Home : Blogs : Patricia Aulson : Patricia's Blog

NO INCOME NO ASSET LOANS

NINA Loans! What's with that?

As of today, December 11, 2007 there will be no more NINA (No income No Asset Loans)! This was a notice that came by my email today, kind of an APB to us REALTORS....... Countrywide suspended them. I'm told the LTV's were changed... but they are still around. Check with your mortgage rep on this to see if they have them.

Posted by Patricia Aulson on 12/11/2007 07:09 PM

Comments (4)

no income no asset loans hampton nh real estate, portsmouth nh real estate, epping nh real estate wwwpatricia4realestatecom

4 Comments on NO INCOME NO ASSET LOANS

Patricia, interesting news.

12/11/2007 07:16 PM

by Joseph Ellman (Realty Executives- Williams-Sykes Realty)

There are still NINA loans, Countrywide suspended them. The LTVs were cut back but they are still available.

why would any lender want to loan money to anyone with no income, no assets?????

To make money, of course. Borrowers with high credit scores, asking for loans that are a low loan to value, still represent a good risk for the rate being charged.

I make loans up to 65% NINA without batting an eye. They're still around.

12/11/2007 07:49 PM

by America's #1 Mortgage Broker

Patricia, thanks for the update. With no profit a company should know it will not be in business long. Makes sense to me!

12/11/2007 07:56 PM

by Gary Woltal - REALTOR® Dallas Ft. Worth (Keller Williams Realty)

Good to know - thanks for sharing! Is this a Countrywide only thing or is this a practice being put in to effect by all of the banks?

12/12/2007 01:46 AM

by Erin Attardi, Realtor - Sacramento, CA (Lyon Real Estate)