NINA, short for No-Income No-Asset, is a type of loan where the income and asset are not disclosed on the loan application. NINA loans usually have higher interest rates because, without the income and asset information as part of the risk assessment, the banks have higher default risks. Although income and asset are not required, verification of employment will still need to be conducted to verify the past employment history and length of time on this current job.

SIVA, short for stated-income verified-asset, is a loan program in which the lender allows the loan applicant to disclose income on the Uniform Residential Loan Application, otherwise known as form 1003, without verifying with pay stubs and tax returns. The loan applicant's assets will be verified through bank statements, stock account statements, life insurance statements, etc. Two years employment is also verified with the current employer.

A true No Doc loan will not require you to verify your income and assets. You will also not be required to verify your employment history, rental history, and any other thing that is normally required of you when obtaining a new mortgage. Credit score requirements are higher on these types of loans, because of the risk involved for the lender. You will also be subject to a slightly higher interest rate with these loans, also do to the risk factor.

A No Ratio loan is a loan where the debt to income ratio is not calculated because the borrowers income is not stated. The debt to income ratio is one of the determining factors for a loan approval.

You calculate the debt to loan ratio by dividing your total monthly payments by your total monthly pre-tax income. If the debt to income ratio is above 40%, it is difficult to get a loan without assets and clean credit.

This type of loan is good for borrowers who have larger than usual debt but substantial assets.

No Income No Assest Loans are great for Part-Time, Cash-Tip Earners, and Temporary Employee's. If you fit within the FICO guideline's than this might be the loan for you and your family.

SISA - Stated income and stated asset loans are loans that allow you to state your income along with stating your assets. The purpose of this type of loan is documentation relief. Self employed, investors, cash- earners, and tip earners sometimes find this type of program perfect for their needs.

Alternate Documentation mortgage program is a type of income documentation loan designed for home buyers who are self-employed, on commissions, or are not paid on a regular basis. One popular Alt Doc mortgage plan is the "bank statements loan" offered by non-prime banks, where the lender uses the amount deposited into the home buyer's checking or savings accounts over the most recent 6 to 12 months as basis for income calculation.