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New Program - Asset Depletion Loans with ROC Financial Solutions:

Updated: Apr 26, 2022

Program Code: Athas2021

Requirements: For primary residences and second homes only (investment properties do not require income verification). SFR, Condo, Townhouse/PUD, 2-4 Unit, Condotels and Non-Warrantable Condos only. Borrower can have any type of employment or be unemployed as this loan is based off their assets rather than their income.

FICO: Minimum Score 600

LTV: Max 75%

Loan Amounts: 100k - $4mm

General: We use a 60-month model for the asset depletion program. Meaning, to determine income we add up all qualifying accounts, subtract down payment, closing costs and any required pay offs and then divide that figure by 60 to determine their monthly income. Max DTI is 50 for this program.


Accounts:

· Liquid accounts 100% value counted: savings, checking, mutual funds, stocks, bonds etc.

· Business bank statements may be used if borrower is 100% owner of business (proved by K1, CPA letter or entity docs) 100% value counted

· Retirement accounts such as IRA’s and 401k’s are acceptable if borrower is 59.5 years or older. 60% of value is counted

· Accounts in a trust can be counted as long as borrower can prove that they have full authority to use trust and the property is vested in a trust

· Life insurance surrender value is acceptable

Example: Borrower has $300k in a savings account and $20k in a checking account. Both solely in their name and want to refinance their primary residence.

1. Add up all assets (300,000 + 20,000 = 320,000)

2. Subtract closing costs (320,000 – 10,000 = 310,000)

3. Divide remainder by 60 for monthly income (310,000 / 60 = $5,166.67 per month)


Program Availability: AL, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MD, ME, MN, MT, NC, NH, NJ, NV, PA, RI, SC, TN, TX, WA, & WI (No O/O refinances in TX)


Note: For loans with multiple borrowers where they are joint owners of assets, we average the two middle credit scores for pricing and LTV.




 
 
 

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ROC Financial Solutions, LLC. is an originating entity and financing consultant of business purpose funding.  9105 All Saints Road Unit D 330, Laurel MD 20723  ROC Financial Solutions, LLC. is licensed or exempt from licensing all states that they do business in.  We lend on real estate in AL, AK, AR, DC, CO, CT, DE, FL, GA, HI, IL, IN, KS, KY, LA, ME, MD, MA, MI, MO, MT, NH, NM, OH, OK, OR, PA, RI, SC, TN, TX, VA, WA, WV, WI, WY.   (Our down payment assistance program is available nationwide).  We lend on business loans in all 50 states.  ROC Financial Solutions originates loans under 12 CRF 1026.3 (a)(1) and 12 CFR 1024.5 (b)(2) Business purpose loans that are exempt from coverage under RESPA as defined by 12 CFR 1026.3 (a)(1) of Regulation Z.   ROC Financial Solutions, LLC only originates business purpose loans on non-owner-occupied residential and commercial, non-TRID regulated real estate properties, or business working capital loans.   Rates, terms, and conditions offered to qualified borrowers, may vary upon loan product, deal structure, location, lender, or other applicable considerations, and are subject to change at any time without notice.   Moreover, any rates, terms and conditions communicated via email shall only constitute a general, non-binding expression of interest on the part of ROC Financial Solutions, LLC., and the associated lender and do not create any legally binding commitment or obligation on the part of ROC Financial Solutions, LLC., and are expressly subject to, but not limited to, the credit, subject property, Investor experience, legal review, and lender approval process.  ROC Financial Solutions LLC., also operates as a Wholesaler on investment residential and commercial, non-owner-occupied properties.  ROC Financial Solutions, LLC., is exempt from licensing for these types of properties and is not a licensed real estate agent or broker.  The recipient of this message agrees to hold harmless ROC Financial Solutions LLC.  DISCLAIMER: ROC Financial Solutions does not finance owner occupied residential real estate. We offer commercial business purpose funding options strictly for non-owner-occupied real estate, and businesses.  Disclosure:  This is a partner program whereas ROC Financial Solutions LLC works with a private lender to offer these services, and ROC Financial Solutions will earn a referral fee from the lender for offering such services.  If you have received this message in error, please delete it.   Our Privacy Disclosure Statement can be found at https://www.rocfinancialsolutions.com/private-policy   Copyright © 2024 ROC Financial Solutions LLC, All rights reserved. 

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