Retired, sold a business, or living off your investments? A lender may tell you that you don’t have enough income to qualify for a mortgage, even with significant assets in the bank. Asset depletion loans (also called asset utilization loans) let qualified borrowers use eligible assets to qualify instead of pay stubs or W-2s. Here’s how it works: The lender looks at your eligible assets: bank, brokerage and retirement accounts. Discounts are applied to some account types, especially retirement and stock accounts. What’s left is divided by a set number of months to calculate a monthly qualifying income. Two things to know: every lender calculates this differently, so the same assets can produce very different results, and you’ll need to document that the assets are yours and available. If you or a client of yours has been told no because of income, book a private consultation: [BOOKING LINK] Financial planners and CPAs: have a client in this situation? Send me the file: [BOOKING LINK] Jesse Gonzalez | Mortgage Broker | 22+ Years NMLS #278103 | True Blue Lending Corporation NMLS #2380218 | Equal Housing Opportunity This video is for general information only and is not a commitment to lend. All loans are subject to credit approval and underwriting guidelines. #AssetDepletion #Mortgage #RetirementPlanning
