liar loan


A low or no documentation loan, often in the form of a mortgage, provided to a borrower with no assets, no income (NINA). "Liar" refers to the borrower indicating a level of income that is not correct, for instance saying that he or she earned $50,000 while in fact being unemployed. Because physical documentation is rarely required, the borrower is able to obtain the loan. Low documentation loans were originally designed for borrowers with high credit scores but who wished to keep personal income private. also called no docs.

Use liar loan in a sentence

I got a liar loan and I thought it was pretty interesting because I had just been reading about it online.

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You should only enter into a liar loan if you fully trust the other company and have done business with them before.

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The liar loan the Zeke offered the tech start-up was a little unnerving, but he was certain that the business would be a success.

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