No Traditional Income Documentation
Qualification is based on verified assets rather than traditional W-2, pay-stub, or tax-return income documentation.
Qualified Asset Mortgage
for Primary Residences
Buy or refinance using verified assets instead of traditional income documentation.
Program Snapshot
Loan Amount
$150K – $3M
Max LTV
70% Purchase
65% Cash-Out
65% Cash-Out
Min FICO
700 qualifying score
Qualification
Verified Assets
Asset-Based Review
Asset-Based Review
Income Documentation
Traditional Income Docs Not Required
Reserves
12 months PITIA
Liquid assets only
Liquid assets only
Properties
1-4 units, condos
Primary & 2nd homes
Primary & 2nd homes
Term
30-Year Fixed
Why Agents Love This Program
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Primary residences eligible
Eligible owner-occupied primary residences and second homes may qualify.
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Asset-Based Qualification
Underwriting focuses on verified assets, credit, reserves, property eligibility, and other current program requirements.
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12 Months of Reserves
Eligible borrowers must maintain 12 months of PITIA reserves using qualifying liquid assets. Cash-out proceeds cannot be used to meet this requirement.
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Streamlined Income Documentation
The program focuses on verifying assets rather than documenting income through traditional W-2s, pay stubs, and tax returns.
Perfect For
Asset-based financing helps borrowers who couldn't qualify traditionally
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Self-Employed
Business owners whose traditional income documentation may not fully reflect their financial strength.
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Retirees
Retirees with substantial assets but limited traditional qualifying income.
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Portfolio Holders
Borrowers with substantial savings and investment assets who may not fit traditional income-based underwriting.
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High-Net-Worth Borrowers
Borrowers with substantial verified assets whose income documentation may not reflect their overall financial strength.
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Foreign Nationals
Foreign nationals may be eligible for second-home financing, subject to separate credit, asset, property, and state requirements.
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Denied Buyers
Borrowers previously declined under traditional income-based underwriting despite substantial assets.
Submit a Buyer Profile
Send us the scenario and we'll review whether the program may be a fit.
Minimum Requirements
Credit Requirements
- 700 minimum qualifying credit score; each borrower must have a minimum score of 660
- Generally, 2 open tradelines reporting for 24 months or 3 open tradelines reporting for 12 months
- 0 x 30-day mortgage lates in last 12 months
- No bankruptcy, foreclosure, short sale, or deed-in-lieu in past 6 years
How Qualification Works: Asset-Based Review
Instead of relying on traditional income documentation, this program evaluates the borrower's verified assets along with credit, required reserves, property eligibility, loan amount, and other underwriting requirements. Employment and self-employment must still be disclosed on the mortgage application. Final eligibility is determined through underwriting.
Asset Requirements
- 12 months PITIA reserves required using eligible liquid assets; cash-out proceeds cannot be used to meet the reserve requirement
- Assets must be sourced and seasoned for 3 months
- All borrowers listed on asset statements must be on the loan
- Assets used for qualification and reserves must meet current underwriting eligibility and documentation requirements
- Gift funds may be permitted for down payment and closing costs on purchases when minimum borrower-contribution requirements are met; gift funds cannot be used for reserves
Property Eligibility
- Primary residence or second homes (investment properties not eligible)
- Single-family homes, 1-unit PUDs, 2-4 unit properties, and eligible condos
- Warrantable and non-warrantable condos, subject to current project and LTV requirements
- Max 10 acres for primary residences and second homes; max 2 acres for foreign-national transactions
- Property must be in acceptable condition (C4 or better)
Primary Residence Loan-to-Value (LTV) Limits
- Purchase & Rate-Term Refi: Up to 70% LTV ($150K-$1.5M)
- Purchase & Rate-Term Refi: Up to 65% LTV ($1.5M-$2.5M)
- Purchase & Rate-Term Refi: Up to 60% LTV ($2.5M-$3M)
- Cash-Out Refinance: Up to 65% LTV ($150K-$1.5M)
- Cash-Out Refinance: Up to 60% LTV ($1.5M-$2.5M)
- Cash-Out Refinance: Up to 55% LTV ($2.5M-$3M)
- Maximum cash-in-hand: $1.5M
- Second-home and foreign-national LTV limits are lower and vary by loan amount. Contact Federal Hill Mortgage for current limits and eligibility.
Important Disclosures: This page is for general informational purposes only and does not constitute a loan commitment or guarantee of approval. Program availability, credit requirements, loan amounts, LTV limits, reserve requirements, eligible properties, and other underwriting guidelines are subject to change without notice. Final eligibility is subject to credit review, verification of assets, satisfactory appraisal, property eligibility, program availability, and underwriting approval. This program is available in select states. Contact Federal Hill Mortgage for current terms, conditions, and restrictions. Individual NMLS #175722 | Company NMLS #176351 | Equal Housing Lender.
