ALT-DOC PROGRAM
Asset Programs
With this program, we are providing financing for diverse homeowners and real estate investors. Quontic looks beyond the standard loan qualification metrics associated with traditional income and credit verification. See below for some of the key highlights of this program.
sign up now >
Asset Ready No DTI
Designed for the high net worth borrower. Qualify with assets rather than income!
Documentation
- Two most recent consecutive asset statements
- Assets must be seasoned 60 days prior to close
- Source large deposits
Important Points
- Assets must meet or exceed 100% debt obligation.
- Assets from wholly owned business may be used.
- Both Retirement and Non-Retirement asset accounts allowed.
Consider Penalties and Taxes
- Penalty for early withdrawal ( 59 1/2 and Younger) Reduce principal balance of qualified retirement account by 10%.
- Tax upon withdrawal If assets are held in a tax deferred qualified retirement account, reduce principal balance by 25%.
Retirement & Non-Retirement
- Retirement Accounts: Accounts providing tax benefits by giving the opportunity to contribute pretax wages and the contributions and earnings grow tax deferred until withdrawal.
- I.e. IRAs and 401(K)s.
- Non-Retirement Assets: Assets and accounts not eligible for tax deferral benefits. Contributions are made after tax.
- I.e. Annuities, stocks, bonds, cash.
- Taxes may be required for capital gains only. Penalties may apply for early withdrawal.
Asset Depletion DTI is Calculated
Designed to supplement documented income which may be inadequate to quality.
Documentation
- Two most recent consecutive asset statements
- Assets must be seasoned 60 days prior to close
- Source large deposits
Important Points
- Easy calculation! Qualifying income is total asset depleted over 84 months!
- No asset restrictions!
- Both Retirement and Non-Retirement assets allowed.
Consider Penalties and Taxes
- Penalty for early withdrawal ( 59 1/2 and Younger) Reduce principal balance of qualified retirement account by 10%.
Retirement & Non-Retirement
- Retirement Accounts: Accounts providing tax benefits by giving opportunity to contribute pretax wages and contributions and earnings grow tax-deferred until withdrawal.
- I.e. IRAs and 401(K)s.
- Non-Retirement Accounts: Accounts not eligible for tax-deferral benefits. Contributions are made after tax.
- I.e. Annuities, stock, bonds, cash.
Call Us Today
1-866-294-2301
Call us to learn how our full line of products….Or fill out the form if you have questions about how our full line of mortgage loan products can help your clients secure home financing.
Call us to learn how our full line of products….Or fill out the form if you have questions about how our full line of mortgage loan products can help your clients secure home financing.
DISCLOSURE
This is intended for Mortgage Broker professionals. All lending products are subject to credit & property approval. Rates, program terms & conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions & limitations apply. Quontic Bank name & logo are registered trademarks. © 2020 Quontic Bank. All rights reserved.
Information is accurate as of the date listed below and may change without notice.