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Which lenders are willing to do the asset depletion calculation on my IRAs to qualify me for a new mortgage?

by erleonledeetas.25... from Tucson, Arizona. Sep 22nd 2015 Reply


By the way, I'm 55.

Sep 22nd 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

We have several lenders who allow for Asset depletion, however, in order to use your IRA's, you would need to be at retirement age.. and being 55 will not work. The way it would work ( I do not advise this route) would be to close the IRA, move the money to a brokerage account, and have a regular monthly distribution set up.. But this would create a tax liability as well as tax penalties.. the lender would need you to prove that you have paid the taxes on this IRA early distribution to be sure what you have remaining is your after tax funds.. Also understand that your down payment cannot come from the same account your using for asset depletion.. I would be happy to discuss this further.. my contact info is below.. 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 NMLS# 226347

Sep 22nd 2015
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I have a couple of lenders that use asset depletion for qualification and reserve requirements. I am located in Phoenix but I do loans in Tucson and all over the State of Arizona. I also work with lenders who have asset depletion loans that they use for less than seniors.Call me at 623-340-0934 and let's discuss your situation. I do close loans. I work with 70plus lenders that are looking to originate loans.We appreciate you giving us the opportunity to be of service to you. We will work to complete your transaction in the most efficient, effective, and professional manner possible. "Customer service is more than a department with us; it is our attitude to and for YOU, our client!" Thank you for your trust and confidence! Sincerely,Korene L. Clopine-SeamanBranch Manager / Senior Mortgage OriginatorNMLS# 218520 AZ License # LO-0916745 CA License # DBO-218520Direct Phone: 623-340-0934 Fax: 623-218-1807eMail: korene@klcsloanteam.com Mortgage Website: www.klcsloanteam.comReferral site: www.klcsreferralpartners.com Veterans Certified Lender www.klcsloanteam.com/VALoansVeterans Real Estate Benefits NetworkActive Duty, Reserves, and Veterans, contact me to earn up to $7,500 on the Purchase mortgage on the Purchase of your next home or VA Refinance of your current home. Text Korene to 87804 for my electronic business card.Arizona Wholesale Mortgage, Inc.4105 North 20th Street, Suite 215Phoenix, AZ 85016NMLS: 179227AZ MBBR-0104219Equal Opportunity Lender

Sep 22nd 2015
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 591 contributions

There are many lenders that can do this for you, you will need to speak to a local lender and go into depth of your tax returns.

Sep 22nd 2015
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Joseph Afonso (jafonso)
#65 ranked lender in Arizona - 195 contributions

Primary Residential Mortgage is a local mortgage company here in Arizona and can provide you with the financing you are looking for. My name is Joe Afonso I can be contacted at 602-531-7040 or email jafonso@azhomerates.com. At Primary Residential Mortgage the primary focus is you!

Sep 22nd 2015
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Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 598 contributions

Many mortgage brokers or lenders have an outlet for the asset depletion program. You can google this along with your local area to see what comes up. Also working with a broker or lender that has multiple lenders to choose from is your best option too. Going to a big bank will limit your options. Also their rates are typically higher than going with a mortgage broker because a broker has multiple lenders to choose

Sep 25th 2015
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