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Encyclopedia > No Income No Asset

No Income No Asset (NINA) is one of many Documentation Types which lenders may allow when underwriting a mortgage. In banking, underwriting is the detailed credit analysis preceding the granting of a loan, based on credit information furnished by the borrower, such as employment history, salary, and financial statements; publicly available information, such as the borrowers credit history, which is detailed in a credit report; and the lender... A mortgage is a method of using property (real or personal) as security for the payment of a debt. ...

NINA programs are reserved for the most credit-worthy of borrowers. This means, among other criteria, a satisfactory mortgage history paid As Agreed (no mortgage lates in the last 24 months), a minimum credit score of 660 and a Loan to Value ratio of no more than 75%. For higher loan amounts the minimum credit scores start above 700 and LTV ratios cap out at about 60%. The examples and perspective in this article may not represent a worldwide view. ...

Borrowers must also be able to verify they have some source of income based on their status:



The most common way to show a source of income is a current business license. However, in cases where borrowers do not have a business license they must provide the lender with a letter from their Certified Public Accountant which vouches for the borrowers ability to generate earnings as the CPA has prepared their taxes in the past. Certified Public Accountants (CPAs) are accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA. In Canada, public accountants are known as Chartered Accountants or Certified General Accountants. ...

Stated-Wage Earners

The official title for salaried individuals who cannot present W-2's or pay check stubs. A verification of employment (VOE) must still be sent to the borrower's place of employment, where an authorized agent of the employer must verify the borrower is gainfully employed but is not asked to disclose any compensation. Form W-2, Wage and Tax Statement, is used in the United States income tax system to report wages paid to employees and the taxes withheld from them. ... Fannie Mae and Freddie Mac, the two largest secondary market mortgage lenders, have a jointly created and or used form that is mailed by local banks and lenders to employers to verify the employment of an individual seeking financing. ...


In some cases individuals who are receiving some sort of stipend, such as Social Security, Disability or pensions, are able to qualify for NINA programs. Lender criteria may vary, but in many cases it amounts to a benefit letter from the payor being provided to the lender which outlines the type of benefit paid. In this letter the amount is either not included or blacked out by the borrower. For specific national programs, see Social Security (United States), National insurance (UK), Social Security (Sweden) Social security primarily refers to a field of social welfare concerned with social protection, or protection against socially recognized conditions, including poverty, old age, disability, unemployment, families with children and others. ...

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