Features of Asset Utilization Loans
This home loan offers another path for Florida's borrowers to buy or refinance a mortgage:
- No tax returns, W-2s, or employment required
- Qualifies borrowers with high net asset worth but minimal monthly income
- Primary residences and vacation second homes properties eligible
- Attractive for retirees, self-employed individuals, and investors
How Asset Utilization Mortgage Loans Work in Florida
With an Asset Utilization Loan, your qualifying assets such as stocks, bonds, or retirement funds are used to demonstrate financial stability and repayment. Lenders calculate a "qualifying income" from your assets, based on a percentage of your total investment portfolio, enabling you to secure a mortgage without relying on traditional income documentation.
The Road to Loan Approval
The income verification process for Florida asset based loans will usually involve:
– 1. Review of the last 3 months of avings and investment account statements
– 2. Calculation of average monthly income based on qualifying assets
– 3. We have three methods to calculate a monthly income using your qualified assets total
– 4. Determination of the borrower's debt-to-income ratio using the final numbers