No Income No Asset loans (NINA loans) are one of the few No Doc or Low Doc Loans that are available to borrowers. Unlike many of the other No Doc/ Low Doc loans, NINA Loans actually require very little documentation.
It usually only consists of proving outstanding credit history and evaluation of property. These loans are ideal for anyone who is trying to maintain a low financial profile such as a celebrity, a public figure, a high profile citizen or someone who is infamous.
These loans are also ideal for foreign nationals who cannot provide the documentation required for conventional home loans but have the means and credit to afford to purchase property. These loans can also be beneficial to borrowers who plan to finance the home through an inheritance.
The key element in applying for a NINA loan is outstanding credit. The higher the credit rating the less documentation the lender will request to determine the risk factor and it can possibly lower the interest rate. The interest rates are higher on NINA loans than on conventional loans. They can cost anywhere from a half percent to three percent higher than that of a full document loan or conventional loan.
The more documentation you provide the lower the interest rate will be. For many celebrities, money isn't the issue, and they would prefer to pay the higher interest rate for the benefit of providing as little documentation as possible. These people may only have to disclose their name, social security number, the down payment information and the property address for evaluation purposes.
NINA loans can be a very effective way of acquiring a home loan while maintaining confidential or low profile financial records. To learn more about NINA loans or other No doc/ Low doc loans contact a mortgage lender.
Milos Pesic is a mortgage agent and owner of a highly popular and comprehensive Loans and Mortgages informational web site. For more articles and resources on different types of mortgages and loans, mortgage refinancing, mortgage lenders and brokers and much more, visit his site at:
=>http://mortgage.need-to-know.net/
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