Certain lenders have programs for borrowers with excellent credit that afford the benefits of a No Income, No Asset verification loan with no increase to rate or fees. Credit scores often need to be in the excellent range for these programs.
NINA or No Income No Asset loan documentation options are not true "no documentation" or No Doc loans, because they require the borrower to verify their employment. A true no documentation mortgage refinance requires No Income, No Assets & No Employment or NI/NA/NE.
No income and no asset loans, also referred to as NINA, are usually very helpful for borrowers who are heavily commissioned with little base salary, borrowers who are self-employed and for borrowers who are 1099'ed. NINA loans can be used for any type of borrower, however they are more common for the above types of borrowers.
Do you need to close quickly? NINA loans tend to close very fast because there is very little information that has to be verified by underwriting. If you have a good credit score and speed is your goal, ask your mortgage professional about a no doc NINA loan.
The higher the Loan to Value on No Income Loans, the higher the credit score needed to Qualify.