Asset Utilization

Owner-Occupied

If you have an ample amount of cash reserves, employment verification isn’t a requirement. Our process takes a holistic look at your total assets to determine if you’re qualified. Borrowers who love this program include: retirees, day traders, serial entrepreneurs, and those with trust funds.
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The information on this page is provided for the benefit of Mortgage Professionals and not intended for Consumers or the general public.
2 Hour Scenario Guarantee

Submit your borrower’s scenario between 9 a.m. and 4 p.m. EST
Monday – Friday and we’ll get back to you with options in two hours or less.

Submit a scenario
Submit your borrower’s scenario between 9 a.m. and 4 p.m. EST Monday-Friday and we’ll get back to you with options in two hours or less.
Submit a scenario

Program Details

Income verification

  • No statement of employment on 1003. No employment documentation or verification required.
  • Qualifying monthly income = Post-closing assets x Utilization factor (see guidelines) ÷ 60 months.
  • No tax returns or W2s required. Not a bank statement program.

Asset verification

  • 1 month bank statement (covering at least 30 days) for each asset used to qualify income
  • 100% gift funds allowed for down payment and closing costs
  • Cash-out proceeds may be used towards reserves only (cannot be applied to income calculation)3

Borrower qualification

  • Minimum 640 FICO score (Minimum 660 for FTHBs)
  • Up to 50% DTI1

Program highlights

  • Purchase & rate/term refinance up to 80% LTV
  • Cash-out refinance up to 80% LTV, Up to $1,000,000 cash-in-hand proceeds
  • 1-4 units, condos, coops, PUDs
  • Loan amounts up to $3,000,000
  • Minimum 640 FICO score (Minimum 660 for FTHBs)
  • 5/6m ARM2, 7/6m ARM2, 15 or 30 year fixed
  • Interest only option available on all loan terms except 15 year fixed
  • First-time homebuyers eligible, no LTV restriction
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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.

November 29, 2022
1 Debt-to-Income
2 Adjustable-rate mortgage
3 Cash-out proceeds may be used and applied towards Reserves for loans with LTV of 70% or less and FICO of 720 or greater.