Who is eligible for no income no asset loans?


NINA loans, or the so called no income no assets loans are allowed to individuals with high credit who are unwilling to provide income or asset verification documentation. However, sometimes they are required to provide proof for their income source. For example, a business license or certified accountant letter.

If the borrower is stating current or past employment as income source, a verification of employment has to take place to verify borrower's employment but remuneration will not be disclosed.

The no income no asset loan allows internationals with no income and no credit to buy property in the U.S. LTV allowed is up to 80%.

No Income No Asset Loans Criteria

No income no asset (NINA) loans are based on down payment amount, property value and credit rating and history. Cash-out, loans to non-homeowners and internationals is allowed. Credit scores usually are 670+. For LTV of 90% and higher credit score may start at 720.

People on a stipend, pension or scholarship are also eligible for a NINA loan. No income no asset loan application criteria will vary among lenders. Usually, a proof letter must be submitted from the institution providing the benefit to the loan applicant without specifying the amount but disclosing the type of benefit the recipient is entitled to.

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