i got this statement from another forum and i have a question.

No Income / Verified Assets (NIVA)
No employment or income is listed on the application. Reserve requirements will need to be met as well.

No Income / No Assets (NINA)
You have to be questionalbe here. Some lenders will still require an employer to be put on the application. Income and assets are not listed.

(True No Doc)
The application will not disclose employment, income, or assets. Therefore, no debt to income ratio is calculated or reserve requirement needed. Funds for down payment and closing costs will not need to be verified.

are these better than getting a hard money loan? why or why not?

Depends on the scenario. Too many variables, not something you can throw out a blanket statement on.

For the most part a no doc loan will be better for someone than a hard money loan.

can you give me an example with numbers please?

NIVA, NINA, NO DOC loans will better then hard money as rates are considered. You will need excellent credit to get the full benefit of the loan.

Hard Money is for peole who are in major trouble and need to be bailed out of a bad situation

Hard money usually has prepayment penalties involved and the rates are usually the highest you'll see out there. Ideally, once the bad situation improves, the idea is to refinance out of a hard money loan. More than likely into a subprime loan.

NIVA, NINA, and NO Doc loans are loans that can be used as a long-term strategy. Although the rates tend to be higher than full doc loans. but not nearly as high as hard money.

Larry

Hard money is almost exclusively for people who are in a foreclosure situation or have low scores and can't prove income etc. It is strictly an equity based loan and generally won't go above 65-70%. There are exceptions especially on purchases but they are rare. Appraisals on hard money will be scrutinzed beyond belief and will be cut in a huge number of cases. NINA, NIVA, NISA and No Ratio loans are almost always reserved for scores above a 620. The higher the score, the better the LTV. A No Ratio lists employment (and sometimes assets, sometimes not) but lists no income therefore no DTI and no "reasonable" test for income stated. Feel free to email me if you have any questions. I don't check back on posts generally.

I agree on the Full-Doc loans having a lower risk for lenders but how does a Hard Money loan equate?

Hard Money loans are almost/always stiffer than Subprime loans. Sure, Hard Money lenders won't ask for documentation but their LTV is low [65% usually] and the rates are soaring high [11%+].