When Should You Join the NINA Loan Program?

The NINA (no income, no asset) loan program is expensive, risky and uncertain for all parties involved. Since no income is verified, the lender and borrower will not have a reasonable guarantee of the borrower's ability to repay. Before you consider taking on this risk, ask yourself the following questions:

  • If I wait 24 months or fewer, will I qualify for a conventional loan?
  • If I seek smaller loan limits, will I qualify for a conventional loan?
  • If I save for a larger down payment, will I qualify for a conventional loan?

If you answer "yes" to any of the above questions, it is best to pursue an alternative such as waiting, taking a smaller loan or saving more money. Only if you answer "no" to the above questions should you consider the NINA option.