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NINA loan

   Also found in: Wikipedia 0.01 sec.
NINA loan
Acronym for No Income No Assets. Loans made without any supporting documentation for income or assets. Also see No docs.
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NINA loans (no income, no asset), POA loans (negatively amortizing pay option ARMs), and Piggyback HELOC loans (home equity lines of credit representing much of a borrower's down payment) proliferated.
MORTGAGE MATTERS: EXCESS/EXCESSIVE REACTION by The Santa Fe New Mexican (Santa Fe, NM)
Julie Davis, vice president of corporate communications for Charlotte, North Carolina-based Bank of America, reports that the bank's mortgage company did not offer a NINA loan specifically, but it did offer loans with 80 percent less paperwork.
Pushing the edge on alternative-A by Stowe, Robert / Mortgage Banking
 
 
 
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