For many Americans, the days of working a nine-to-five job and receiving a weekly paycheck are things of the past. People are getting creative with their finances and living off of investment income and assets. Does this pose a problem when it’s time to shop for a mortgage in Pennsylvania?
At MortgageDepot, the answer is no. If your investments and assets make up a significant source of your income, you can still qualify for a mortgage with our Asset Utilization Loans.
What is an Asset Utilization Loan?
Many lenders look solely at a borrower’s pay stubs, tax returns and other documents that verify traditional employment. Asset Utilization Loans are different. This innovative mortgage product considers a borrower’s entire asset portfolio, including the following investments:
- Retirement accounts
- Mutual funds
- Bank account balances
- Money market accounts
- Trust funds
- Hedge fund portfolios
Best of all, borrowers are not required to produce proof of income documentation. This allows our borrowers who have a wealth of assets to qualify for a larger loan to reach their real estate ambitions.
Asset Utilization Loan Eligibility Requirements
It’s easier than you think to qualify for an Asset Utilization Loan. The eligibility requirements are as follows:
- Borrowers must have a minimum credit score of 580.
- Borrowers must have a maximum LTV of 80%.
- Qualifying assets must be kept in a U.S. financial institution.
- Assets must be held for a minimum of 60 days.
- Annuities, trust funds and hedge funds qualify if the borrower has proof that these assets are readily available.
Other Highlights of Our Asset Utilization Loan Program
What makes this loan program stand out from the rest? Here are a few of the highlights that our clients appreciate:
- This program is available for single-family homes, PUDs and condominiums.
- Primary and secondary residences are eligible.
- Borrowers can use up to 70% of retirement accounts and up to 90% of securities.
- Borrowers can use their entire savings and checking account balances to qualify.
At MortgageDepot, we understand that our financially secure clients have accumulated their wealth in different ways. The lack of a nine-to-five job doesn’t have to be a barrier to your real estate goals! If you need a mortgage in Pennsylvania, meet with our experienced loan officers to discuss your options.
Call us 717-803-2800 today at or email us here for more information.