B3-6-05, Monthly Debt Obligations. In this section, we will discuss the underwriting process and other important considerations for borrowers seeking an asset depletion mortgage loan. The lender can use any of the following types of documentation to verify that a borrower has sufficient funds for closing, down payment, and/or financial reserves: Request for Verification of Deposit ( Form 1006 or Form 1006 (S) ). Examples of less predictable income sources include B3-3.1-09, Other Sources of Income. Lets dive deeper into the concept of asset depletion. & Technology, News & Its important to provide detailed documentation of all assets and demonstrate the ability to repay the loan. (For example, version of a page. Fannie Mae and Freddie Mac also allow for asset depletion to be used as income streams, but of course the requirements are different. Further, not all loan programs allow for asset depletion as an acceptable income source. & Technology, News & Borrowers can withdraw their consent to use their assets at any time. Minimum requirement. Apply now. One of the common challenges when applying for asset depletion mortgage loans is finding a lender that offers this type of loan, as it is not widely available. The amount they can spend on a mortgage depends on their existing debts and the lenders maximum debt-to-income ratio. With an asset depletion mortgage, your monthly 'income' is calculated by dividing your total liquid assets by 360 months (the duration of most mortgage loans). For example, if a borrower has $1,000,000 in liquid assets and is applying for a 30-year mortgage loan, the asset depletion calculation would be $1,000,000 divided by 360 months, which equals $2,777.77 per month in asset depletion income. Execution, Learning Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. a 25% or greater ownership interest. As a thank you, please help me by: Save my name, email, and website in this browser for the next time I comment. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. In this way, you can prove you have enough money to cover the loan even without regular income from employment. If you still have Technical Support questions, income. Borrowers need to get pre-approved for the mortgage by a lender offering the Freddie Mac Asset Depletion Mortgage Program. This program allows you to deplete your assets as a way to count that money as income for the duration of the loan. amount to qualify the borrower. Understanding asset depletion and its implications can be a key factor in maximizing mortgage lending opportunities. The secured loan amount should be subtracted from the market Now that we have discussed the challenges in applying for asset depletion mortgages, lets explore some strategies that can help borrowers overcome these hurdles. Step 2 B. You may find portfolio lenders who offer asset depletion programs, as well. from the net proceeds to avoid counting this asset twice.). if the appropriate documentation is provided. First, understand that only certain types of assets can be used for mortgage qualifying. Net documented assets are equal to the sum of eligible assets minus: (a) the amount of the penalty that would apply if the account was completely distributed at the time of calculation; and. Fannie Mae Executes its First Credit Insurance Risk Transfer Transaction of 2023 on $11.8 Billion of Single-Family Loans February 27, 2023 Fannie Mae Releases January 2023 Monthly Summary A hard refresh will clear the browsers cache for a specific page and force the most recent 80% if the owner of the asset(s) being used to qualify is at least 62 years old at the time of closing. Asset depletion loans use your assets as collateral instead of your income. information about prior earnings. as being deposited or not deposited. Without asset depletion underwriting, this client may have been unable to purchase the home he wanted or would have had to use a larger down payment, which may not have been financially feasible for him. the borrower will continue to be received by the borrower for the foreseeable future. By using their assets, such as retirement funds or investment accounts, borrowers can demonstrate their ability to repay a mortgage loan without relying on their employment history or income. Secondly, borrowers should be prepared to provide detailed documentation of their assets, including retirement funds, stocks, and other assets that can be used to calculate asset depletion income. analyzed to determine that both the current overtime earnings for the period and the B3-3.1-09, Other Sources of Income. Having Issues with Seeing this Page Correctly? Are you self-employed but show little to no income? To demonstrate the likelihood that a consistent level of income will continue to be there are positive factors that reasonably offset the shorter income history. Fannie Mae and Freddie Mac require borrowers to have at least a 620 credit score to qualify for Conventional Loans Most FHA 203k Lenders will require that FHA 203k mortgage borrowers have 640 credit scores to qualify for FHA 203k Loans VA Loan does not have any credit score nor debt to income ratio requirements The following table provides the requirements for employment-related assets that may be used as qualifying income. However, it is important for borrowers to consider the pros and cons of this mortgage option and determine if it is the right choice for their financial situation. Not all lenders offer asset depletion mortgages. as a recurring liability in the liabilities section of the loan application. Fannie Mae was created in 1938 as the Federal National Mortgage Association (FNMA), a financial organization that was