– AAA Lendings Non-QM Easily Qualified Asset only option – ATR-In-Full – AAA Lendings Detail:
Overview
Popular asset program. Borrower has certain amount of assets, which can cover the purchase price or loan amount and closing cost. No employment info required; No DTI.
Program Highlights
1) Up to 75% LTV;
2) Up to $4M loan amount;
3) Primary residence only;
4) No limits on number of properties financed;
5) At least 6 months reserves from borrower’s own funds.
What is ATR-In-Full?
The ATR-In-Full program is also an asset program, which is qualified with asset only.
We will not calculate a DTI for applicants who qualify by proving Assets only (“ATR-In-Full”). Mechanically, any income or employment listed on an application will be deemed superfluous to the underwrite. As the alternative, may be left blank.
Qualification
Below are the methods of calculation:
For purchase loan, the total allowable assets must match the purchase price plus any and all closing costs.
Assets >= Purchase price + all closing cost
For refinance loan, the total allowable assets must match the full loan amount plus closing costs.
Assets >= Loan amount + closing cost
See below scenarios qualification, you can refer to the calculation methods to see if you can qualify first before applying loans with lenders:
Scenario 1: Purchase price plus closing costs = $768,500. Available assets = $700,000 (savings) plus $45,000 (50% of IRA) = $748,000. Short by $20,500. If the borrower is 59.5 or older, qualifying assets would be $700,000 + $54,000 (60% of IRA) = $754,000 and short by $14,500.
Scenario 2: Loan amount plus closing costs = $518,500. Available assets = $370,000 (savings) + $100,000 (50% of IRA) = $470,000. Short by $48,500. If the borrower is 59.5 or older, qualifying assets = $370,000 + $120,000 (60% of IRA) = $490,000 and short by $28,500.
Eligible Assets
Cash, stocks, bonds and personal liquid assets ( no property ) = 100%.
Retirement accounts = 50% if 59 or younger and 60% if older.
No business funds.
Product detail pictures:
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For many of our clients, a mortgage is more than just a financial transaction; it's a significant life milestone. Whether you're a first-time homebuyer or a seasoned real estate investor, we approach each application with the care and attention it deserves. We take the time to understand your goals and aspirations, ensuring that your mortgage aligns with your vision for your future. – AAA Lendings Non-QM Easily Qualified Asset only option – ATR-In-Full – AAA Lendings , The product will supply to all over the world, such as: Germany , Riyadh , Bangladesh , we have complete material production line, assembling line , quality control system, and the most importantly, we have many patents technology and experienced technical&production team, professional sales service team. With all those advantages, we are going to createthe reputable international brand of nylon monofilaments, and spreading our products to every corner of the world. We are keep moving and try our best to serve our customers.
By Prudence
from
Ukraine
-
2017.01.28 18:53
The accounts manager made a detailed introduction about the product, so that we have a comprehensive understanding of the product, and ultimately we decided to cooperate.
By Emma
from
Anguilla
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2018.09.23 18:44
