Because of its NIV origins, the No Doc loan is also a non-conforming program. A non-conforming loan refers to any loans that are sold to the secondary mortgage market, but NOT through Fannie Mae, Freddie Mac and Ginnie Mae. Non-conforming loans are sold through more expensive private conduits because they do not satisfy or “conform” [...]
The NIV loan is more risky for the lender than standard “Full Documentation” loans, because the income calculation provides the lender with a statistical analysis of the borrower’s ability to repay the loan. Without the income qualification of Full Doc loans, lenders are assuming a higher level of risk. To offset these risks, NIV loans [...]
The NIV option is also advantageous for borrowers with unacceptable income. For example, a borrower may have a live-in roommate who pays rent for a bedroom. But such “boarding” rents are not acceptable with most lenders, as they are not legal apartments. An NIV program would allow that borrower to qualify for the mortgage, even [...]
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