In 2016 a new loan program came out whereby the borrower does NOT have to be employed. In fact, there is no employment or income information on the application. This is almost a true “No Doc” loan and ideal for borrowers who have substantial liquid assets in a financial institution.
Asset Amortization Loan
This loan is available for a Purchase or cash-out Refinance.
The property can owner-occupied or an investment property in the U.S.
If a borrower has enough eligible liquid assets in their own name to cover the loan balance there is NO MONTHLY INCOME REQUIREMENT!
OR the borrower can qualify by using 100% of their liquid assets to cover 7 years or 84 Months of Principal, interest, taxes and insurance & their current monthly liabilities. Another program only requires 5 years.
What You Will Need to Show is (2) Monthly Statement of the Qualifying Account
• 75% maximum loan to value
• 600 minimum FICO credit score, 720+ FICO scores for best rates
• 25% minimum down payment on a purchase or 30% equity for a refinance
• Assets should be in a U.S. financial institution; checking, savings, CD, money market, stocks, bonds, mutual funds, or IRA account that are not in distribution.
The loan program has the following highlights:
• 5, 7, 10 years Fixed ARMs and 30 year fixed-rate options
• No 4506-T signature or tax forms necessary
* Note; Not all applicants will qualify and must be approved by underwriting. Loans through this program will available only for properties in California, Colorado, Texas, Washington, and Florida.
This is yet another low doc loan that mortgage companies offer on LoanShoppers. Apply today without your SSN or sensitive information to see if you qualify. You will be speaking with a licensed mortgage originator.