– 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.
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Related Product Guide:
Our commitment to transparency goes beyond the initial stages of the mortgage process. We ensure that you have a clear understanding of your mortgage terms, including interest rates, fees, and closing costs. There are no surprises on the closing day. We're dedicated to providing you with straightforward, jargon-free explanations, so you can confidently navigate the financial aspects of your home purchase or refinance. – 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: French , Nigeria , UAE , Our factory is equipped with complete facility in 10000 square meters, which makes us be able to satisfy the producing and sales for most auto part products. Our advantage is full category, high quality and competitive price! Based on that, our products win a high admiration both at home and abroad.
By Flora
from
Bandung
-
2018.10.09 19:07
It is not easy to find such a professional and responsible provider in today's time. Hope that we can maintain long-term cooperation.
By Sabina
from
New Zealand
-
2018.12.05 13:53