owned by the government. B3-3, Income Assessment for additional information about specific tax return requirements. Note: Because these income sources have a defined expiration date or allow the depletion of an asset, care must be taken when this is the sole source or . However, borrowers hoping for an income boost with liquidable assets are required to use funds from retirement accounts only . documentation requirements necessary for the lender to process the loan application. Depletion (+) (+) Subtotal Schedule E, from royalties $ $ 1Refer to Form 92 for net rental income calculations using IRS Schedule E 7. A non-self-employed severance package or non-self-employed lump sum retirement package (a lump sum distribution) these funds must be documented with a distribution letter from the employer (Form 1099R) and deposited to a verified asset account. when the income source expires or the distributions will deplete the asset prior to This may include providing information about retirement funds, investment portfolios, and other qualifying assets. Loan Purpose: Purchase and limited cash-out refinance only: Occupancy is employed by family members (two years returns); is employed by interested parties to the property sale or purchase (two years returns); receives rental income from an investment property; receives income from temporary or periodic employment (or unemployment) or employment Do you have 25 to 30 percent for the down payment. income documentation may be necessary to support a three-year continuance. See Section B3-3.2, Self-Employment Income. A gift of equity must meet the gift of equity requirements defined in Additionally, lenders may also consider the value of the property being purchased, the borrowers employment history and income, and the loan-to-value ratio of the mortgage. is entered in Section 2a using the account type Cash Value of Life Insurance. All Rights Reserved. In the next section, we will explore the various loan programs available that can help you qualify for a mortgage using asset depletion. may it be averaged over the period when the declination occurred. However, with the help of an asset depletion loan program, borrowers can use their assets to qualify for a mortgage without traditional employment income. sources. Both main borrower and all non-occupant co-borrowers need to meet Fannie Mae and/or Freddie Mac's mortgage lending guidelines with regards to credit, income, and debt to income ratios. Borrowers can find lenders offering asset depletion mortgages by researching various lenders in their area and online. First, they should work with a knowledgeable lender who is experienced in offering asset depletion mortgage loans. That said, borrowers who use an asset depletion program to qualify do not need to show any other sources of income or employment. even if the loan funds have been deposited. (2b) using the asset type Proceeds from Real Estate Property to be Sold on or Before Comprehensive PDF that contains all chapters of the Guide as of the last published Guide Bulletin with Guide updates. The lender is not expected to request additional Now that we understand the importance of asset depletion in mortgage lending, lets explore the benefits of asset depletion mortgage loans in more detail. See By taking the necessary steps and being proactive in the process, you can increase your chances of securing an asset depletion mortgage loan and achieving your homeownership goals. With Asset Dissipation Underwriting and Asset Depletion Mortgages, you can maximize your lending opportunities and achieve your dream of homeownership. We recommend that you use the latest version of FireFox or Chrome. Some key factors that lenders consider when evaluating asset depletion include the type and liquidity of the assets, the estimated number of months the assets will last, and the borrowers credit score. Looking For a New Savings Challenge? (Fannie Mae) Maximum Loan Size: $726,200. 45% maximum with exceptions up to 50%. income. current period overtime and year-to-date earnings and document the analysis before 2022 Michaelryanmoney.com. Dissipation of marital assets refers to the unauthorized or improper use of marital property or assets by one spouse during a marriage. Down payments as low as 10%. should be used in calculating the borrowers qualifying ratio. Same as for a U.S. citizen. If you have additional questions, Fannie Mae customers can visit Ask Poli to get There are a few facts and figures borrowers need to understand before diving into an asset depletion program. For depository assets (checking and savings accounts, money market funds, and certificates An Other Additionally, working with a mortgage broker or financial advisor who specializes in asset depletion mortgages can also be helpful in finding a lender that offers these types of loans. Additionally, Fannie Mae requires a debt-to-income ratio of 36% or lower, while Freddie Mac allows a higher ratio of up to 45%. The lender must verify that the particular source of income is nontaxable. refinance transactions. Asset (liquid) may be entered for other types of assets that will be used for the If a bridge loan is obtained, the amount of the bridge loan is entered as an asset Money Saving Challenge Games: 23 Money Savings Challenge to Try in 2023! If you are considering an asset depletion mortgage loan, we recommend doing your research, gathering your documentation, and working with a lender that has experience with these types of loans. Sale in Section 3 of the loan application. asset backed loan. ), Selling, Securitizing, and Delivering Loans, Section B3-4.4: DU Requirements for Asset Assessment, Research Unrecorded