What is Needed for an Asset Qualifier Home Loan?

If you’re an investor, self-employed or otherwise have non-traditional income but are able to document other financial assets, the Asset Qualifier Mortgage could be for you. In today’s post we’ll review the Asset Qualifier Mortgage program and give a general overview of the loan’s guidelines.

What is the Asset Qualifier Loan?

The Asset Qualifier Home Loan program allows qualified borrowers to use assets instead of income or employment documentation to secure a mortgage. Through this innovative program, people who may not have traditional, consistent income but have substantial assets, can access reasonably priced mortgages through a trusted lender. At Luxury Mortgage Corp®, we’re proud to offer the Asset Qualifier Mortgage as part of our Simple Access™ Loan series. 

Qualifications & Guidelines

Unlike other loan programs, the Asset Qualifier Mortgage does not use employment and income verification to determine eligibility. Instead, assets are used to to show the borrower’s ability to repay the loan.

Documented assets must meet the following guidelines:

• 100% of the loan amount
• Required reserves (as specified in the guidelines)
• Funds to close
• 60 months of other debt service
• 60 months of the sum of net rental loss on any individually owned properties

Funds may be in checking, savings, money market accounts, marketable securities or retirement accounts (70% may be counted if borrower is not yet of retirement age, 80% if they are retirement age).

Other Qualifications

The Asset Qualifier Home Loan will likely require many of the same qualifications as other traditional mortgages. For instance, borrowers will need to provide a credit history and credit score and the value of the property will need to be appraised. Two separate appraisals may be needed for loan amounts greater than $1.5 million.

Program Benefits

The Asset Qualifier Mortgage may be an ideal solution for borrowers with substantial assets but who lack traditional income/employment documentation. Eligible borrowers can borrow up to 80% of the home’s value, even with less-than-perfect credit scores. Take a look at the other benefits of this unique program*:

• Loan amounts up to $6,000,000
• Competitive pricing
• Credit scores as low as 580
• Up to 80% LTV
• No employment/income documentation required

*Rates & guidelines subject to change.

Ready to Learn More?

Connect with Luxury Mortgage Corp® today to learn more about the Asset Qualifier Mortgage.