If you do not have regular income or sufficient regular income, you may qualify based in whole or in part on your liquid assets, or your liquid net worth. 

To apply under this alternative, you must submit three statements of asset valuation. This can be done most easily by submitting a statement of account value from your brokerage firm. One of the three statements must be current within 30 days of your application. The second must be a statement that is no less than 6 months old, and the third must be no less than 12 months old, but not greater than 18 months. The net worth valuation will be determined by averaging the value of the three statements.

Under this alternative, your liquid net worth is then converted to phantom monthly income using the following formula: Your liquid net worth must be greater than or equal to sufficient income to meet our Regular Income Standard for five or more years. By way of example, an applicant applying for an apartment unit renting for $1,500 per month, would need a net worth of five times $54,000 (the standard income required of three times the rent) or $270,000. This is a net worth equal to the Regular Income Standard for 5 years.

As another alternative, you may qualify using a combination of our Regular Income Standard and the Net Worth Standard. If your income is slightly below the Regular Income Standard, an individual could qualify if their monthly income was only $18,000 per year – but in addition if they had a net worth of $90,000. In this example, the net worth counts for 50% of the income necessary under Regular Income Standards.