Offering reasonable qualifications based on your assets.
Not all borrowers have a traditional means of employment or income. Many people don’t fit into the traditional income box and therefore have had challenges qualifying for a mortgage in the past. For example, self-employed people who show minimal income, are retired, semi-retired, or have no verifiable employment may be part of this category. However, they may qualify for our asset depletion mortgage program if they have significant assets such as savings, investments or retirement accounts.
MEP RI offers this program as a new and innovative financing solution for high-net-worth borrowers. Product highlights regarding asset qualification include:
- Employment and income not required to be disclosed
- Loan verification based on verified liquid assets
- Principal residence and second home only
- 4506T not required
- Full asset documentation required for funds to close, reserves, and qualifying asset requirements
- Asset levels in the verified accounts are expected to be consistent and sustained
- Assets can be cash in the bank, stocks, bonds, IRAs, 401Ks, mutual funds, or retirement accounts
- 15 & 30 year fixed, and some ARM products
- Loan amount from $100,000 to $3,000,000
If you fall into this category, contact one of our experienced loan officers to learn more about this exciting program.
