Asset Resource Loan
Obtaining a loan without a sufficient amount of documentable income is a challenge in today’s lending environment. As part of our Alternative Advantage program, PRM is proud to introduce the Asset Resource Loan. The Asset Resource Loan (also known as Asset Depletion) is intended for applicants with lower W2 or self-employment income, but sufficient accessible assets to supplement their income source.
With the Asset Resource Loan, if you have a source of employment, either W2 or self-employment, but it does not seem sufficient to qualify for a loan, you may have another option. If you have accumulated sufficient assets above and beyond what would be needed for down payment, closing costs and prepaids, then your remaining assets could be used as an additional source of income. The formula used to calculate how much is available for income varies depending on the type of asset you have, so please contact us for more specific information on your scenario.
- Fixed and Adjustable rates available
- Interest-Only option available
- Loan amounts up to $2.5 Million
- Eligible assets sources include checking, savings, money market, stocks, bonds, mutual funds & retirement accounts
- This program is eligible in combination with our Foreign National and Non-Warrantable Condo loans
- Purchase and No Cash Out Refinance available
- Applicants must have documentable W2 or self-employment income
Does the Asset Resource Loan sound interesting to you? For more information on this or any other home financing questions, contact us or fill out the form below.
*Loan parameters vary based on credit score, LTV, and property type.assets, income source, Loans, self-employed, W2
Categories: Alternative Advantage