People who purchase / refinance homes without employment face programs that limit qualifying income to retirement distributions and previous 2-year tax return figures, even if savings are $1M+.
The result? Those who saved enormous amounts of money (and could purchase / pay off their mortgage with cash) have very limited mortgage options, or worse, denied altogether. So instead, most people pay cash or don’t capitalize on lower rates / increased equity.
Those aren’t the only options! Lenders exist who allow total savings to qualify, and they don’t use retirement distributions or tax returns. These programs are known as Asset-Based / Asset Depletion.
Generally, they require savings to cover the purchase price + all cash needed at closing + reserves. In other words, they ensure you have enough money to pay off the home + savings left over. You don’t pledge savings or adjust retirement distributions. We just prove you have the money!
Licensed by the California Department of Business Oversight, Florida Office of Financial Regulation, Georgia Department of Banking and Finance, North Carolina Commissioner of Banks Office, and South Carolina Department of Consumer Affairs
NMLS # 1961623
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1565 Ebenezer Rd.
Suite 113
Rock Hill SC 29732