DTI and NINA loans - Posted by Mel

Posted by Denneen on August 14, 2005 at 11:05:51:

DTI is not a loan tyoe. IT is Debt-To-Income ratio.
NINA is No Income No Asset loan. NINA loans require a FICO midle score around 680 or better. DTI won’t factor into the equation since, income is not disclosed. If you need help with this loan email me
@ mortgageva@verizon.net.

DTI and NINA loans - Posted by Mel

Posted by Mel on August 05, 2005 at 09:08:34:

First, I want to thank all of you for your great posts, I learn a lot.

My mom and I own property in Florida, primary residence. She wants to sell (too much to handle). Her property is next door to mine. She has 6 acres with house and I have one acre & house. We want to take some equity out of her place and rebild a distressed house. Here are the numbers:

Her house: Current mtg. is free & clear.
Based on comps and values, her place is worth about 225,000-250,000
Her credit is excellent, she is retired

The distressed property is assessed at 89,000 and I can buy for about 25,000. I’ve checked w/county and others and I can rebuild the house for about 90,000 and add improvments which will make the house worth about 150K.

We plan on doing this together, both names on new property and both on mtg. My credit is good, but self employed with a good history. I plan on keeping my acre and renting out.

My question is DTI and NINA loans are generally used for stated income or non income verification. Is there a difference in interest rates using one loan compared to the other? What is the time frame once approved, for closing? Can closing be within three weeks or less? Does anyone know who is good at financing this type of loan(s)?

Thanks in advance.

Re: DTI and NINA loans - Posted by Devon Daughety

Posted by Devon Daughety on August 28, 2005 at 22:03:12:

DTI Loan?? Not sure what that is. I think you are a little confused with your terminology. Stated loans and NINA loans are different. Stated loans, your state income that is reasonable for the line of work. NINA loans are where income is not disclosed. DTI = debt to income… that is not a “type” of loan that is a criteria for hte loan, NINA loans DTI is not calculated. NINA loans are usually higher interest rates because assets are not verified either unlike stated income loans where assets are verifed. I can do closing in 10 business days.