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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.
A loan with few to no documentation or credit history requirements is easier to qualify for, but generally carries a significantly higher interest rate. [2] The term came to prominence during the 2007-2008 financial crisis when up to one-third of all new mortgages issued were no-doc or low-doc loans. [3]
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 ...
Say your gross monthly income is $5,000 a month, and you typically pay $700 a month to your mortgage, $500 a month to credit cards and $250 a month to a personal loan — a total of $1,450 in ...
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 .
It looks like some mortgage interest rates are falling today, but not 30-year fixed rates. That ticked up to 7.29%, adding to the 19 basis points it jumped in the last week.
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