Not all borrowers have traditional means of employment or income. There are many people who may fit into non-traditional income categories such as:

• Borrowers that have accumulated assets over the years and plan on using those funds to cover all or part of their housing payment each month 
• A borrower with little to no income but significant assets 
• A borrower who is retired or soon to be retired 

If any of these apply to you and you have significant assets such as savings, investments, or retirement accounts you may qualify for our Asset Depletion Loan Program.

What is an Asset Depletion Loan?

Asset depletion loans are a type of mortgage program that uses the value of the borrower’s liquid assets instead of traditional monthly income to qualify for the mortgage. This can be a beneficial option for retirees or individuals with significant assets but little income as we noted above.

Eligible Assets for Mortgage Qualifying

• Checking/Savings accounts, Money Markets, Certificate of Deposit (CD)
• Investment accounts with stocks, bonds, mutual funds, ETFs
• 401(k), IRA, SEP, KEOGH may be considered depending on borrower’s age and any penalty applied for accessing funds in account

Asset Depletion Mortgage Requirements

• This program is available to borrowers aged 62 or older  
• Mortgage is secured by a 1-or 2-Unit Primary Residence or Second Home
• Purchase or No Cash Out Refinance
• Maximum Loan to Value 80% or 20% Down
• Min FICO 620
• Qualifications Based on Verified Liquid Assets*

THE FINE PRINT

• Borrowers must provide current and past monthly account statements, along with standard personal financial documents (e.g., tax returns, pay stubs if applicable), to demonstrate proof of assets.
• Gift/Borrowed funds allowed
• *Assets must be within the United States

Should You Consider an Asset Depletion Mortgage?

If you’re wondering whether or not you would qualify for an asset depletion program we can help!

Start by answering these questions:

1. Are you retired with very little fixed income (or no income)?
2. Are your assets held in the U.S.?
3. Do you have 20% for a down payment?
4. Are you someone who has little to no income but significant assets?
5. Are you 62 years or older?

If you answered yes to any of these questions, and have a significant amount of assets, an asset depletion loan may be an ideal solution for you.

Bottom Line: 

If you would like more information on the Asset Depletion Loan Program click here or give us a call today to see if you qualify. Our dedicated team is eager to help determine if you qualify, and we are committed to supporting you in achieving your homeownership goals. The Asset Depletion Loan could be the perfect solution you've been searching for!

 

 

Greenway Mortgage is proud to introduce our Alternative Documentation Program which offers flexible qualifying for non-traditional borrowers.

About This Program

For many homebuyers, traditional income or credit documentation can be a significant challenge. The Alt-Doc Program enables borrowers to qualify using alternative methods such as asset depletion and/or bank statements. This program is ideal for self-employed borrowers who do not meet traditional documentation requirements but can qualify using flexible alternatives*

Advantages of The Alternative Documentation Program: 

• Bank statement - 1st page only
• Loan amounts up to $4 million
• Max cash in-hand $2 million on cash-out
• Asset seasoning: 1 month
• LTV up to 80% for purchase/rate & term
• LTV up to 75% for cash-out
• DTI up to 50%**
• Available for primary residence, second home, and investment properties
• Interest-only payments
• FICO scores as low as 660

Flexible Qualification Methods:

• 1099 Only

• W-2 Only

• 1-Year tax return

• 12-month bank statement

• Asset qualifier

*Based on reserves, payment history and credit depth. **Restrictions apply to DTI over 43%. Eligibility requirements, exclusions and other terms and conditions apply.

Questions? Contact Us For More Information

Have questions on this program or want to see if you qualify? Visit our website here to learn more about our Alt-Doc Program. Fill out the short form and one of our expert loan officers will be in touch.

 

Medical professionals have enough to think about in their day-to-day patient care. That’s why Greenway Mortgage developed an exclusive home loan for medical professionals which simplifies the mortgage process and offers up to 100% financing.

What is the Doctor Loan?

