Asset Depletion Loans – Asset Based Mortgage Programs
What is an Asset Depletion Loan?
An asset Depletion Loan otherwise known as an Asset Based Loan allows you to use your assets to qualify for a mortgage (instead of income), and does not require you to be employed. An asset-based loan or Asset depletion loan uses your assets as income. Whether you are a retiree with a small fixed income, a new business or an established company that needs to maintain a high cash flow, the ease, and benefits of an asset-based loan have made them a popular solution for borrowers in recent years. Leverage your Assets for a Property Purchase or Refinancing without pledging, transferring, or establishing a new depository relationship.
If you have a lot of assets, but make little-to-no income, an asset depletion loan might be a good option for you.
What are the requirements for getting an Asset Depletion Loan – Asset Based Mortgage?
- Up to 50% DTI
- 20% Down Payment for purchases and 80% LTV for refinances.
- Up to $5,000,000 Loan Amounts.
- Minimum Loan Amount $200,000.
- Purchase or Refinance and Cash-out.
- Primary residence, second homes, and investment properties.
- 30-Year Fixed or ARM Rates.
- Credit scores as low as 660.
- No income or employment is required (you can be unemployed and still be eligible).
- The minimum eligible assets required are $1,000,000 or 150% of the loan amount.
- No Income Verification Loans are available for Investors.
- No Income Verification Loans for Primary Residences & Second Homes.
Assets vs Income
So what is the difference between assets and income? With a traditional mortgage using income to qualify, the borrower’s earnings are calculated (the amount of money they make through their employment). By contrast, an asset qualifier mortgage allows the borrower to use money in the form of verified assets to qualify. Verified assets can include the following:
- 100% of Checking & Savings accounts.
- 80% of Investments such as Stocks, bonds, or mutual funds.
- 100% of Money market accounts.
- 80% of Marketable securities.
- 80% of Retirement accounts, like IRAs and 401ks, must have cash conversion liquidity
- Business assets are ineligible.
Monthly Income Calculation
Simply divide your eligible assets from the above-(your determining assets) then divide by 84 which equals your qualifying monthly income.
Conventional Loan with Asset Depletion
Most people already understand conventional loans – it’s the loan most people think about when qualifying for a mortgage. What most people don’t know if you can get conventional financing using asset depletion. With the Fannie Mae Conventional loan model, you can borrow up to $766,550 currently, if you can prove you have enough funds to qualify. The conventional loan amortizes your assets over 360 months.
10% Down Asset-Based Mortgage Loans to $2,000,000
20% Down Jumbo Asset-Based Mortgage Loans to $3,000,000
We know the Asset Depletion Loan Business call us at (877) 424-4562
Comparing Current Asset Depletion Loan Rates
Finding the lowest Asset Depletion mortgage loan rates is very important, that’s why we’ve already searched them for you, getting the lowest loan rate possible could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find you the best loan rates is a big deal.
Current Asset-Based Mortgage Rates
When you “CLICK HERE” you’ll instantly see today’s lowest Asset-Based mortgage rates. If you see an interest rate you like, you can click to head straight to get your custom rate quote.
Expert advice at your fingertips
Our home loan experts are available 7 days a week to answer all your home loan questions. We don’t keep banker’s hours…. we understand that you have busy schedules, that’s why we’re available nights and weekends.
Eddie Hoskins Founder & CEO
Providing our customers with the lowest rates, personalized service, and loan options that you don’t get from big box lenders or banks. That’s he built E Zip Mortgage.
Why should you choose us for your home loan?
We work for you & not the bank, we offer wholesale mortgage rates which are lower than retail rates not to mention, we offer a wide variety of loan options so you’re not stuck with one set of restrictive underwriting guidelines.
Are credit scores a little low?
We have a credit score analyzing tool that can provide us with options to improve your credit scores quickly through a rapid credit rescore that usually takes 48 hours.
“We Think Outside The Box”
Our “Outside The Box Thinking” gets home loans approved and closed every day! From Bank statements as Income loans to 50% debt to income ratio approvals, we do them all.
We’ve streamlined the mortgage process, and closed in 30 days or less.
From application to closing, all from the palm of your hand.
