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  *****No Income No assets loans are temporarily unavailable due to market volatility****
What is a NINA? NINA is an acronym for no income, no assets. NINA loans are available for borrowers in many different sceanarios. Self employed, wage earners, and retired borrowers can take advantage of this loan. A NINA is the most hasslefree loan to obtain No income or assets makes the loan quite a risk for the lender so the interest rate is a bit higher than a No Ratio loan. In fact most lenders do not offer this loan due to the risk it presents to the stockholders of a lender. A lender known more for their aggressive nature in lending, will offer the NINA. Advantages: The least documentation of any loan to qualify, no job or assets required. Available in 30 year fixed, 40 year loans, and interest only options, as well as cash out refinances. Disadvantages: Typically no more than 80% (sometimes 90%), of the property value can be leveraged. Higher interest rates (except properties where no more than 60-65% is leveraged than the rates are excellent) than the Stated Income and No Ratio loan options. When is a NINA loan used? Borrowers with good credit (620 FICO credit score or better), and an abundance of equity on a refinance loan or large downpayment for a purchase loan, can obtain the same interest rate as a 30 year fixed fully documented loan. Scenario: A married couple applys for a home loan, and the husband has poor credit and is employed. The wife is a homemaker who has good credit but no income. Solution: Put the loan in the wife's name only, since the interest rate obtained will be better than the interest rate that the husband could obtain. You also are not able to state an income for the wife, since she is not employed. The no income no asset loan, solves the problem stated income loans can present. Scenario #2 A retired fixed income individual who can't qualify with her monthly income (too low for lender standards) needs to access some equity from her home to repair her home. She is equity rich and cash poor. Solution: Stated income loans are not typically permitted for retired individuals, neither are No Ratio loans. NINA's are permitted some lenders and depending on the FICO credit scores and equity available (on a refinance loan), the rates may not be any different than that of the fully documented loan. Scenario #3 Individuals who have had greater than 30 day lapses between jobs can't qualify for many loans. Solution: Leaving income and employer information blank on a NINA, no income no asset loan solves the problem. Types of loans available The 30 year fixed, 40 year loan, interest only, option arm, and a variety of hybrid and adjustable rate loans are all available. Call me for more details or click here to apply on-line! Kevin Walton Cell: 805-276-1942  Best Capital Funding - 6930 Owensmouth Ave. #102 - Canoga Park, CA 91303 Office Phone: (818) 887-2779 Fax: 800-506-0632 Cell Phone: 805-276-1942 Best Capital Funding.
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