N.I.L. No-Income Loan

The "N.I.L. No-Income Loan" service refers to a type of mortgage loan that differs from traditional loans by not requiring applicants to provide proof of income.

Here’s an explanation of the key features of this specific service:

25% Down
Payment

This program requires a down payment of 25%, which is considerably higher than conventional programs and the FHA program.

The higher down payment can be a consequence of the client not meeting the income proof requirements and it helps to demonstrate the buyer is able to asssume a bigger financial responsibility.

A diferencia de la mayoría de los préstamos hipotecarios que requieren pruebas de ingresos estables y suficientes, el “N.I.L. No-Income Loan” no exige que los solicitantes demuestren sus ingresos.

This can be advantageous for those who have non-traditional or fluctuating income sources.

No need
for proof of income

Closing costs
as low as 6%

Like other programs, this one specifies that closing costs can start as low as 6%.

Closing costs include fees and expenses associated with the real estate transaction.

It's important to note that income-unverified loans, such as the "N.I.L. No-Income Loan," often carry higher interest rates and may be considered higher-risk loans.

Lenders can require a substantial initial down payment to compensate for the higher risk associated to the absence of proof of income.

This type of program can be a good fit for people who have the capacity to make a significant down payment but cannot fulfill the traditional requirements for income sources.

However, applicants need to carefully evaluate the interest rates and the terms offered before committing to this type of loan.