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Use Your Assets

June 12th, 2014 9:42 AM by Jackie A. Graves

401K Assets

Did You Know that you can use your financial assets to qualify for a conforming, conventional mortgage? 

Under Freddie Mac guidelines, Individual Retirement Accounts and 401(k)s, lump-sum retirement account distributions, or the proceeds from the sale of a borrower's business can be used to determine a borrower's eligibility for a mortgage.

This is good news for retiring Baby Boomers and other savvy homebuyers who have limited incomes but substantial finance assets in helping to qualify them for a low-rate mortgage.

And we have also long allowed lenders to use income from dividends, interest payments, trust distributions and Social Security income to calculate a borrower's qualifying income.

Learn more about these guidelines and read other Did You Know? posts in our series to celebrate National Homeownership Month.

To view the original article click here

Posted in:General
Posted by Jackie A. Graves on June 12th, 2014 9:42 AM


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