Loose Lending in the USA
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Description:
* NO INCOME, NO ASSET VERIFICATION (NINA): Pretty self-explanatory; you take the fifth and list no income or assets on the home loan application. Just list your employment info.
Highlights:
* TRUE NO DOC aka NO INCOME, NO ASSET, NO EMPLOYMENT VERIFICATION (NINANE): The borrower does not even have to allege that he or she is employed let alone have an income source; nor does the borrower need to list any assets.
Comments (1)
From the list : Financial Crisis 101 by mona_moolah
Many of these "lite income documentation" home loans are available for refinance or purchase; good or bad credit; over a wide range of credit scores; often even for first-time homebuyers with limited credit, or borrowers with collections, charge-offs, mortgage lates, a previous foreclosure or a chapter 13 bankruptcy/chapter 7 bankruptcy.
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