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1. You must refinance an FHA loan. This is the primary rule. In order to take advantage of the FHA streamline program, you must already have an FHA-insured mortgage. 2. You must receive a ‘net ...
A no-doc mortgage offers a way to get a home loan without some of the income and employment verification paperwork lenders traditionally require, like W-2s and pay stubs. Post Great Recession, no ...
No income, no asset. No income, no asset (NINA) [1] is a term used in the United States mortgage industry to describe one of many documentation types which lenders may allow when underwriting a mortgage. A loan issued under such circumstances may be referred to as a NINA loan or NINJA loan . NINA programs are ostensibly created [2] for those ...
Calculate your DTI ratio using this formula: DTI = Monthly debt payments (including mortgage or rent) / monthly gross income x 100. Some lenders allow a DTI ratio as high as 50 percent, but most ...
A stated income loan is a mortgage where the lender does not verify the borrower's income by looking at their pay stubs, W-2 (employee income) forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at their word. These loans are sometimes called liar loans or liar's loans. [1]
No doc loan. A no documentation loan ( no-doc) or low documentation loan ( low-doc) refers to loans that do not require borrowers to provide documentation of their income to lenders or do not require much documentation. It is a financial product commonly offered by a mortgage lender to consumers who cannot qualify for normal loan products ...
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