Asset Utilization Loan Program
As the economic landscape in this country has evolved in recent years, more people have forged unique financial niches for themselves. No longer is it the status quo for Americans to rely on traditional employment or easily quantifiable sources of income. More people have retired, become self-employed, become entrepreneurs, or
At MortgageDepot we stay ahead of economic trends so we can help all our borrowers, especially our non-traditional borrowers, achieve their mortgage goals. One innovative loan products we now offer is called the Asset Utilization Loan Program. This program relies on a new underwriting concept, which
Instead of only looking at a borrower’s traditional proof of income (pay-stubs, tax returns, deposit records, etc), the Asset Utilization Loan Program considers a
Assets and investments that qualify for this program include checking account balances, savings account balances, money market accounts, stocks, CDs, bonds, mutual fund accounts, retirement accounts like 401Ks and IRAs, annuities, trust funds and hedge fund portfolios. The program even takes into consideration the cash-out value of insurance policies.
At MortgageDepot we’ve found that this innovative mortgage concept makes a wider range of mortgage products available to our high-net-worth borrowers. No longer do our asset-rich, self-employed or retired individuals have to struggle to justify their income. By taking into account the value of their liquid assets and investments, the Asset Utilization Loan Program increases the amount these clients can borrow on a mortgage.
The program is ideal for borrowers looking for 5/1, 7/1 or 10/1, fully amortized, Jumbo Adjustable Rate Mortgages. It’s available for attached or detached single-family residences, Planned Unit Developments (PUDs), condominiums and duplexes, and can be used
There are some other qualifying factors to keep in mind. All assets and investments utilized must be held in U.S. financial institutions, by fully documented, and be seasoned for a minimum of 60 days. Assets in hedge funds, trust funds or annuities may only be used if there’s evidence those funds could be available to the borrower.
There are also the following FICO requirements, loan
*720 FICO = $417,001 – $1 Million loan limit with a 70% LTV
*740 FICO = $1,000,001 – $2 Million loan limit with a 65% LTV
*760 FICO = $2,000,001 – $3 Million loan limit with a 60% LTV
If you’re retired, self-employed, a high-net-worth individual or an entrepreneur with quantifiable assets, contact us at MortgageDepot today. We have the perfect mortgage products to help you achieve your goals!