Stewart Brown Jr – Mortgage Loan Originator – Purchase or Refinance
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If you need a loan and have no other option but a no-income loan, it’s important to understand the available types. There are four types of no-income loans in use: A SIVA loan can be approved for someone who has income, although not enough for a loan—but enough verified assets to put up as collateral for a lender to feel comfortable lending money to them. NINJA loans used to be commonplace before the financial crash of 2008. They were essentially loans made trusting the requestor’s word that they could pay off the loan. However, lending regulations have made them much harder to obtain. Of the four types, the NIVA loan is generally available to consumers without traditional or alternative incomes. It requires that assets be appraised for value and then placed as collateral before a loan is approved. NINA loans are generally reserved for real estate investors who have rental income. These investors must demonstrate they have enough to make payments, for loan approval. |
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If you need a loan and have no other option but a no-income loan, it’s important to understand the available types. There are four types of no-income loans in use: A SIVA loan can be approved for someone who has income, although not enough for a loan—but enough verified assets to put up as collateral for a lender to feel comfortable lending money to them. NINJA loans used to be commonplace before the financial crash of 2008. They were essentially loans made trusting the requestor’s word that they could pay off the loan. However, lending regulations have made them much harder to obtain. Of the four types, the NIVA loan is generally available to consumers without traditional or alternative incomes. It requires that assets be appraised for value and then placed as collateral before a loan is approved. NINA loans are generally reserved for real estate investors who have rental income. These investors must demonstrate they have enough to make payments, for loan approval. |
Reach out to me for further detailed information on No income mortgage loan programs.