Asset-Based Qualification Program | Forms 4506-T and 4506-C Not Required
Medium to High-Net-Worth Borrowers
This is both a Stated Income and Asset Depletion loan program and it is designed for the high net worth borrower that is looking to purchase a primary home or Rate & Term refinance or Cash out refinance their primary home. The applicant must demonstrate their ability to save by providing proof of cash reserves that will support their existing and proposed debt, front and back-end debt ratio.
Guidelines and Highlights
Purpose:
- Purchase, Rate & Term Refinance and Cash Out Refinance
Income Programs:
- Stated Income / Verified Assets (SIVA)
- Asset Depletion
- Tax Returns - Not Required
- Form 4506-T - Not Required
Income Documentation:
- Bank Statements
- Retirement Accounts
- Investment Statements
- Money Market Accounts
Employment Type:
- Self Employed
Credit Criteria:
- Mortgage history - No 30-Day lates for previous 25 months
- Bankruptcy Seasoning: - 24 months
- Foreclosure Seasoning - 24 months
- Short Sale - 24 Months
Credit Scores:
- 680 Middle score for each borrower
Loan to Value ratio (LTV)
- 70% Maximum
- Combined (piggyback Second Mortgage) Loan to Value ratio (CLTV)
- 80% Maximum
Debt to Income Ratio (DTI):
- 50% maximum
Maximum Loan amount:
- $2,000,000
Property Types:
- SFR- Single Family Residence
- 1-4 Units
Occupancy:
- Owner Occupied Only
Terms:
- 5 Year ARM
- 7 Year ARM
- 10 Year ARM
States
Arizona, Cali:fornia, Colorado, District of Columbia, Florida, Georgia, Illinois, Indiana, Louisiana, Massachusetts, Maryland, Minnesota, Nevada, Oklahoma, Oregon, Texas, Utah, Washington
Reference# 535 06131519-9-22-1