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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.
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 .
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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.
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.
VA loans: No minimum requirement, but generally 620. USDA loans: ... No-document mortgage: A no-doc mortgage doesn’t require income verification. It’s an uncommon product, but it can be an ...
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