One of the most powerful tools in today’s lending landscape, especially for borrowers with strong liquidity but limited or no income, is the Assets Only Mortgage Program. And our latest closing in Pontiac, Michigan is a perfect example of how this program can help buyers move fast in a competitive market.
No Income? No Problem — Go Assets Only
This Michigan borrower was in between jobs but didn’t want to miss out on a great opportunity to purchase a single-family home. Although he couldn’t qualify through conventional income documentation, he had substantial liquid assets. That allowed us to structure the loan using our Assets Only Program, which requires no income verification, no DTI analysis, and no employment documentation.
Instead, qualification is based solely on available assets. To meet program requirements, a borrower’s assets must be sufficient to cover:
- The full loan amount
- Down payment
- Closing costs & prepaids
- 60 months of net loss on any personally held real estate other than the subject property
This approach gives Michigan buyers more flexibility, especially self-employed borrowers, retirees, investors, and anyone experiencing an employment gap.
Loan Snapshot: Pontiac, MI Purchase
- Location: Pontiac, Michigan
- Loan Program: Assets Depletion
- Transaction Type: Purchase
- Property Type: Single-Family Residence
- LTV: 67%
- Credit Score: 796
- Loan Term: 40-Year Fixed
- Turnaround Time: Funded in just 19 calendar days
Contact us to see how an Assets Only mortgage can help you secure your next Michigan property.
