At MortgageDepot, we take pride in our ability to provide creative financing solutions to our clients. Many home loan programs require applicants to qualify based on their regular monthly income. However, non-traditional and self-employed workers may not be able to document enough regular income to qualify in this way. One of the creative alternatives available is to use asset depletion income.

If you have sufficient liquid assets, you could use those assets to qualify for your mortgage. This program may be ideal for those who are:

  • Self-employed
  • Retired or semi-retired
  • Not employed
  • A part-time worker
  • A seasonal worker

Under the asset depletion income program, the underwriter will determine the current value of your liquid assets. This amount will be divided by 360 months to determine the dollar amount of regular distributions you could afford to take from your assets in order to pay off the new loan balance.

A variety of liquid assets may be used to qualify for this program. Some of the possible sources of funds are:

  • Savings and checking accounts
  • Certificates of deposit
  • Money market accounts
  • Investment accounts holding mutual funds, bonds and stocks
  • Retirement accounts, based on the applicant’s age and penalties that may be incurred to access those funds

Is an asset depletion income program a suitable option for you? Our lending team at MortgageDepot wants to help you set up the new home loan that you need. For answers to your questions and for help applying for your next mortgage, contact MortgageDepot today.

Get in touch with one of our loan consultants for more information.

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