Individuals’ ability to carve out their own special economic niches has grown as the American economy has diversified over the past few decades. It is no longer the norm in the United States to rely on a 9-to-5 job or other easily measurable means of financial support. More people are able to live off their investments, either by retiring early or going into self-employment. In order to assist all of our borrowers, especially our non-traditional borrowers, SteveKnowsLoans stays abreast of economic changes. Our Asset Utilization Loan Program is a new and exciting option for financing your business. Traditional underwriting processes, such as those used for FHA loans, Fannie Mae loans, and Freddie Mac mortgages, may not allow borrowers with non-traditional income sources to qualify for higher mortgages, but this program does.
Asset Utilization Loan Program
The Asset Utilization Loan Program looks at a borrower’s overall asset landscape rather than just their usual evidence of income (pay stubs, tax returns, deposit records, etc.). Borrowers’ yearly income can be increased by the amount that underwriters determine would be earned on those assets at a rate of 4% or 5% per year. Borrowers in this position are able to qualify for larger mortgages than they would be able to afford based only on their income alone.
Funds held in savings accounts, bank accounts, money market accounts, equities, certificates of deposit, bonds, mutual fund accounts, retirement accounts like 401(k)s and IRAs, annuities, trust funds, and hedge fund portfolios are all eligible for this program. The monetary value of insurance coverage is also taken into account by the program.
In our experience, this new approach to mortgage lending allows us to offer more options to our high-net-worth consumers. Those of us who are independently wealthy, who work for ourselves, or who are retired no longer have to fight to explain our salaries. The Asset Utilization Loan Program allows borrowers to borrow a larger portion of their mortgage based on the value of their liquid assets and investments.
Fully amortizing 5/1, 7/1, or 10/1 Jumbo Adjustable Rate Mortgages are available through this program. It can be utilized on either a primary or secondary residence, and it’s available for both attached and detached single-family homes, PUDs, condos, and duplexes.
This show also includes:
- FICO 580
- Maximum LTV of 80%
- After reaching age 70, you can retire.
- Equities at parity
- No Minimum Balance Checking Accounts
- Payoffs at the 75% LTV level
- Withdrawable Funds
- All applicable assets subtracted by 60 equal your monthly income.
- Prime Time and Super Prime Time
- Reserves, down payments, and closing fees can all be paid with cryptocurrency.
Some more criteria must be considered. All assets and investments used must be seasoned for at least 60 days and held in U.S. financial institutions, as evidenced by appropriate documentation. Borrowers may only use hedge fund, trust fund, and annuity assets provided they can prove that the funds will be made accessible to them.
The minimum and maximum FICO scores, loan amounts, and maximum loan-to-value ratios are as follows:
- Limit of $1,000,000 with 70% LTV at 720 FICO = $548,250.
- With a credit score of 740, you can borrow up to $2 million at 65% LTV.
- 60% Loan-to-Value Ratio ($2,000,001 – $3,000,000) = 760 FICO Score
Reach out to us if you are a retiree, business owner, high-net-worth individual, or self-employed person with measurable assets. In order to help you reach your objectives, we offer the best mortgage options available.
Call Steven Jackson at 813-616-9411 now!
