Posted on: 20th Jul, 2010 09:51 am
hi!
i ran across your website looking for nina types of loans since that is what i have done before, but obviously i have had problems finding lenders with a nina program. i am wondering if the same is true for stated income types of loans, and if my situation would work for that.
+ i have (or should have) great credit. i probably need to check that as i haven't in a few years.
+ i've been in a nina loan for the past 9 years without a single late payment. (did refinance 7 years ago to take advantage of a lower interest rates, but still nina)
+ i now have about $85k in equity in my home, but am looking to move up a little to get my kids in a better school.
+ the new house would be around $200k, so applying about $80k from the equity of the first house would be about 60%ltv.
+ i have been working at the same company for over 13 years, but i am commission-based and not all of my income comes from my job. i certainly have no problem verifying employment though, just not total income (w-2s).
i think that covers most of it. is there someone doing this type of loan in texas? i am looking in sugar land, tx (suburb of houston).
and what is the difference between stated asset and verified asset? my biggest asset is my house (which i would plan to sell before purchasing). of course, i do have a couple of cars which are positive assets, and lots of furniture and "stuff". but nothing like lots of stocks and bonds sitting around...
thank you for any input.
i ran across your website looking for nina types of loans since that is what i have done before, but obviously i have had problems finding lenders with a nina program. i am wondering if the same is true for stated income types of loans, and if my situation would work for that.
+ i have (or should have) great credit. i probably need to check that as i haven't in a few years.
+ i've been in a nina loan for the past 9 years without a single late payment. (did refinance 7 years ago to take advantage of a lower interest rates, but still nina)
+ i now have about $85k in equity in my home, but am looking to move up a little to get my kids in a better school.
+ the new house would be around $200k, so applying about $80k from the equity of the first house would be about 60%ltv.
+ i have been working at the same company for over 13 years, but i am commission-based and not all of my income comes from my job. i certainly have no problem verifying employment though, just not total income (w-2s).
i think that covers most of it. is there someone doing this type of loan in texas? i am looking in sugar land, tx (suburb of houston).
and what is the difference between stated asset and verified asset? my biggest asset is my house (which i would plan to sell before purchasing). of course, i do have a couple of cars which are positive assets, and lots of furniture and "stuff". but nothing like lots of stocks and bonds sitting around...
thank you for any input.
Hi DannyM,
Though you have a good credit and ample equity in your property, most lenders have stopped giving NINA loans after the real estate crisis. Nevertheless, you can contact the local lender to check out whether or not they can help you with a NINA loan.
In a stated asset mortgage, the borrowers will only have to state their income and assets on the loan application but it won't be verified by the lender. However, in case of verified asset mortgage, the lender will verify your assets and income.
Thanks,
Jerry
Though you have a good credit and ample equity in your property, most lenders have stopped giving NINA loans after the real estate crisis. Nevertheless, you can contact the local lender to check out whether or not they can help you with a NINA loan.
In a stated asset mortgage, the borrowers will only have to state their income and assets on the loan application but it won't be verified by the lender. However, in case of verified asset mortgage, the lender will verify your assets and income.
Thanks,
Jerry
Thanks for the reply!
I was under the impression that NINA was a different product from Stated Income Stated Asset. Am I wrong, or are they just both gone away?
If the SISA loans aren't available either, this makes is VERY hard for a lot of people who's income is more complicated than one line on a W-2 to get a properly-sized mortgage. :(
I mean, if nothing else I would think a savvy mortgage company would JUMP on the opportunity to loan money out in such a low LTV percentage and HOPE the buyer defaults (take the buyer's equity).
Danny
I was under the impression that NINA was a different product from Stated Income Stated Asset. Am I wrong, or are they just both gone away?
If the SISA loans aren't available either, this makes is VERY hard for a lot of people who's income is more complicated than one line on a W-2 to get a properly-sized mortgage. :(
I mean, if nothing else I would think a savvy mortgage company would JUMP on the opportunity to loan money out in such a low LTV percentage and HOPE the buyer defaults (take the buyer's equity).
Danny