DEFINITION of 'No Income / No Asset Mortgage - NINA'

A type of reduced documentation mortgage program in which no income and no assets are disclosed on the loan application, but employment is verified. NINA loans usually fall into the Alt-A classification, and may carry a higher interest rate than a prime mortgage.

BREAKING DOWN 'No Income / No Asset Mortgage - NINA'

NINA loans might be used by borrowers who do not want to or cannot provide any financial information. NINA loans are sometimes called "No Doc" mortgage; however, true no doc mortgages do not require employment verification.

In some circumstances, a borrower maybe enticed to use a NINA loan in order to obtain a mortgage which is out of their reach. A borrower should not be persuaded by a lender or mortgage broker to use a NINA loan to obtain a mortgage if they will not reasonably be able to repay, and when a more traditional mortgage is reasonably available at a lower interest rate.

RELATED TERMS
  1. Liar Loan

    A category of mortgages known as low-documentation or no-documentation ...
  2. No-Ratio Mortgage

    A mortgage program in which a borrower's income isn't used or ...
  3. No-Cost Mortgage

    A mortgage refinancing situation in which the lender pays the ...
  4. Second Mortgage

    A type of subordinate mortgage made while an original mortgage ...
  5. Mortgage Originator

    A mortgage originator is an institution or individual that works ...
  6. Mortgage Accelerator

    A type of mortgage loan program popular in the United Kingdom ...
Related Articles
  1. Investing

    Financing Basics For First-time Homebuyers

    If you're looking to get your first mortgage, there are many financing options available.
  2. Personal Finance

    Mortgage Company

    A company engaged in the business of originating and/or funding mortgages for residential or commercial property.
  3. Investing

    Financial Institutions: Stretched Too Thin?

    Find out how to evaluate a firm's loan portfolio to determine its financial health.
  4. Personal Finance

    What Is an Alt-A Mortgage?

    Called "liar loans" for their low documentation requirements, Alt-A mortgages were hot until the subprime crisis. Now Wall Street wants to bring them back.
  5. Personal Finance

    Shopping for a Mortgage in 2017? Use This Tool First

    As home-buying technology has progressed, the process of finding the best mortgages rates for 2017 can all be done online.
  6. Personal Finance

    Conventional Mortgage

    A conventional mortgage is any type of homebuyer's load that is not offered or secured by a government entity but rather available through a private lender.
  7. Investing

    Who is Ruling the Jumbo Mortgage Market?

    The jumbo mortgage market appears to be booming this year, despite the few economic hurdles everyone's battling. Here's who is ruling the industry.
  8. Personal Finance

    5 Things You Shouldn't Tell Your Mortgage Broker

    Applying for a mortgage can be a strenuous process. Here are five things to avoid doing when meeting with your mortgage broker.
  9. Retirement

    The Reverse Mortgage: A Retirement Tool

    Discover another way to fund your retirement without having to make payments on a loan.
RELATED FAQS
  1. What’s the Difference Between a Mortgage Lender and a Mortgage Servicer?

    Buying a home is an exciting and confusing process. Once the loan is secured, it's important to know who gets the payment: ... Read Answer >>
  2. What are the pros and cons of a simple-interest mortgage?

    Learn the difference between a simple interest mortgage and a standard mortgage, along with their relative advantages and ... Read Answer >>
  3. What is the 1003 mortgage application form?

    Learn about the 1003 mortgage application form, what information it requires and why this form is the industry standard for ... Read Answer >>
Trading Center