| Product | Asset Optimizer (A11) |
| Summary | High Asset Borrower |
| Target Borrowers | High Assets with Low Income (possible retirees with large retirement accts, or Trust Fund borrowers) |
| Products | 5/1 ARM, 7/1 ARM, 15 Yr FRM, 30 Yr FRM 40 year Interest Only available on all |
| MAX Loan Amount | $4M |
| Min FICO | 660 – from all borrowers |
| Max LTV | 80% |
| Cash Out | Yes |
| Housing History | 12 months |
| Bankruptcy | 4 years, 2 years with reduced LTV |
| Income Doc | None |
| Business Ownership Requirements | |
| Non- Warrantable Condo | Yes |
| Calculating Monthly Income | Total all assets divided by 60. Checking, Savings, Stock, IRA, Retirement, etc – all ok. Example $1M IRA/60 = $16,600 per month in income. |
| Marketing Tips: | • DTI up to 50% • Assets do NOT need to be liquidated or tied to the mortgage • Non-Warrantable/Condotel OK • 3 months reserves up to $1M • Cash-out can be used to meet reserve requirement • Gifts OK • 1x30x12 OK on mortgage • 1 appraisal up to $1.5M • Foreign Nationals permitted |
| Operational Tips: | • No income documentation needs to be submitted. No tax returns. • Assets used for income calculation can not be used for reserves. Separate reserve assets required. |
| NonQM Profile Category | Asset Qualify, No-Income, Foreign National, Investor, Non-Warrantable, Interest Only |
Sprout:
Michael Sweeney
Direct: 828-620-8051
Email: Michael.Sweeney@SproutMortgage.com
