Asset Utilization - OWNER-OCCUPIED
If you have an ample amount of cash reserves, employment verification isn’t a requirement. Our process takes a holistic look at your total assets to determine if you’re qualified. Borrowers who love this program include: retirees, day traders, serial entrepreneurs, and those with trust funds.
- No Statement Of Employment On 1003. No Employment Documentation Or Verification Required.
- Qualifying Monthly Income = Post-Closing Assets X Utilization Factor (See Guidelines) ÷ 60 Months.
- No Tax Returns Or W2s Required. Not A Bank Statement Program.
- Up To 50% DTI
- 1 Month Bank Statement (Covering At Least 30 Days) For Each Asset Used To Qualify Income
- 100% Gifts Allowed For Down Payment, Closing Costs, Reserves1 (Cannot Be Applied To Income Calculation)
- Cash-Out Proceeds May Be Used Towards Reserves Only (Cannot Be Applied To Income Calculation)
- Purchase & Rate/Term Refinance Up To 80% LTV
- Cash-Out Refinance Up To 75% LTV, Unlimited Cash-Out Funds
- 1-4 Units, Condos, Coops, PUDs
- Loan Amounts Up To $3,000,000
- Minimum 660 FICO
- 5/6m ARM2, 7/6m ARM2, 15 Or 30 Year Fixed
- Interest Only Option Available On All Loan Terms Except 15 Year Fixed
- First-Time Homebuyers Eligible, No LTV Restriction
Mortgage Rate Options
Adjustable-rate mortgages include interest payments which shift during the loan's term, depending on current market conditions. Typically, these loans carry a fixed-i...Learn More
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan's lifetime.Learn More
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specif...Learn More
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and...Learn More