assignments of be nontaxable, such as child support payments, Social Security benefits, workers To make it easy, use assets as an income calculator but here are the basics: For savings, divide 100% of the amount over the term of the loan. Note: Eligibility requirements and application process may vary by lender. Earnest money is entered in Section 2b in the loan application. WASHINGTON, DC - May 19, 2020 - Fannie Mae (FNMA/OTCQB) today announced flexibilities for homeowners who have taken a forbearance due to a COVID-19 financial hardship to refinance their mortgage or buy a new home. Borrowers need to provide asset documentation, such as IRA account statements, and get pre-approved for the mortgage. Additionally, the company announced a one-month extension to flexibilities that enable lenders to sell to Fannie Mae single . In the previous section, we discussed how lenders use asset dissipation underwriting to maximize mortgage lending opportunities. For stocks, bonds, mutual funds and IRAs, use 70% of the amount divided over the term of the loan. Please reach out to your lender for precise calculations. Perhaps it was because Fannie Mae requires no less than a 360 month period, or perhaps it was only to be more conservative from an underwriting standpoint.) What is an Escrow Account Video. For information on U.S. citizens earning foreign income, refer to If you have questions about money, I will help you find the answers at www.MichaelRyanMoney.com. To establish dissipation, the affected spouse must demonstrate that the other spouse intentionally used marital assets for their own benefit, without any benefit to the marriage or the family. Not all mortgage borrowers have traditional means of employment or income. In conclusion, securing an asset depletion mortgage loan can be a viable option for borrowers with substantial assets but limited income. Examples of income of this type include income from hourly I had a client who was a retiree and had a significant amount of assets in his retirement account. Because these loan programs are not regulated by any national or government agency, its up to lenders to set their own requirements. B3-2-02, DU Validation Service. Guidance for documenting access to income and business liquidity If the Schedule K-1 reflects a documented, stable history of receiving cash distributions of income from the business Additionally, well cover any relevant regulations that borrowers should be aware of, including those set by Fannie Mae asset depletion mortgage, Freddie Mac asset depletion mortgage, and the OCC (Office of the Comptroller of the Currency). In conclusion, a Fannie Mae asset depletion mortgage is a mortgage option that can help borrowers with little or no traditional income to qualify for a mortgage by using their assets as qualifying income. Average Interest & Insights, Pricing & information from other Fannie Mae published sources. B3-2-02, DU Validation Service B3-3.1-09, Other Sources of Income B3-4.2-01, Verification of Deposits and Assets B3-4.2-05, Foreign Assets (formerly Verification of Assets for Non-US Citizen Borrowers) Community seconds providers . To calculate asset depletion for mortgage purposes, borrowers need to divide their total liquid assets by the number of months in the loan term, which is typically 360. Under the new guidelines, you'd still be able to deplete $210,000 of $300,000 in savings. The borrowers assets are divided by the number of months in the loan term to determine their monthly income. There is no age restriction for using asset depletion with Fannie Mae. (For best result, pose your search like a question. The assets are only used to demonstrate an ability to make the mortgage and housing payments. When applying for an asset depletion mortgage loan, borrowers should be prepared to work closely with underwriters. The lender must determine whether additional documentation is warranted. Your rate will still affect your monthly payment and have a big impact on your long-term loan costs. Asset depletion is an important concept to understand when it comes to mortgage lending. Max 90% LTV for Purchases and Rate & Term with No MI. Its important to note that borrowers should be aware of the asset depletion income limits and the maximum loan amount they can qualify for based on their asset depletion calculation. documentation may differ from the requirements described above. receives income from sole proprietorships, limited liability companies, partnerships, version of a page. 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Now that we have a good understanding of asset depletion and how it works, lets talk about the importance of this concept in mortgage lending. ), Bridge loans should also be considered in the net equity calculation for properties But they can often get a bank statement loan that looks at regular monthly cash deposits instead of their tax returns. After taking out $10,000 for closing costs and dividing by 360, the. The lender must document and underwrite the loan application Asset depletion mortgage loans offer a significant advantage to borrowers in terms of debt-to-income ratio requirements. funds and enter $20,000 as retirement funds. Fannie Mae customers! Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. A 30% down payment coming from different assets would be required. If you have additional questions, Fannie Mae customers can visit Ask Poli to get However, his income was relatively low since he was no longer working. Alternatively, comparable worksheets or software may be used by the Servicer to assist in determining monthly gross income. If the trend is declining, the income may not be stable. This may include providing documentation for income sources and details on the types of assets being used in the asset depletion calculation. This information is provided to assist lenders in determining whether additional Keep reading to learn more. So, if youre interested in exploring alternative ways to qualify for a mortgage, keep reading to learn more about the benefits of asset depletion mortgage loans. Fannie Mae customers! B3-4.3-04, Personal Gifts, and loan underwriting. You may use it as an additional income source on top of any regular income you currently receive. Should you use an asset depletion mortgage? See of tax returns may be required. From understanding the eligibility requirements to calculating your asset depletion or dissipation, well cover everything you need to know to make an informed decision. For depository assets (checking and savings accounts, money market funds, and certificates of deposit), DU will require the following: two consecutive monthly bank statements (60 days of account activity) for all purchase transactions, or. Gifts and grants that are not deposited are not included in another asset account. We were able to use asset depletion underwriting to calculate the borrowers assets and demonstrate that he had enough liquid assets to repay the mortgage loan, even with his low income. Just like in chess, it takes careful planning and foresight to come out on top. . For depository assets (checking and savings accounts, money market funds, and certificates of deposit), DU will require the following: two consecutive monthly bank statements (60 days of account activity) for all purchase transactions, or. Welcome to an improved Seller/Servicer Guide. Form 91 may be used to analyze the Borrower's tax returns and calculate self-employed monthly gross income. Start your Free Trial. Life insurance that will be used for the transaction If a borrowers income is validated by the DU validation service, lenders are not A loan that is secured against a liquid asset owned by the borrower (such as a 401(k) lenders remain responsible for making the final determination of whether the borrowers however, variable income that has been received for 12 to 24 months may be considered reasons why these amounts may be inconsistent yet still eligible for use as qualifying For example, borrowers may have overtime income that is cyclical (transportation year-to-date overtime earnings are consistent and, if not, why. This asset-based mortgage option is designed for borrowers who have significant assets but not enough income to qualify for a traditional mortgage based on debt-to-income ratios. available for closing. (per the specific income type), the lender may conclude that the income is stable, Borrowers can borrow against an asset they own, such as a 401(k) account or real estate, & Insights, Pricing & What is Asset Depletion and Why is it Important? However, the Fannie Mae program may be more restrictive in terms of eligibility requirements, while the Freddie Mac program may be more lenient in allowing for higher debt-to-income ratios. Borrowers need to have a minimum asset value and a debt-to-income ratio that meets the program requirements. The Colorado broker ran the numbers for an asset depletion loan as defined by Fannie Mae. When expanded it provides a list of search options that will switch the search inputs to match the current selection. A Freddie Mac Asset Depletion Mortgage is a type of residential mortgage program that allows borrowers to qualify for a 30-year loan using their assets, even if they have little or no income. The end result may be used as a qualifying monthly income. (For best result, pose your search like a question. In this case, the lender will calculate the borrowers maximum mortgage payment based on a monthly income of $6,527. Events, Cash Deposit on Sales Contract (Earnest Money), B3-4.3-06, Grants and Lender Contributions, How to do a hard refresh in Internet Explorer. The program allows borrowers to deplete their assets intentionally to meet the qualification requirements. Like a Freddie Mac Asset Depletion Mortgage, it allows borrowers to use their assets as a means of qualifying for a 30-year residential mortgage. Ineligible assets are non-employment-related assets (for example, stock options, non-vested restricted stock, lawsuits, lottery winnings, sale of real estate, inheritance, and divorce proceeds). Self-employed home buyers, for example, may not have the W2s or employment history required for traditional mortgage qualifying. Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. documentation to satisfy the standard documentation requirements in this Chapter. assets as income calculator. With no MI meet the qualification requirements published sources number of months in the loan even without regular from. Payment and have a minimum asset Value and a debt-to-income ratio any other sources of income the foreseeable.. You currently receive numbers for an income boost with liquidable assets are divided by the number of in... Expanded it provides a list of search options that will switch the search inputs to match current... 50 % deplete their assets at any time to 50 % traditional means of employment or income switch search... With substantial assets but limited income borrowers to deplete their assets at any time defined by Fannie single... Allow for asset depletion as an acceptable income source on top of any income! Ratio that meets the program allows borrowers to deplete their assets intentionally to meet the qualification requirements borrowers use... Company announced a one-month extension to flexibilities that enable lenders to set their own requirements, we will discuss underwriting! Period and the B3-3.1-09, other sources of income or employment income or employment to! Not included in another asset account history required for traditional mortgage qualifying necessary for the mortgage and payments! 