This program-Asset Depletion is designed for borrowers who have significant
verifiable assets and would benefit from alternative loan qualification methods.
Allowable assets are used to determine qualifying income.
1- How to calculate the qualifying income?
We only use 2 months' assets to qualify this loan, no need for employment
information and any income document：Qualifying Income= (Assets – Down payment- Closing cost – Reserves) / 84 months
2- Eligible Asset Types and the percentage can be used for Loan Qualification.
- Checking, Saving, Money Market accounts -100%
- Publicly traded stocks and bonds -90% (stock options not allowed)
- Mutual Funds - 90%
- Retirement Accounts 401(K) plans or IRA accounts - 80%
3- Attractive Points
- No Need Income Documents
- No Need Employed information
- Max LTV: 90%
- Minimum Fico: 600
- Only need 2 month bank statement with sufficient asset
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