Asset Utilization / Depletion Mortgage
Perfect for borrowers with $250K+ liquid or semi-liquid assets but minimal declared/real income. A simple calculation based on your net assets determines a qualifying monthly “income” for the mortgage
Asset Utilization Highlights
- Checking and savings accounts, 401k, IRA, stocks, mutual fund, bonds, CDs, and other asset classes can be used
- Perfect for high-net-worth individuals, self-employed, retirees, and those with difficult to document/or low documented income
- A simple calculation based on your net combined qualifying assets determines an "income" used to debt-income qualify
- 1-4 unit | primary residence, second home, and investment properties
- Reasonable minimum credit score (620+)
- Purchase, refinance, and cash-out mortgages
- Credit score 620+
- Loan-Value (LTV) percentage ranges up to 90% depending on occupancy, number of units, FICO, and size of loan
- Quick closings: 3 - 4 weeks
- Loans range: $100K to $4M+
- Interest-only available. No Mortgage Insurance. Foreign National & Work Visa eligible
- Online Application | Secure Document Uploads | Mobile App | Email/Text Loan Updates!
- NOTE: you do not need to sell, encumber, separate, or otherwise pledge the assets used to qualify. A calculation based on your existing assets will be used to determine your “mortgage income” at underwriting, and the only resulting debt will be the new mortgage against the subject property