Which applicants can utilize the liberal qualification standards of a NIV loan program?
A. Applicants seeking to take advantage of the easier documentation requirements of a NIV loan program can be as little as 0% down on a purchase or can have an equity of at least 0% on a refinance (i.e. the loan amount of the new loan cannot exceed 100% of the value of the property). The applicant must also have “near perfect” credit. Late payments or other derogatory credit which might be permitted under conventional underwriting guidelines will not be permitted under the NIV loan program’s qualification guidelines.
