mortgage nina loans

Discussion in 'Credit Talk' started by jaytee, Sep 27, 2003.

  1. jaytee

    jaytee Well-Known Member

    i have to get a nina(no income or asset verification loan) but i want to also avoid pmi. i was wondering if anyone knows about an 80 15 5 nina mortgage. also what would be a good lender in WA. i have about a 700 credit score and no debt except 2 car loans.
  2. jaytee

    jaytee Well-Known Member

    i would like to only put 5% down on the mortgage and have little closing costs even though it would give me a slightly higher monthly payment. i dont have a clue of what bank could do a loan like that.
  3. snakeman

    snakeman Well-Known Member

    Only way to avoid pmi is to have less than a 80% ltv.

    A 700 score should be no problem, there are many nina programs for people with scores from 500 on up. If you want to only put 5% down (based on purchase price), you may need to find a cheaper home.

  4. Mark LA

    Mark LA Well-Known Member

    you may want to check out countrywide
    i'm in the process of getting a 80-15-5 loan to avoid pmi
    80 is the loan
    15 is a heloc
    5 is the down payment
  5. jaytee

    jaytee Well-Known Member

    thanks for the suggestion but i called countrywide and they said i have to have a 10% down to do a "no income verifcation loan." i would use them if i could get the patience up to save $22000.
  6. kjunior

    kjunior Member

    Jaytee send me a eamil to this address We can help you out Best Mortgage with a score of 500, send me a shout so we can see what we're looking at.

    DACMAN New Member

    I do not thing you can do what you are trying to do as a NINA -- most lenders may want you to do this as a STated income loan. If you are comfortable about his then you may be able to get it done. However, there are 95% NINA out there, but you will need PMI.

    If you go Stated be very carefull about Lying about your income. Could put you, your loan officer and others in jail.

    Is it worth the risk to save a few dollars?

Share This Page