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Asset Depletion Mortgage

My husband and I want to purchase a home but know we can't qualify for a conventional loan because of proof of income right now.  We have assets and very little debt (outside my student loans) and I'm just returning to the work force after a 2 year hiatus as a stay at home mom.  My current job is temporary but I make $5300/month (gross).  I am looking for a permanent position.  My credit is above 700 and my husband's is right around 700.  We owned a home before (sold it) but moved to a different state and currently rent a home but we really want to purchase.  Could we qualify for an asset depletion mortgage or other mortgage option?  What do we need to qualify? 
  • February 13 2014 - Indianapolis
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Answers (4)

I'm seeing that this is from Indiana but you mentioned moving to a different state. We have an asset depletion loan that uses your current liquid assets plus the interest to qualify. We can even combine them with your income (2 yr history). You must have $1 million in qualifying liquid assets to qualify.

We offer this program in AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA as of now.

Good Luck!
  • February 13 2014
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You can look at an asset depletion loan. I'm assuming you have a significant amount of liquid assets? Also, depending on the type of work you do now and what you did prior, it is perfectly acceptable to return to the work force after staying at home to raise children, so maybe you don't need to look at the asset depletion.
  • February 13 2014
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Profile picture for JustinLeffew
For an asset depletion loan, you would need to gather together statements of all of your assets. Fannie Mae will let you use 70% of most stocks, bonds, ect and 100% of the cash. It will be divided by 360 and there's your monthly income. Jumbo loans have similar guidelines, but can be a bit more relaxed. Your best bet would be to speak to a loan officer who has done this type of loan recently and knows the ins and outs.
  • February 13 2014
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Profile picture for CA Direct Lending
There are asset depletion loans where, based on the total of your assets, a figure is calculated as income in order to help you qualify.  You may contact me through my profile and I can let you know what's available. 

Thank you!
  • February 13 2014
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