How Do You Qualify for a NINA Loan Program?

Each lender will have specific requirements for a NINA loan program. Generally speaking, a no-income, no-asset loan, also known as a low documentation loan, is extended to individuals who do not qualify for conventional mortgages because of their sporadic or unverifiable income. Instead of supplying verification of income and assets, you will need to verify only your employment. You may also be required to supply a large down payment and find private mortgage insurance for the loan. These loans can be difficult to find, hard to insure and very costly. Before you attempt to qualify, consider alternative loan programs.