Mortgage Crisis > Word of the Day: NINJA Loans
From BlownMortgage.com:
But the biggest problem facing subprime borrowers is that lenders now require you to qualify for the financing. Long gone are the NINJA (No Income, No Job or Assets – No Problem!) loans. To get a Fannie/Freddie fixed rate loan you have to have a 620+ FICO score, document your income, assets, do a full appraisal and standard GSE underwriting.
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Posted by lesjones
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