Maybe you have enough money to pay cash because you don’t want to liquify them. How can you obtain a home loan when you don’t have enough verifiable income to qualify for a mortgage?
If you have significant assets, you can invoke “asset dissipation” guidelines to use your assets as a source of income when obtaining a home loan. As an independent mortgage broker, Bookend Lending LLC has multiple options to offer when a homebuyer wants their assets to be considered income. The specifics would be boring to read but there are many scenarios under which assets can be used and each comes with its own set of guidelines. If you want to look into mortgage programs in NH where assets are used to qualify, then contact Renee Duval at Bookend Lending LLC. Call or text 603-345-5644
Another option for homebuyers over the age of 62…
Homebuyers over the age of 62 who have significant assets may be able to use a H4P (HECM for Purchase) loan to buy a house. The reverse mortgage often requires significantly less income than a traditional mortgage as the qualifying is done by using a residual income method (as opposed to using housing and debt ratios). If you’re over the age of 62 and are considering a cash purchase or a purchase with a significant down payment) then let’s talk!
Remember: our goal is to provide information and not all borrowers will qualify. If you have questions about asset dissipation, using your liquid assets as income or want to discuss paying cash vs getting a mortgage in NH, contact me by phone or text at 603-345-5644.
Renee Duval, nmls 97967
Bookend Lending LLC, nmls 2557411
Licensed by the NH Banking Department