Monument Mortgage Co.
How to Use Your Assets as Income
There are times when you may have plenty of money in the bank, but, do not have employment or enough income for qualifying. This is not a deal breaker! You can still obtain financing when we use assets as income.
Some of the qualifying parameters are:
- Purchase and Rate and Term Transactions: To 80% LTV
- Cash-Out Refinance: To 60% LTV
- Minimum FICO Score: 720
- Primary Residence - 1 -2 units; Second Homes - 1 unit
- Minimum Asset Amounts Required
- Purchase and Rate and Term Refi: Lessor of 1 ½ times the loan amount or $500,000
- Cash-Out Refinance: $500,000
- Asset “seasoning” is required- need history of managing the assets
- Types of Assets Used
- Savings, Checking, CD - used at 100%
- Stocks, Bonds, Mutual Funds - used at 70%
- Only funds that can be withdrawn without penalty can be used
- Asset to be used only once as income source (i.e. dividend and interest income)
Contact a Loan Officer today to learn more about this program!