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Key takeaways. A no-doc mortgage offers a way to get a home loan without some of the income and employment verification paperwork lenders traditionally require, like W-2s and pay stubs.
For this reason most no doc loans are for business purposes or are for investment in something other than residential property. Private money is the main source of no doc loans, often with interest rates charged at 2% to 6% per month (24% to 72% p.a.). Non-conforming lenders focus on the lower risk no doc loans and offer more competitive ...
No income, no asset (NINA) [1] is a term used in the United States mortgage industry to describe one of many documentation types which lenders may allow when underwriting a mortgage. A loan issued under such circumstances may be referred to as a NINA loan or NINJA loan.
Another generous mortgage program is the USDA loan, which, like the VA loan, requires no money down. You don’t have to be a first-time buyer to get a USDA loan, either. You don’t have to be a ...
United Wholesale Mortgage, for example, offers lower- to moderate-income borrowers conventional mortgages paired with a no-interest, payment-deferred loan that covers a 3 percent down payment on ...
A-minus is related to Alt-A, with some lenders categorizing them the same, but A-minus is traditionally defined as mortgage borrowers with a FICO score of below 680 while Alt-A is traditionally defined as loans lacking full documentation. [4] Alt-A mortgages may have excellent credit but may not meet underwriting criteria for other reasons. [5]
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