Asset Depletion Helps Qualify More Borrowers
This Asset Utilization Loan Program is designed for a high net worth borrower. It allows the applicant that has significant liquid assets to use those assets as income for qualifying purposes. We have developed an income calculation that can be used to determine the qualifying income. Asset Utilization is available on the Jumbo ARM loan program for the 5, 7 and 10 year ARM product. This is only available for the 30 year amortization and is not at this time available with the interest Only ARMs.
We all know that the mortgage debacle has hurt all the self employed borrowers of this great county. It has stunted the housing economy and we believe that there should be good loans for good borrowers. Our underwriter will use this program to help with the debt to income by 5% for the 30 year amortization jumbo product
This is a Great Product for the Retired or Self Employed Borrower seeking to capitalize on their assets for income to qualify. Borrowers with a salaried income can use the asset depletion in addition to your wages to help qualify you for more borrowing power!
