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Asset Depletion Mortgage

Asset Depletion Mortgage Loan

If you have a lot of assets, but make little-to-no income, an asset depletion loan may be for you. Asset Depletion loans are also known as “asset based mortgages”. Some people even refer to them as “no income, high asset loans”.  

How Asset Depletion Loans Work

To calculate the total amount of your assets, you can use 100% of what is in liquid (such as bank accounts) if borrowers are 59.5 and older.

The retirement funds are calculated at 50% of face value if borrowers are less than 59.5 years old.

Asset Depletion Loan Program Details:

  • No employment, no income, no Debt to Income
  • Up to 75% Loan to Value
  • 680 Minimum Score
  • 5 Years seasoning foreclosure, short sale or bankruptcy
  • Loans up to $5 million (minimum loan $150,000)
  • No 4506 / IRS Tax Transcripts required
  • Primary, Secondary and Investment Properties allowed 
  • Non-warrantable condos considered
  • Asset Depletion Income can be coupled with other income
  • Dividends and interest earned from assets used in the calculator cannot be used to qualify
  • All collateral types are allowed
  • All assets eligible for the program at 100% face value if borrowers are 59.5 and older
  • Retirement funds are calculated at 50% of face value if borrowers are less than 59.5 years old
  • Assets held in annuities and cash value of life insurance policies are ineligible for the asset depletion program

The following assets are considered eligible and can be utilized to calculate income:

  • 100% of checking, savings, money market accounts, and cd’s
  • 100% of the value of stocks (must be fully vested) & bonds
  • 100% of retirement assets (if borrower is not of retirement age of 59.5, then reduced value to 50%)
  • If you are unsure about a particular asset, email us.
Down payment, closing costs, and reserves if applicable must be excluded from the balance before calculating income.

 

Ineligible Assets

  • Business funds; Foreign Assets; No Gift funds; Gift of equity; Sale of a personal assets

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Frequently Asked Questions

What type of assets may be used to qualify?
You may use any of the following assets: bank accounts (checking or savings), money market accounts, a CD (certificate of deposit), investment accounts (such as stocks, bonds, and mutual funds), and retirement accounts (such as a 401k or IRA).

Must I be a certain age to be eligible, or are there any certain age restrictions?
No, there are not any age requirements to be eligible.  There are two potential ways that your loan application may be dealt with differently though, based on your age.  The first is if you are over the age of 59.5, you should be able to use 100% face value.  The second potential scenario is if you are younger (under age 59.5), may you use your retirement accounts as eligible assets at 50% of the face value.  

Are these mortgages available for investment properties?
Yes.

What if my assets / accounts are jointly owned?
If you have joint ownership of bank accounts or other assets, commonly this will not be an issue. There is a chance that an underwriter may reduce the amount of the assets that are eligible. It will be left to the underwriter to decide. 

Are asset qualifier loans available for jumbo loans?
Yes, jumbo financing is available.

Is it possible to get an interest only mortgage with an asset qualifier loan?
No, not at this time.

Can I finance a home with an asset qualifier loan using a corporation name?
Yes, you may vest title in any type of corporate entity, such as an LLC, trust, partnership, or S corporation.

What types of properties are eligible for asset qualifier loans?
You may finance the purchase of any single family residence, 2-4 unit property, condominium, condotel, or co-op (cooperative housing).

What is the minimum down payment possible with an asset qualifier program?
The minimum down payment is 20%, which is an LTV of 80%.

Is mortgage insurance required on an asset qualifier loan?
No, mortgage insurance is not required, since the LTV is below 80%.

Is it ok if I am not employed and/or retired?
Yes, there is no requirement that you be currently employed.  In terms of showing your ability to repay the mortgage, you can qualify exclusively using your assets.


When your ready to get started on your asset qualifier / asset depletion loan, we are experts to guide you through the entire process, the first step is getting you pre-approved. You can click on the button below or apply online; if you prefer to speak with one of our Mortgage Experts, we would be happy to speak with you at 407-955-4575.

Asset Depletion Mortgage

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*Assumes 2.799% APR, 20% down payment, and conforming 30-year fixed rate first mortgage on a single family, primary residence. The monthly payment you enter includes only principal and interest. Additional required amounts such as taxes, insurance, home owner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan based on the payment entered. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice.  **Posted APR is based on Mortgage Assumptions
 
 
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