Are you a self employed, high income earners, having problems qualifying for a purchase loan? Check out this new loan which may help you qualify ...
Asset Depletion Mortgage Loans are a relatively new loan product, but are proving to be a huge benefit for self employed Colorado home buyers. In 2007 the “Stated Income” loan program, which had become prevalent, all but disappeared. “Full Income” documentation underwriting became the norm, and for good reason. But this left many self employed home buyers out in the cold. Now, using Asset Depletion, these self employed borrowers have a solution that will help them qualify for a home.
What is a Depletion of Assets Mortgage? An Asset Depletion Mortgage allows the borrower to qualify by deriving an income from assets they currently hold. This program is not meant for a struggling self employed home buyer with no assets and no income on their tax returns. Two years tax returns are still required, and most likely significant assets will be required. But for a solid borrower with $1,000,000 in the bank, this will be a big boost.
Eligible Assets for Asset Depletion Qualifying – Assets that can be used for qualifying include cash equivalents, such as CD’s, and funds in checking and savings accounts. Also, trust accounts and investment portfolio’s. Retirement accounts like IRA’s and 401k’s can be used, but only if the borrower is 62 years of age or older.
For further information, please call me and lets get you into home ownership