– AAA Lendings Non-QM Non-DTI ratio Program – Asset Depletion (Asset Only) – AAA Lendings Detail:
Overview
Not all borrowers fit neatly into the boxes required by traditional lenders. Some borrowers are investors, self-employed, entrepreneurs, retired, or simply living off their investments. They are financially responsible people, but they might not have sources of income that are easily quantifiable.
AAA LENDINGS Mortgage’s Asset depletion programs allow these kinds of borrowers to use their personal and business assets as a means to qualify for a home mortgage.
Program Highlights
1) Up to $2.5M loan amount;
2) Up to 80% LTV;
3) DTI ratio is 50%;
4) Cash-out is acceptable;
5) Employment information is not required on loan application;
What is Asset Depletion？
• Is your job or income failed to qualify a mortgage loan?
• Do you have enough assets in you account?
• Did you just sell one property and want to buy another house?
• Don’t you want to provide varieties of income documentations?
• Do you wonder how the lenders approve your loan without considering DTI ratio?
Asset Depletion/ Utilization helps these applicants when you’re in these situations. It’s a general Non-QM program, also named “asset only”. Borrowers don’t need to provide any employment information or income documents when they apply for Asset Depletion.
It may be used as the sole source of income for loan qualification or to supplement other income sources. The minimum asset requirements under qualification method are waived when used to supplement other income sources, .
The Benefits of Asset Depletion
1) No need to provide any income documents;
2) Primary Only;
3) Less documents;
4) Easy to qualify.
Asset Requirements
Assets must be liquid and available with no penalty; additional documents may be requested to validate the origin of the funds:
• 100% of Checking, Savings, and Money Market Accounts;
• 70% of Stocks, Bonds, and Mutual Funds;
• 70% of Retirement Assets: Eligible if the borrower is of retirement age (at least 59 ½);
• 60% of Retirement Assets: Eligible if the borrower is not of retirement age.
Ineligible Assets
For this program, borrowers may take care of below limitations. Several types assets can not be used:
• Equity in Real Estate;
• Privately traded or restricted/non-vested stocks;
• Any assets which produce income already included in the income calculation:
• Any assets held in the name of a business.
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Related Product Guide:
The dream of homeownership isn't limited to traditional homebuyers. At AAA LENDINGS, we have specialized programs to cater to non-traditional borrowers. If you're self-employed, have a fluctuating income, or face unique financial circumstances, our loan options can capture your interest. We embrace diversity in borrowers and actively seek out innovative lending solutions, ensuring that your journey to homeownership remains engaging, regardless of your financial situation. – AAA Lendings Non-QM Non-DTI ratio Program – Asset Depletion (Asset Only) – AAA Lendings , The product will supply to all over the world, such as: Costa rica , Johannesburg , Los Angeles , Why we can do these? Because: A, We are honest and reliable. Our items have high quality, attractive price, sufficient supply capacity and perfect service. B, Our geographical position has a big advantage . C, Various types: Welcome your inquiry, It might be highly appreciated.
By Elva
from
Australia
-
2017.09.22 11:32
Timely delivery, strict implementation of the contract provisions of the goods, encountered special circumstances, but also actively cooperate, a trustworthy company!
By Annie
from
Lesotho
-
2018.05.15 10:52