The Doctor Loan is a tailored home loan to meet the needs of doctors looking to purchase a home. These loans offer low to no down payment options, no mortgage insurance and require a minimum credit score of 680.  

Who is Eligible for the Doctor Loan?

The Doctor Loan is available to Doctor of Medicine, Doctor of Osteopathic Medicine, Doctor of Podiatric Medicine, and Doctor of Occupational Medicine Service in New York*, New Jersey*, Connecticut and Florida.

Features and Benefits of The Doctor Loan

• Loan amounts up to $2.5 million*

• Min loan amount $500K

• Low to no down payment options (Max LTV up to 100%)

• Adjustable-Rate Mortgage (ARM) options available (3/5/7/10) & 30-Year Fixed Rate Mortgages Available

• No Mortgage Insurance

• Available for Primary Residence, Purchase and Rate & Term Refinances

• Available in: NY*, NJ*, CT & FL

What are the specific Doctor Loan eligibility requirements?

• 680 Minimum Credit Score

• Single Family, Condo & Co-Op Only. No 2-4 Family Homes

• 43% max DTI (student loans counted as actual documented payment or 1% of balance)

• *Loans above $2MM require 18 months PITI reserve. No reserve $2MM or below.

• *NY Counties include Bronx, Brooklyn, Manhattan, Queens, Staten Island, Westchester, Suffolk, Nassau, Rockland; NJ Counties include Bergen, Essex, Hudson, Monmouth, Morris, Ocean, Union

Eligible Borrowers

• Doctor of Medicine (MD)
• Doctor of Osteopathic Medicine (DO)
• Doctor of Podiatric Medicine (DPM)
• Doctor of Occupational Medical Service (OMS)

Eligibility requirements, exclusions and other terms and conditions apply.

Bottom Line

If you are a M.D, D.O, D.P.M, or O.M.S, please contact Greenway Mortgage to discuss this loan offer and to see if you qualify. 

 

No need to back away from reverse mortgages!

Reverse mortgages have grown up in recent years. Our clients aged 62 and older most often use them as a safe option in two instances: 

• They have accumulated much of their wealth in their home and would like to access equity without selling.
• They want to purchase a new home without making a monthly principal and interest payment or touching other investments.

Plus, if clients want to pass the home down to their children, it can stay in the family. Heirs pay the amount owed or 95% of the home's appraised value, whichever is less.

Click here to learn more about Reverse Mortgage and Reverse Mortgages for Home Purchase.

Reverse Mortgage Resources:

• Why Reverse Mortgages?
• What to Expect While a Reverse Mortgage is in Process
• Reverse Mortgages for Home Purchase

Questions? Want to see if you qualify? Reach out to the Greenway Team today. 

 

Borrowers typically know about 30- and 15-year fixed rate mortgage loans, yet there are dozens of different loan types beyond just those. 

Mortgage planning, like financial planning serves many needs. Our mission is always to tailor the right mortgage program or strategy to best suit the overall goals of our clients.

Do you need the lowest possible housing payment to maximize other investments?

• A 30-year fixed rate loan will probably help.

Do you need to leverage potentially tax-advantaged funds to pay for major home improvement?

• A cash-out refi and home equity line of credit are just two possibilities.

Are you looking for a way to avoid private mortgage insurance or jumbo loan rates?

• A small second mortgage closed simultaneously with the first may be the solution.

Customized Loan Solutions That Meet Your Needs

Greenway Mortgage offers a variety of other loan options to suit the needs of each and every client whether they are looking to buy their first home, move up, refinance, or invest. Some loan options include VA, USDA, FHA, Conventional, Down Payment Assistance, Reverse, Refinance, Renovation, Jumbo, and more. Information on these can be found by visiting our Loan Product page here.

With personalized attention and unmatched expertise, Greenway Mortgage can help customers find the right financing option. Our technology facilitates a low stress, streamlined and paperless workflow that expedites the loan process in a low-pressure sales environment. Our dedicated and knowledgeable loan consultants are available throughout the process.

Contact us today to see what loan option best suits your specific goals.