Kinecta FCU Extends Mortgage Qualifications For Jumbo Loans
MANHATTAN BEACH, Calif. – Kinecta FCU has launched a new Asset Utilization Loan Program that will allow high-worth borrowers to use a percentage of their liquid assets as income for qualifying purposes for its mortgage lending division.
The new program is tailored to Kinecta’s 5/1, 7/1 or 10/1 Jumbo ARM. Considered as eligible assets for the new loan program are checking, savings, CDs, stocks, bonds, 401K, IRAs, and insurance policy surrender values. All must be fully documented and held in U.S. financial institutions. Annuities, trust funds and hedge funds also may be used as long as there is evidence that the funds are available to the borrower.
Available for loan amounts from $417,001 to $3 million, Kinecta’s Asset Utilization Loan Program takes its place alongside several other specialized offerings from Kinecta, including FNMA HomePath mortgages and mortgage-insured Jumbo loans with high LTVs and above FHFA loan limits.
“This is a valuable niche and a great opportunity for both our retail members and our wholesale business partners who have clients with strong credit histories and financial backgrounds, but are hampered by complex income situations,” said Todd Helmerson, director of wholesale loan production for the $3.5 billion credit union.