Question:

Who can take no income documentation loans?

Answer:

Borrowers who can take no income documentation loans need a perfect credit score. They should never ever make a late payment. Since with NINA loans borrowers have to provide only name, social security, size of down payment and property address, they need impeccable credit score and history.

No Income and No Ratio Loans

Difference between no income (NINA) loans and No Ratio loans is often blurred. With No Ratio assets will be verified. For both, borrower who has been doing the same for the last two years will gain lender's trust and will get a lower rate. However, the greater the score the less documentation will be required from the borrower. At the same time, the bigger the size of the down payment, the more disclosed assets and the more the borrower confides to the lender about what they do for a living reduces the risk for the lender and lowers the rate for the borrower.

Often, no income documentation loans are jumbo loans well exceeding several million. Celebrities who would never like to be exposed to the risk of having someone of the loan office selling their credit history or tax returns to magazines commonly would take no income documentation loans, as they would like to guard their privacy as much as possible.

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