are great for people who have privacy concerns or for individuals who do not have time to deal with paperwork. You will enjoy the automated process at Nationwide if you do not like “red tape.” What are the current second mortgage rates?
No Income No Assets (NINA) Second Mortgage:
Verbal Verification of Employment- (Wage Earners, 2 Yrs. Business Licenses For Self Employed.)
Borrower states Employer info but isn’t required to state Income or Assets on loan application.
- Income Must Be Stated On Application
- Mortgage coupon for existing mortgage
- Declaration page of insurance (home policy)
- Copy of Promissory Note for existing mortgage
Take advantage of reduced documentation programs that may help ease the pain of extra documentation.