NINA Loan

Hi Bob
Welcome to MortgageFit forum.

It is good to see that you have a high credit score. With such a score, getting a loan will not at all be a tough task. Our community comprises of a large group of lenders who specialize on various loan programs.

Our system is designed such that when a user gets registered with us, he gets his own control panel which can only be accessed once he logs in. In the control panel, a user has various options to manage his loan account like type of loan required, loan term, information on property and others.

We take complete care of our customer privacy and matching with your requirements our system passes the minimum details to the specialized lenders, which will allow them to place various offers.

Lenders will contact you with their offers and you choose the best as per your suitability.

Get registered with us, so that we can process your request further.

Regards,
Caron.

I want to take 244,000 dollar loan and I have been suggested these 2 options from my bank.

Suggested Options:

1) 7 or 10 years ballon mortgage at a fixed rate of 6.42% or 6.65%, 25 year amortization, no pre-payment penalities.
2) 5 year ARM at a fixed rate of 7.33%, 30 year amortization.

Closing cost around - 5300
Credit score: 850's

We do have an equity in duplex but will not be able to sell that for few more years as we have aged parents living in one side.

We have talked with several lenders and this seems to be the best option,others are 4,500-6,500 in closing and fees! I also asked what would happen if i am uanble to pay the balance and I was told you just refinance. What do you suggest?

Hi Justin

Balloon mortgage is no doubt a good choice if you plan to vacate the house before the loan becomes due. If you don't intend to leave the property, you have the option to refinance the mortgage with a new loan. But you may end up paying a higher amount if the rates at the time of refinancing are high.

If you expect a raise in your income, then adjustable rate mortgage (ARM) will be a good choice. This is because the rates can increase at any moment after the fixed rate period, thereby demanding higher interest payments from you. The ARM has some advantages over balloon mortgages. The initial rate of an ARM is lower than the rate on the balloon mortgage for the same period. Also, unlike a balloon mortgage, this kind of a home loan has caps which limit the changes in interest rate and monthly payment.

The ARMs often have higher rates compared to the balloon mortgages. If you can afford to refinance your loan after 5 years, then it is better to avail the ARM. I would advise that you approach a mortgage consultant who can suggest the best option, depending on your income and credit worthiness.

Regards,
Jessica.

Hi Bob,

Just got some more details on no income no asset loan.

No income no asset loan requires neither your income proof nor asset details. Here the lenders emphasize on credit history. Actually nina loan is for those who don't have proper job status are involved in some temporary job. They also don't have income proof and asset details for loan approval. But anyway, they are capable of paying loan installments. Some special lenders approve these loans, but in case of no income no asset loan, interest rate is comparatively high. The interest rate is even higher in case of late payments.

If you have a good credit score, you can easily apply for nina loan.

Hope this information helps you.

Thanks,
Michael.

Hi to all,

I have some knowledge to share on No Income no asset loan.

During loan verification, income history is being checked. I had an experience when I took nina loan from MACKINAC SAVINGS BANK. My credit score was 580 and I was offered loan without IRS. But I was asked questions on my income status and employment history. So certain financial standards should be met. The loan process is indeed fast.

Feeling good to share my knowledge with your community.

Thanks,
Nathan Brown

Hi Nathan,

Welcome to the MortgageFit forum.

Thank you for sharing your experience with us. That was indeed some valuable information.

We look forward to your participation in our forum so that we can share our views and thus help the community.

Regards,
Caron

I am in desperate need of a NINA loan for a manufactured home. How much income is needed to qualify for say, a $60,000. loan? and where do I find these lenders? I have credit score over 640, and provable income of about $1400. a month.

mouse goddess - your query has been answered elsewhere i believe.

as for what's happening in the industry these days...credit scores of 720 and up will provide virtually every borrower with what they desire; however, nina loans have pretty much disappeared from the marketplace due to the lack of confidence on the part of investors.

finding such a loan will be tricky, i surmise. you'll have much better luck - assuming you're self-employed - with a sisa (stated income/stated asset) or siva (stated income/verified asset) request.

My mother is moving from one state to another, her current home is going up for sale soon (approx $200,000) sale price. She is wanting to purchase a home in Texas in the $175,000 range, unfortuantely she is retired but has enough money to put up a little over 25% and once her home is sold pay off the new home. WHERE do you find this type of loan, I have not been able to find a bank/mortgage company that specifically states they do NINA loans. Also her and my father (deceased recently) credit score is in the 800+ category.

Do you forsee her having problems finding a lender?

Thank you,
A daughter distraught.

hello emoore - i suspect you will endure some serious shopping time. the nina loans are pretty much non-existent in the marketplace. that is not to say you won't find one.

it would occur to me that your best bet in this particular case is to go through a broker, who has the opportunity to offer the scenario to a variety of other lenders, one (or more) of whom may very well offer nina loans.

hi,

i need a nina loan (300k) my fico is 723 and I have 10% for down, any suggestions?

jennifer, you'd more likely find sisa (stated income/stated asset) loans available to you. as i noted earlier, i believe nina as a loan possibility has lost its cachet.

I am looking to purchase a $450,000 home, with $200,000 cash down, borrowing $250,000. I have a good credit score, but my tax returns show losses because I own several businesses. I will be starting a new job that will pay me $60k per year, in addition to about $20k in self employment income. I have $50k in credit card debt, but again, most for the business use, and always pay on time. What are my chances of getting a good mortgage rate?

Hi Liana,

Well, as your tax returns will show that you have incurred losses, things can be difficult for you. It will be better if you take help of a calculator and check out whether or not you can qualify for a loan: http://www.mortgagefit.com/calculators/howmuch-borrow.html .

Thanks