What Are My Mortgage Options If I Have Strong Assets but Variable Income?
You may have substantial savings, retirement accounts, investments, or business ownership, but your monthly income doesn’t necessarily reflect your overall financial strength. Maybe you’re self-employed, retired, a business owner, or someone whose income fluctuates from year to year.
So what happens when you want to buy a home or refinance but don’t fit the traditional mortgage qualification model? Here’s what we’ve seen:
1. Asset Depletion or Asset-Based Mortgages
Some mortgage programs allow eligible financial assets to be used to calculate qualifying income. Instead of relying entirely on your monthly paycheck or tax returns, the lender evaluates certain assets and applies a calculation to determine an income amount that can be used for qualification.
This can be particularly helpful for borrowers with substantial investment accounts, retirement savings, or other eligible liquid assets but variable income. We’ve used this method for several scenarios.
2. Conventional Mortgage Options
Don’t automatically assume you need a specialized loan. Conventional mortgage guidelines allow certain eligible retirement and investment assets to be considered when calculating qualifying income, provided specific requirements are met. Depending on your circumstances, a conventional mortgage may still be an option.
3. Non-QM Mortgage Programs
Non-QM lenders offer additional flexibility for borrowers who don’t fit traditional underwriting guidelines. Depending on the lender and program, options may include asset-based qualification, bank statement programs, or other alternative income calculations.
These programs can be especially useful for business owners, self-employed borrowers, and retirees. As a mortgage broker, we work with multiple lenders who offer these programs.
The Right Mortgage Starts With Understanding Your Finances
Having strong assets but variable income doesn’t mean you can’t qualify for a mortgage. It means we may need to look beyond your paycheck and find a program that considers your broader financial picture. At JPAL Mortgage, we work with business owners, self-employed borrowers, retirees, investors, and people with more complex financial situations. We have access to both conventional and specialized non-QM mortgage options, and we’ll help you determine which approach makes the most sense.
Call JPAL Mortgage today at 616-465-5725; Email us at hello@jpalmortgage.com
Or click here to text and schedule a private call.
Check out additional information on our dedicated Asset As Income page.
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**All loans require complete underwriting approval, including satisfactory appraisal and clear title work. Interest rates and closing costs are subject to change. NMLS ID #2189752 | Equal Housing Opportunity.