Stated Income Home Loans: Asset Depletion income
Post date: Apr 16, 2015 12:37:54 AM
Adding Asset Depletion income is a powerful tool for qualifying more loans:
The borrower’s assets can be used, in addition to traditional income calculations, if needed to help qualify. See attached grid for monthly income based on age and total of eligible assets.
Eligible assets include:
Checking and savings accounts
Money Market Accounts
Publicly traded stocks
Retirement accounts- only if the borrower is of retirement age
Cash out- on a case by case basis
· Assets do not need to be withdrawn/moved or pledged.
· Provide most recent 2 months statements for all accounts used to qualify.
· Pricing adjustment of .25 to fee for Asset Depletion.
· This can be used for o/o, 2nd home and NOO transactions.
· Portfolio ARM Product
Please call or email me for additional information and/or questions. Massey K. 949-244-1880