Asset Qualifier Loan Program - No income needed!
You may think that in order to qualify for a mortgage, you need to have steady income for at least 2 years, and be able to show proof with W-2’s and paystubs. But, that’s not true!
Borrowers with significant savings, investments or retirement accounts can use MiMutual’s Asset Qualifier Loan program! This program is a great option for borrowers who may have a hard time qualifying for a traditional loan due to lack of employment. This includes retirees, business owners, divorced with no income and real estate investors.
Borrowers qualify based on eligible assets. The assets used for income calculation can also be used for cash-to-close and reserves.
Yes. Money in 401(k)s, IRAs, stocks and bonds can all be considered an asset.
There are two types of assets:
Liquid and Non-liquid. Both types will be considered for qualification.
Liquid assets are items that can be converted to cash very easily and quickly. Non-liquid assets include items that can be sold and converted to cash but will take longer to do so. MiMutual Mortgage does not require you to liquidate your eligible financial assets to qualify.
Examples of eligible financial assets include:
- Cash in your savings, checking, money markets and CD’s.
- 401K and other fully vested retirement accounts
- Stocks, bonds, EFTs, mutual funds and futures.
Physical Assets, such as cars, property, boats, RV’s, jewelry, artwork and collectibles WILL need to be liquidated to be eligible.
Once you apply for a loan, we verify all the information is correct. You may be asked to provide documentation such as proof of ownership and appraised value for physical assets, bank and investment statements, insurance policies, or more.
You are about to begin the mortgage loan application
- Applying on the MiMutual Mortgage Online Loan Application is quick, easy, and secure! The loan application will take about 25 minutes to complete.
- Once your application is submitted, you can log back into the MiMutual Mortgage Online Loan Application to securely upload requested documents, view your loan status, and communicate with your mortgage team.
- If you have questions, reach out to your MiMutual Mortgage Loan Officer.
Your guided mortgage journey starts here!Start Application