Meaning of NINA loan | Babel Free

Definitions

1. A mortgage loan to a borrower with no verified or stated income or assets.
2. A mortgage loan to a borrower with no income or assets.

Examples

“Low and no-documentation mortgages. Known as "NINAa" (no income, no asset verification) in the trade, these were readily available through national lenders like Citicorp Mortgage in the 1980s. Now they are primarily available through alternative brokers. Southwestern Mortgage, Inc. advertises the ultimate "no nothing" NINA loan for applicants who want to avoid paper hassles; No income verification, no tax returns, no pay stubs, no W-2 income tax forms, no established credit history needed, no Social security numbers, no U.S. immigration green card required.”

“The NINA loan is the basis for the apocryphal “NINJA” loan that is often used as an example of excesses in the boom-era mortgage market. NINJA supposedly stood for “no-income, no job, no assets,” but no such loan ever existed. Also, the NINA code, which did exist, did not signify a loan to a borrower with no income. Rather, the code signified that the lender had no information about the borrower’s income.”

CEFR level