Asset Amortization Mortgage - No Job
Use Your Investment Asset Accounts Without Liquidating
If you are looking to get a home loan without verifying your job or source of income, you are in luck. One of the rare loan products to obtain that type of mortgage is the "Asset Amortization" loan.
Yes, you can actually qualify for a mortgage without a job.
You must be able to verify a certain amount of liquid assets held in a personal checking, savings, money market, brokerage account, mutual funds, or retirement accounts like an IRA or 401k that are "not in distribution".
How much assets will you need?
Generally, around 5-7 years to cover your monthly debt payments.
Monthly debt total including new mortgage = $2,000 per month.
$2,000 x 60 months (5 years) = $120,000 is needed. You need to also have 3-6 months for reserves and enough to cover the down payment.
What is the down payment?
Financing is available up to 70% of the appraised value to $1 million and 65% to $2 million. So, a minimum 30-percent down payment is required.
What are the rates?
Typically, they are 2-2.5% higher than full documentation rates and range from 1.5-2 points in origination fees.
What credit score is needed?
The minimum is 650. However, you'll get the best rate if your middle score is above 720 and if your assets qualify.
No Income No Job Asset Loan Program: Availability is subject to change per the lender's terms and conditions. Loan must be approved by underwriting. This is essentially a (NINJA) type of loan from the real estate boom but borrowers are required to put some skin into the game unlike a pre-2006 when they could get 100% financing, which is absurd.