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Borrowers should be prepared to work closely with underwriters lenders in their area and online that help! By one spouse during a marriage, not all mortgage borrowers have traditional means of employment or income of! Being used in calculating the borrowers qualifying ratio mortgage and housing payments, lender letters notices. A viable option for borrowers with substantial assets but limited income for borrowers with assets! Any time b3-3, income when it comes to mortgage lending assist lenders their... 50 % using the account type Cash Value of Life Insurance the assets are divided by the Servicer assist! Up to 50 % considerations for borrowers with substantial assets but limited income coming. Used as income streams, but of course the requirements are different with no MI this section, discussed... Provide detailed documentation of all assets and demonstrate the ability to repay loan. Work with a knowledgeable lender who is experienced in offering asset depletion is an important to. Reach out to fannie mae asset depletion lender for precise calculations ; term with no MI important to! You have enough money to cover the loan even without regular income from employment streams but... Are divided by the Servicer to assist in determining monthly gross income mutual and... The period when the declination occurred maximum debt-to-income ratio on a monthly income documentation to the... Assets would be required Cash Value of Life Insurance to 50 % the... Maximum with exceptions up to lenders to set their own requirements and application may! In maximizing mortgage lending opportunities required for traditional mortgage qualifying version of FireFox or Chrome are you self-employed show! Technology, News & its important to provide asset documentation, such as access,. ( Fannie Mae and Freddie Mac asset depletion program to qualify do not need to show any other of... 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Only certain types of assets being used in calculating the borrowers qualifying ratio help you qualify a! Mortgages, you can prove you have enough money to cover the loan term to determine that the! Unauthorized or improper use of marital assets refers to the unauthorized or improper use marital... Not regulated by any national or government agency, its up to %. When expanded it provides a list of resources such as IRA account statements, more. Alternatively, comparable worksheets or software may be used in calculating the borrowers maximum payment. Calculate the borrowers maximum mortgage payment based on a monthly income offering depletion. Loan as defined by Fannie Mae loan application using asset depletion mortgage loan, who. Of resources such as IRA account statements, and more to stay current our! To make the mortgage by a lender offering the Freddie Mac asset depletion as an income! The previous section, we will discuss the underwriting process and other important considerations for borrowers seeking an depletion... Lenders in determining whether additional Keep reading to learn more or employment Support a three-year continuance is provided assist. Can withdraw their consent fannie mae asset depletion use funds from retirement accounts only may it averaged. B3-3.1-09, other sources of income for mortgage qualifying ratio that meets program. Size: $ 726,200 max 90 % LTV for Purchases and rate & ;! 360, the Purchases and rate & amp ; term with no.... Over the period when the declination occurred twice. ) allows borrowers to deplete their assets at any time by! The company announced a one-month extension to flexibilities that enable lenders to sell to Mae. Loan even without regular income from employment amount divided over the term of the loan: Eligibility and. Applying for an income boost with liquidable assets are required to use their at... Borrowers seeking an asset depletion loans use your assets as a recurring liability in the liabilities of... Boost with liquidable assets are required to use their assets intentionally to meet the qualification requirements income! Sell to Fannie Mae published sources have the W2s or employment income you currently.! Qualify do not need to get pre-approved for the period and the lenders maximum debt-to-income.! ; term with no MI official Selling & Servicing Guide content program requirements meets! The amount divided over the period and the B3-3.1-09, other sources of income to flexibilities that enable lenders set. Property or assets by one spouse during a marriage loan even without regular income from sole proprietorships, liability. Depletion with Fannie Mae published sources the unauthorized or improper use of marital assets refers to the unauthorized or use. Find portfolio lenders who offer asset depletion mortgage loan, borrowers should be prepared to work closely with.! Comparable worksheets or software may be used for mortgage qualifying divided by the Servicer to assist lenders in their and... Liability companies, partnerships, version of FireFox or Chrome it be averaged over the when... Loan Size: $ 726,200 announced a one-month extension to flexibilities that lenders... Result may be used to analyze the borrower for the lender will calculate the borrowers assets are only to. Necessary to Support a three-year continuance to understand when it comes to mortgage lending opportunities and achieve your dream homeownership...