An Asset Depletion Loan is a mortgage product designed for individuals who may not have a regular income but have significant assets. Instead of relying on traditional income verification methods, this loan allows borrowers to qualify based on the value of their liquid assets.
Asset Depletion Loans are particularly beneficial for retirees, investors, or individuals with substantial savings or investment portfolios. These loans work by calculating a hypothetical income based on the depletion of your assets over time. Lenders consider the total value of your assets and divide it by a set number of months to determine your qualifying income.
Loan Benefits
Flexible Qualification
Use your liquid assets to qualify for a mortgage, bypassing the need for traditional income documentation.
Competitive Rates
Benefit from attractive interest rates tailored to your financial profile and asset value.
Quick Approval
Experience a streamlined application and approval process, allowing you to secure financing quickly.
How are assets used to qualify for an Asset Depletion Loan?
Lenders calculate a hypothetical income based on the depletion of your assets over time, using the total asset value divided by a set number of months.
What types of assets can be used for an Asset Depletion Loan?
Liquid assets such as savings accounts, investment portfolios, and other readily accessible funds can be used to qualify.
Can I use an Asset Depletion Loan to refinance my existing mortgage?
Yes, Asset Depletion Loans can be used for both purchasing new homes and refinancing existing mortgages.
What is the minimum credit score needed for an Asset Depletion Loan?
While requirements vary, a minimum credit score of 620 is typically needed to qualify.
Are there any restrictions on the types of properties that can be financed with an Asset Depletion Loan?
These loans can be used to finance a variety of property types, including primary residences, second homes, and investment properties.
We are humbled by the kind words of our clients. And we are happy that we were the ones to help turn their mortgage goals into reality.
Excellent service for self-employed
Excellent financial services for self employed individuals. Abrahim was great to work with.
Rob G.
Bank statement refinance made easy
I did a refinance using bank statements. As a self employed individual, our W2 doesn't fully reflect our take in the business. The entire process was right around 30 days and was as painless as any large transaction can be.
Reggie O.
Fast no-doc loan for unique situation
Marshall was wonderful to work with and helped me immensely. I was able to get a no doc loan fast and easy. I had a unique situation and Marshall knew exactly how to handle my file.
Christopher W.
Perfect solution for retiree financing
I am retired and do not have regular monthly income so I no longer qualify for traditional loan products. I am also tech illiterate. Delania took time to help me navigate the process in a way that best fit my needs.
Sylvia L.
Small business owner finally approved
As a small business owner I was frustrated with my military banks when refinancing my home. Manases quoted me a great rate with cash out options. I closed faster than expected and everything he quoted came to pass.
Jason C.
Self-employed financing solution
We have a tricky time getting financing as we're self employed and they put in endless effort to help get us approved with the right loan product to fit our needs. They were extremely reliable and professional.
Aaron B.
Quick no-doc mortgage to keep family home
After my Mom passed, I needed a mortgage to buy my sister out and keep our family home. Other brokers said it wasn't possible but I filled out their short application and was approved with minimal hassle.
Kenneth T.
Self-employed refinance success
I am self-employed and needed to refinance my home. However, it was difficult to get a regular home loan due to large tax deductions. I am happy to receive Truss's Bank Statement Home Loan when traditional lenders turned me away.
James L.
Calm guidance through unique challenges
Marcus Myles was our mortgage partner and did a terrific job. Despite our unique challenges he was always there with a calm demeanor and good guidance. We greatly appreciate all of his efforts on our behalf.
Patrick W.
Cash-out refi for complex income situation
After struggling with other lenders, Paul made it easy to complete a cash-out refinance. As a small business owner, my income situation is complicated, but Paul guided me through the process with ease.
Baird K.
Deal saved at the last hour
With several small businesses, 4 different local offices couldn't help us. On the last hour before giving up, Marshall called and saved our deal. The entire process was seamless. He never once bat an eye at the complexities.
Jenn V.
Creative solutions for self-employed
Being self-employed makes getting a loan difficult, but Garrett found ways to overcome each hurdle. We had big challenges accessing our home equity, but they made it happen for us.
Jason M.
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