NICHE PRODUCTS
ALTERNATIVE LENDING SOLUTIONS
Asset-Based Income Mortgage
An asset-based mortgage is a loan that considers an individual's assets rather than income to determine loan approval. When retired or living on a fixed income, an asset-based loan (or asset depletion loan) is ideal. Asset-based mortgages and refinancing are becoming increasingly popular for both Veteran and non-Veteran borrowers with low to no monthly wage.
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NICHE PRODUCTS REQUIREMENTS
Asset-Based
Income Mortgage
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Qualifying by using income derived from 2 months bank statements balance
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Purchase, R/T & C/O refinances
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Primary, Second & investment properties
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Self-employed / 1099 Wage Earner
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Min 30% down
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Min FICO 680
Debt-Service Coverage
Ratio Mortgage (DSCR)
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Qualifying by using appraised rental income. (GROSS rents / Payment)
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Purchase, R/T & C/O refinances
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Investment properties only
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Min 20% down
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Min FICO 620
Written Verification of
Employment Mortgage (WVOE)
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Qualifying by using stated income from employer
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At least 2 years work history with the current employer
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Wage Earner
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Minimum down: Conventional – 20%, FHA
Profit & Loss Statements
Mortgage (P&LS)
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Qualifying by using income derived from P& Ls
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Self-employed
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Min 20% down for CPA prepared P&Ls
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Min 30% down for self- prepared P&Ls
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Min FICO 640
