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- Only funds that can be withdrawn without penalty can be used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!
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