Low / No Documentation Loan
Categories: Mortgage
Low or No Documentation Loans are those where the lender requires, um...little to no documentation. Like...only a few pages versus a hundred or so in a normal mortgage.
They are also donned: NINJA...No Income, No Job or Asset verification.
Often risky loans, it might not surprise you to know that these loans were much more common prior to 2008 (year of the housing bubble collapse). These loans may turn on the borrower's credit history rather than income and employment history. So if you get this kind of loan, kudos...you likely have a high credit score.