QUALIFY BASED ON LIQUID ASSETS
Sample Loan Scenario
Sample Loan Scenario is a hypothetical example only.
- Asset Adjusted for cash (100%), IRA (90%), 401K (80%)
- New Loan amount deducted from total assets
- Debt Service includes Property Tax, Insurance, Auto Payments, Student Loan Payments, Credit Card Payments, etc
- Debt Service does ‘NOT’ include Principal and Interest as the entire New Loan Amount (#2) has already been deducted
- If Final Balance (after 1,2 & 3) is enough to cover Post-Closing reserves at least 3 months (upto a maximum of 12 months) depending upon FICO score, then the Asset Qualification is satisfied. No income , no employment, no tax returns required