no income/no asset mortgage (NINA)


A mortgage loan requiring limited documentation that carries an above-market interest rate. The borrower is not required to state income or assets for the purposes of loan calculations; the property being purchased is the sole criteria for approving the loan. The higher rate assessment is due to a higher risk of default.
Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
no income/no asset mortgage (NINA) no limit order