It’s a common problem for people with high net worth, but low taxable income. That’s because the Dodd-Frank Act requires borrowers at traditional banks to show high taxable income to prove their ability to repay.
Truss Financial Group works with alternative banks and funds that can write you a mortgage where you qualify based only on your assets. It’s called an Asset Dissipation or Asset Depletion Mortgage.
Despite how it sounds, your assets won’t be depleted.
We won’t even ask to see your tax returns. We’ll simply add up the balances for all your liquid accounts like Checking and Savings Accounts, Brokerage Accounts, and IRAs. Based on your age and the amount held in retirement accounts, we can quickly determine if you qualify.
Truss is a top Asset Depletion mortgage lender. To find out what rate and loan amount you qualify for, talk to Truss.
High liquid assets? Low reported income? You’ll have trouble qualifying for a traditional mortgage because of Dodd-Frank Act banking rules. But Truss Financial offers Asset Dissipation Mortgages or Asset Depletion Mortgages where you qualify based only on your assets. The balances for all your liquid accounts and your current age will determine the loan amount for which you qualify.
As a self-employed small business owner, real estate investor, or entrepreneur, you legally maximize your tax deductions each year. So your tax returns don’t tell your real financial story and ability to repay a mortgage loan. As self-employed real estate investors ourselves, we understand. That’s why Truss offers Stated Income Mortgages and alternative ways to verify your ability to repay.
If your business shows consistent income, a Bank Statement Mortgage can help you qualify for a mortgage despite taking many write-offs. We use anywhere from 3-24 months of your business or personal bank statement deposit history, then divide it in half to compensate for your expenses. We use the resulting number to document your monthly income and help you qualify for a low-rate mortgage loan.
Here’s an example:
Mrs. Smith is 72 years old and wants a 15-year mortgage. She has 2 million dollars in total assets, most of it in an IRA. Because she is over 59.5 years old, she has full access to her IRA funds, so the full amount can be used in her calculations. Truss divides 2 million dollars by 180 months (15 years), which results in the average monthly income figure of $11,111 used on her loan application. This gives her the borrowing and buying power needed to make the most of her golden years.
At a traditional bank, the income shown on your W2 or 1040 tax return is unlikely to get you the loan you want. Truss understands this, and we work with you to show a more accurate financial picture using other financial statements and documents you already have. Truss makes stated income mortgages at low interest rates a reality for self-employed and real estate investors.
Deducting expenses through your business is smart. It’s a common entrepreneurial practice that makes it nearly impossible to qualify for most mortgages. But not with a Bank Statement mortgage from Truss.
We use either your business or personal bank statement deposit history, and divide it in half to compensate for expenses. This yields a monthly income figure that qualifies you for a no-income-verification loan at a surprisingly low rate. A Profit/Loss Statement from your CPA may help you qualify for even more.
Jeff Miller and Jason Nichols created Truss Financial Group to help clients avoid the disappointments they themselves had experienced as self-employed real estate investors. After the financial crisis of 2008, and in the wake of greater government regulation of traditional banks, Jeff and Jason got tired of applying for mainstream mortgages, getting denied, and resorting to hard money loans at high rates.
They solved their own problem by bringing together a group of non-traditional banks and financial funds specifically to support the self-employed and real estate investors. Now with decades of experience and an expert mortgage lending team, you won’t find advisors with a greater ability to help you qualify for the loan you need at the lowest possible rate.
