Asset Utilization
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.
A&D Mortgage’s Asset Utilization loans allow these kinds of borrowers to use their personal and business assets as a means to qualify for a home mortgage.
Program highlights:
- FICO 660
- Up to 80% CLTV
- Cash-out up to 75% CLTV
- Savings and checking 100%
- Securities at 100%
- Retirement at 70%
- Income calculation – all eligible assets divided by 60
- Super Prime & Prime programs
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Other Programs
DSCR
• FICO 660
• Up to 80% CLTV if DSCR > 1.00
• Up to 75% CLTV if DSCR is .075-1.00
• Up to 70% CLTV if DSCR <0.75
• Loan amounts up to $2.5 million
• Max cash-in-hand $1 million, no limit for CLTV <55%
• 40- & 30-year fixed
• No income or employment verification
• DSCR as low as 0
• Eligible for Non-Permanent Residents and Foreign Nationals
• DSCR is available under Foreign National Program
• Ownership of any property within the past 24 months
• 1-4 Units, Condotels allowed
12/24 Months Bank Statements
• No Score or FICO 660
• Up to 85% CLTV
• Loan amounts up to $3 million
• Max cash-in-hand $1 million, no limit for CLTV < 55%
• 30 & 40 Year Fixed
• 3 months reserves
• Gift Funds for reserves allowed
• 12 months from bankruptcy or foreclosure
• Mortgage history 0 x 60 x 12
• Combination of business and personal bank statements allowed
• Condo and condotels allowed
Full Doc Non-QM
• FICO 660
• Up to 85% CLTV
• Loan amounts up to $3 million
• Max cash-in-hand $1 million, no limit for CLTV < 55%
• DTI up to 55%
• 30 & 40 Year Fixed, 5/6 & 7/6 ARM
• Traditional income
• 2-year credit event allowed
• Super Prime & Prime programs
• Condos up to 85% CLTV
• Condotels up to 70% CLTV
• NY up to 85% CLTV
Non Permanent Resident
• FICO 660
• Up to 85% CLTV
• Bank statements allowed