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A no-doc mortgage — also referred to as a no-income verification mortgage — does not require a lender to verify how much you earn with pay stubs and W-2s. These types of loans are also ...
No-document mortgage: A no-doc mortgage doesn’t require income verification. It’s an uncommon product, but it can be an option for borrowers who have irregular income.
No doc loans do not require any supporting evidence of the borrowers income, just a declaration confirming that the borrower can afford the proposed repayments. This is known as an asset lend as the assessment of the loan is primarily focused on the saleability of the security property and the proposed exit strategy.
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 .
No income verification: Unlike with a conventional mortgage, you won’t need to verify your income. That eliminates the need to provide some documents. That eliminates the need to provide some ...
The lack of verification makes these loans particularly simple targets for fraud. [3] Stated income loans fill a gap of situations which normal loan standards would not approve. For example, a standard rule is that a customer's mortgage and other loan payments should take up no more than 45% of the person's income.
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