What to Know About an Asset Depletion Mortgage
An asset depletion mortgage is excellent for someone who is looking to purchase a home and has substantial assets, but may not qualify for the loan based on their income. The mortgage company will use the borrower’s assets in lieu of income. Assets refer to liquid funds such as stocks, bonds, cash, or anything else that can be liquidated in 30 days.
GuardHill’s Asset Depletion Mortgage Program:
- Must have at least two times the loan amount in assets
- For example, if the loan amount was $100,000, the borrower must have at least $200,000 in assets
- Not required to provide tax returns
- May qualify based on retirement funds, if the borrower is of retirement age
- Available for a primary home, second home, or investment property
- Fixed rate, adjustable rate, or interest-only option available
- Available on all property types
Get in touch with one of our mortgage specialists to learn more about our Asset Depletion Mortgage program, and to see if it’s right for you!