Qualify using your assets, not a paycheck.
Asset depletion, sometimes called asset utilization, lets you qualify for a mortgage based on your savings and investments rather than employment income. A qualifying monthly income is calculated from eligible assets over a set period of time.
Who it's for
- Retirees with significant savings or retirement accounts
- Buyers who recently sold a business or received an inheritance
- Investors and high net worth buyers with irregular income
How it works with me
- We review your eligible liquid assets, such as checking, savings, brokerage and retirement accounts.
- A qualifying income is calculated by dividing eligible assets over a period set by the program.
- You can often combine asset based income with other income, such as Social Security or a pension.
What you'll need
- Recent statements for all accounts you want to use
- Documentation of any other income, such as Social Security or pension awards
- A photo ID and permission to review your credit
Every situation is different. Send me your scenario and I will tell you honestly which programs fit, and compare them side by side in writing.
Programs, terms and eligibility vary and are subject to credit approval, underwriting guidelines and program availability. Not all applicants will qualify. This is not a commitment to lend. Laila Smith, NMLS #844202, HomeTown Lending, NMLS #2712965. Equal Housing Opportunity.
Questions buyers ask me
Do I have to spend down my assets?
No. The assets are used to calculate a qualifying income. You keep your money invested.
Can I use retirement accounts?
Many programs allow retirement accounts, sometimes at a reduced value to account for taxes or penalties.
Is this only for retirees?
No. Anyone with substantial liquid assets and an irregular income history may benefit.