Asset Depletion Loans
If you have substantial assets but limited income, you might still qualify for a mortgage in Florida through asset depletion loans. These loans look at your total assets rather than traditional income sources. Here’s how it works: your assets are divided by 60 months to calculate monthly qualifying income. If you’re 59.5 or older, 100% of liquid assets count; if younger, retirement assets count at 50%. You can borrow up to 80% of the property’s value, with a minimum 20% down payment and credit scores from 700 upward. The loan covers primary, secondary, and investment properties, including non-warrantable condos. It allows flexible terms like 3/1, 5/1, 7/1 ARMs, and 30-year fixed loans. This can be a useful path if your income doesn’t reflect your wealth. If you have questions about how asset depletion loans can help you buy property in Florida, reach out. We’re here to help. ? Which Florida city are you looking to buy in? ? Link in profile #FloridaRealEstate #AssetDepletionLoans #AssetQualifierloans #HomeLoanFlorida #FidelityHomeGroup
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