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Hello I am purchasing a home but currently only work part-time and do not qualify with just my income. However, I do have $500k in assets (money market, inherited IRA, etc.) The loan amount is only $86,000. Does anyone offer asset based lending outside of what Fannie Mae and Freddie Mac offer?

by txford486 from Shrewsbury, New Jersey. Apr 6th 2015 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

There should be a way to go but we would need much more info to properly advise you.. Fannie/Freddie do not have any "Asset based" lending.. they do offer a "Depleted asset" lending program.. but unless your at retirement age, you cannot use IRA money for income.. Depending on how much of that $500K is in the money market, it's possible there's enough funds there to help with your income and ratios.. but in general, we would need to look at your complete loan profile to properly advise you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 6th 2015
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Kay Cleland (kay@kcmortgagecolorado.com)
#32 ranked lender in Colorado - 215 contributions

Hello. There are additional programs that are available, but we would need more information. I would suggest that you contact a Local Mortgage Broker in NJ to discuss your options. Find a local mortgage professional on the national mortgage professional website: www.namb.org

Apr 6th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Yes, there are asset based programs but as pointed out the IRA can't be used unless you are at retirement age. Also, keep in mind that money invested in anything but cash and cash-equivalent securities will not count as 100% of the amount. You'd have to set up a specific distribution plan with your bank or other institution showing say $500/mo being distributed to you each month and deposited for example to your checking account, then that $500 could be counted as income if there is enough in the account where it comes from to last at least 3 yrs.

Apr 7th 2015
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Chris Neuswanger (mtnmortgageguy)
#95 ranked lender in Colorado - 84 contributions

I'd suggest talking to a local or regional bank or credit union, they might have the best portfolio programs to accomadate a situation like this.

Apr 7th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

There are a couple of solutions out there but be weary as some can be very costly for such programs. I would stick with a local bank as they will offer you the best terms for this type of loan. Best wishes, Sean

Apr 8th 2015
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