You may be able to qualify under an asset based or asset depletion calculation. What is an asset based or asset depletion calculation? Lenders use different calculations but take a percentage of your assets and treat it as income. The loan then meets the ability-to-repay requirement and complies with Dodd-Frank legislation.
It has been many years since Dodd-Frank Act passed. The economy is much stronger today and there is more confidence in the marketplace. Investors of mortgage loans have become more confident, too, and there are now more products available.
Today, if you have enough saved to pay cash for the house, but do not have any income, you may be able to qualify under the asset based or asset depletion calculation.
Counsel Mortgage Group®, LLC
AZ MB #0909580
CA DBO #60DBO43873