A no-income-verification loan is a type of mortgage that doesn’t require borrowers to provide documentation of income.
“Around 2007, at the height of the market, you could get NINA loans (no income, no assets), which were basically signature loans,” Carder said.
Is it possible to get a mortgage without proof of income?
Imagine you want to purchase a home but your income is hard to verify. A no-doc mortgage loan is one where borrowers are not required by mortgage lenders to provide any income documentation to support their ability to repay the loan.
Are no doc loans coming back?
A: Yes, there are no tax return mortgages available but only offered by certain lenders. Trulia – No Doc or stated income loans are making a comeback and this is huge for self employed borrowers.
Can you get an FHA loan with no income?
FHA loan income requirements. There is no minimum — or maximum — salary you can earn that will qualify you for or prohibit you from getting an FHA-insured mortgage. However, you must: Not have delinquent federal debt or judgments — tax-related or otherwise — or debt associated with past FHA-insured mortgages.
Photo in the article by “Wikipedia”