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Category: Programs We Offer
Last Updated: 10 June 2021
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Asset-Based Loan Program

Qualifying Criteria for this loan program is Asset Based. This program can also be used to supplement additional alt doc programs such as Bank Statements and/or 1099's.

Form 4506-T Not Required and Form 4506-C Not Required

This loan program is specifically designed for moderate to high-net-worth borrowers. Qualifying calculation based on verified liquid assets as an alternative method to traditional income verification to determine borrower's ATR "Ability to Repay".

Our investors take a common-sense approach to underwriting the creditworthiness of a particular borrower regarding the individual's ability to repay the loan.

People and their financial situations can be complex and unique, each with their own qualities and compensating factors. Our objective is to identify a borrower's reasonable ability to repay a loan while mitigating risk for the end investor. Often the answer is overwhelmingly obvious that the applicant is worthy of a loan and thus the interest rate, fees and terms offered are very reasonable. Unconventional income is often better in terms of proper evaluation. This decision is centered upon the verification of the income documents provided by the borrower. Verified Assets for income, down payment, closing costs and cash reserves (if applicable).

Alternative Income Documentation:

Eligible Asset Documentation

Acceptable Asset Documentation Sources

Loan Amounts - PITI Reserves Requirements

Eligible Property Types

660 Credit Score

Second Home:

640 Credit Score

660 Credit Score

Cash Out Requirements:

12 months Title Seasoning required to use current Market Value (opposed to purchase price value) for LTV qualification

Credit Criteria:

Housing Event Seasoning Requirements:

Credit Criteria and Tradeline Requirements::

Underwriter Notes

Loan Amounts greater than $1,500,000 requires 2 appraisals.

Gift Money and or Gift of Equity - Not Allowed

Permanent and Non-Permanent Resident Aliens - OK.

First-Time Homebuyers - OK to 80% LTV with a maximum loan amount of $1,500,000.

Nonexistent Housing Payment History for previous 2 years considered on case-by-case basis.

Dodd-Frank Compliant

 

States

 

Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin. 

Reference # 444 010288