what is a nina loan

The NINA loan is the basis for the apocryphal "NINJA" loan that is often used as an example of excesses in the boom-era mortgage market. NINJA supposedly stood for "no-income, no job, no assets," but no such loan ever existed. Also, the NINA code, which did exist, did not signify a loan to a borrower with no income.

There are three no-income loans: no-ratio, no-income (NRNIs), where the employer is stated and sometimes verified; NINAs; and no-doc loans, which are NINA loans where no employer or employer’s address is identified.

NINA No Income No Asset Loans Now Available – Stated Income – NINA loans are making a comeback and are now available through certain lenders. NINA stands for No Income No Asset verification and the NINA loan has been popular with small business owners before the lending industry went through its most recent financial crisis.

Ninja loans are another name for NINA which stands for no income, no assets, and was coined in a book by Charles Morris. The loans are also referred to as liar loans , according to Rick Sharga, executive vice president of Auction.com. Ninja loans were issued to unqualified borrowers who were likely approved only because they submitted false information on their applications.

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No income, no asset (NINA) 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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NINA, NINJA & No-Doc – Mortgaged Linked – No-Doc mortgage loan. The No-Doc mortgage loan is a loan where the applicant doesn’t have to provide documentation, e.g. proof of income or in the form of a.

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To get by despite low and irregular income, Nina is forced to further borrowing: money from local loan sharks; and food.

Nina Jankowicz is a fellow at the Wilson Center in Washington. Biden threatened to withhold a $1 billion loan guarantee.

A true NO DOC loan will not verify employment. NINA Loan – A NINA Loan is a where the borrower does not disclose income or assets on the application. These loans are generally a higher risk to the lender. Since they are higher risk loans they demand a higher fico score and the rates can be higher.