No Income / No Asset Mortgage - NINA

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.