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– Only funds that can be withdrawn without penalty can be used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