Asset rich individuals who are unable to provide a qualifying employment history or sufficient income may find one of our Asset-Depletion Loans an ideal solution. Many borrowers have assets but their income is not sufficient to qualify for a loan. Maybe the borrower is self-employed and their tax returns do not indicate enough income to qualify. Or maybe the borrower is retired and no longer has enough income. After all, the borrower’s assets, such as bank accounts, investment or retirement accounts, or stocks, bonds, cd's and mutual funds…, are income bearing vehicles.
calculating monthly income by dividing a borrower’s total assets by a set number of months;
show that our clients have enough available assets to pay the loan off in full.
You’re a first-time or repeat homebuyer; or
You have at least 20% to put down;
You are unable to qualify for financing using due to employment history or ability to show other sufficient forms of income
Down payment: 20% or more
Purpose: Purchase, refinance, and cash-out
Borrowers not required to cash in their assets as they're only used to demonstrate an ability to make the mortgage and housing payments or pay the loan off in full
Asset depletion can be used in conjunction with other forms of income or can be used without any other source of income or employment
Occupancy: Primary residences, second homes and investment properties
Loan amounts: Loan amounts up to $3,000,000
Property types: single-family, 2-4 unit properties, condominiums and properties in Planned Unit Developments (PUDs)
other requirements and conditions apply