No Income No Asset Verification Loans

No Income/No Asset verification - Is it possible to own a home WITH equity via NI/NAV loan program? Can you tell me more about this type of loan?

1 Answer

There are programs that allow for less than full documentation. Most of these programs require equity or a down payment. Please be aware that mortgage guidelines are tightening as the default rates on these types of loans has risen significantly over the last few years.

  • Full Documentation - Document employment, income and assets

  • Stated Income - Document employment & assets, state income.

  • Stated Income/Stated Assets - Document employment, state income & assets

  • No Income/ No Assets - Verify employment, do not disclose income or assets

  • No Doc - Do not disclose employment, income or assets

If you are looking at NINA or no income, no assets, you might want to consider a no ratio program. You verify employment and income, but the lender does not look at a debt to income ratio. This would give you better pricing.

These programs require higher credit score and equity or a down payment. Again, the guidelines on these programs are tightening across the industry.