Times are A-Changing for Other Loan Programs

Today I got word from my company that we will no longer offer the NINA loan. For those unfamiliar, NINA stands for No Income No Asset. At one time, we needed nothing more than signatures on a loan application, no matter if the property was $1M. It was crazy and quite frankly, never made sense to me. I guess at the end of the day, Wall Street investors would purchase such nonsense so everyone was OK. Other changes were noted in the unwelcome memo of new loan program changes.

Does anyone need to ask why I believe in the constancy and reliability of the FHA loan? It's the only loan program over the years whose name has not appeared in email alerts, followed by "Urgent - Please see changes." Yes, it's true that we only have Nehemiah until March 2008 but FHA Optimist like myself have a strange feeling that even without Down Payment Assistance programs, everything will be alright.