Luxury Mortgage's flexible Asset Qualifier home financing program allows the use of assets in order to qualify for a new purchase or refinance loan. This can be an excellent solution for borrowers with substantial assets, but without consistent documentable income.
This program differs from most mortgage products—income and employment are not used to qualify. Instead, assets are used to show ability to repay the loan as agreed. Documented assets must meet of the following:
Funds can be in checking, savings, money market accounts, marketable securities, or retirement accounts (70% can be counted if borrower is not yet retirement age, 80% if they are retirement age.)
Additional qualification factors include credit history and score (a current credit report will be requested and reviewed) and the value of the subject property as documented by an appraisal. For loan amounts greater than $1.5 million, two appraisals may be required.
This versatile program can be used to finance a variety of different types of homes, including 1 – 4 unit properties, PUDs, warrantable condos, and non-warrantable condos on a case by case basis.