NINA loan?

Guest

Hi I am looking to purchase a home in the very near future (within 3 months) and right now i am looking for a mortgage pre-guarantee or approval to bring more leverage to the bargaining table.

The homes i am looking at are listed 1.3 million give or take. I plan to put a down payment of 500k.

How likely am I to find a mortgage required no asset or income verification?
I own my own business and do not draw a very large salary from my own business. Also, which reputable lenders still do these types of mortgages? i am hearing of tighter criteria for mortgage applicants!

I am in New York.

Thanks

Guest

correction, the downpayment is 700k, not 500k as i stated above....

kpatrick · Posted: Mon Sep 22, 2008 7:37 pm Post subject:

Hi Clownfish,

I don't know of any lenders that are doing NINA's, if your score is high enough, you may be able to find a SIVA. You need to get with a lender to get prequalified. Because your LTV is so low, and you are putting so much money into the deal, you may be surprised with the outcome. The odds are even better if your score is over 720.

Kim

Guest

I am doing No income No asset Check loans. Give me a call 914 364 0517....

Greg

elisahoyos · Posted: Tue Dec 16, 2008 2:38 pm Post subject: NiNa Loans

Hi Clownfish:

BBA ... Buyer Be Aware !!!!

At this time there are NO reputable banks or finance institutions doing NoIncome NoAsset loans. You might be able to find some sharks out there who might be willing to lend you the money at ridiculous interest rates but as far as a banking institution there are NO NINA loans available because they are not saleable in todays' market.

Be CAUTIOUS as your purchase price therefore loan amount will attract many people who will try to get your loan just because...

Your loan would be considered a JUMBO loan and there ARE programs that will allow for limited documentation However if you are self employed it might be more difficult.

I would suggest contacting an experienced reputable firm so you can get a consultation then make your decision.

Best of Luck!

parmoney · Joined: 05 Dec 2008 Posts: 37 11.32 Dollars($)

Agree with Elisa,

You might want to consider speaking with your tax person and refile the taxes to show income. Either scenario gonna be expensive.

gmakerley · Posted: Wed Dec 17, 2008 9:09 am Post subject:

it's probably way too late to refile taxes to reflect qualifying income sufficiently high for the loan you propose (but i am simply speculating, of course).

i am thoroughly in agreement with elisa - no reputable lender will offer you a no-verification loan. not only that, but her warnings are full of good sense. lenders will flock to your side in order to grant you a loan of that size, and that includes the not-so-nice.

gregnina - please refrain from blatant advertising on this site. please read the guidelines for posting, which specifically decry the practice.

clownfish, i dare say that greg's post looks like one that a predatory lender would leave; and i'd suggest you look elsewhere for your financing.

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