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Asset Qualifier
SouthFork Funding offers the Asset Qualifier loan product, which allows borrowers to qualify for a loan based on their liquid assets. Proof of employment, income, and debt-to-income ratio are not required to determine the borrower's ability to repay. Instead, the qualification is based on the presence of required assets that have been seasoned appropriately.
Our services cater to a range of borrowers, including pensioners, underserved self-employed individuals, those who are divorced and have no income, and others who possess the necessary seasoned assets. This loan option provides an easy and efficient closing process, serving as an alternative for borrowers who would not qualify for a home loan based on agency guidelines.
Credit scores starting at 700
Up to 75% LTV
Program Highlights:
Loans up to $3 million, Minimum loan of $250,000
No employment, no income, no DTI
Rates are 30-year fixed
Five years seasoning foreclosure, short sale or bankruptcy
Primary residence only
Purchase and cash-out or rate-term refinance
Interest only program available
Non-warrantable condos allowed
All assets must be sourced and seasoned for a minimum of six months
Required assets: Loan amount, recurring monthly debt multiplied by 60 months, funds to close and six months reserves
Borrowers must have at least $500,000 in post-closing assets.
Loan amounts greater than or equal to $1,500,000, a borrower paid second appraisal must be obtained
