Whether you are downsizing, buying a second home or moving to New York after selling a business, your balance sheet may say more about your ability to pay than your tax return does. Asset-based mortgages look at liquid savings and investments rather than monthly earnings. A loan officer can compare a non-QM asset depletion scenario with any agency asset-based option you might fit for your New York purchase. Accounts that are pledged or hard to sell usually will not count, so set those aside when you add things up.
Call to talk with a licensed loan officer. Programs vary by borrower, property and investor.
Mortgage lenders, brokers and loan originators serving New York are licensed by the New York State Department of Financial Services. Non-QM loans are made by the same licensed lenders and brokers, so you can confirm any company's or loan officer's license on NMLS Consumer Access before you apply.
Where the numbers point in New York
Counties with the most owner households headed by someone 65+:
| County | Owner households headed by someone 65+ |
|---|---|
| Columbia County | 41.3% |
| Otsego County | 40.3% |
| Warren County | 39.5% |
| Yates County | 39.0% |
| Sullivan County | 38.1% |
| Queens County | 37.5% |
| Ulster County | 37.4% |
| Broome County | 37.3% |
| Chautauqua County | 37.2% |
| Madison County | 37.2% |
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Prefer to talk first? Call (888) 508-8976. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.
Local pages in New York
- Non-QM lenders in New York
- Non-QM lenders in Brooklyn
- Non-QM lenders in Queens
- Non-QM lenders in Manhattan
- Non-QM lenders in Bronx
- Non-QM lenders in Buffalo
- Non-QM lenders in Rochester
- Non-QM lenders in Albany
- Non-QM lenders in Staten Island
- Non-QM lenders in Syracuse
- Non-QM lenders in Poughkeepsie
- Non-QM lenders in Yonkers
- Non-QM lenders in Binghamton
- Non-QM lenders in Utica
- Non-QM lenders in New Rochelle
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- Non-QM lenders in Schenectady
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- Non-QM lenders in Middletown
- Non-QM lenders in White Plains
- Non-QM lenders in Ithaca
- Non-QM lenders in Kingston
- Non-QM lenders in Watertown
- Non-QM lenders in Levittown
- Non-QM lenders in Troy
- Non-QM lenders in Niagara Falls
- Non-QM lenders in Freeport
Common questions
Which assets count for an asset based mortgage?
Cash accounts usually count in full. Stocks, bonds and mutual funds are commonly counted at a reduced value, and retirement accounts may be counted after allowing for taxes or penalties if you can access them. Assets that are pledged, illiquid or hard to value, such as business equity or real estate, are generally excluded. Each program sets its own list.
What is an asset depletion loan?
An asset depletion loan is a mortgage that qualifies you based on your savings and investments rather than employment income. The lender verifies eligible assets, subtracts what you need to close, and divides the rest by a number of months the program sets to create a monthly income figure. You may qualify even with little or no regular income, subject to credit approval.
Can I combine asset depletion with other income?
Often, yes. Many programs let you add asset-based income to Social Security, a pension, annuity payments, rental income or part-time earnings. Combining sources can help you reach the income figure you need without counting every asset. Tell your loan officer about every source so they can choose a program that allows the mix you have.
Other non-QM options in New York
Bank statement loansNon-QM lendersSelf-employed1099 loansP&L loansNo-doc / stated incomeNew self-employedITIN loansForeign nationalNon-warrantable condoBank statement HELOCInterest-only
Related guides
- Asset Depletion Loans Explained: Qualifying With Savings and Investments
- What Is a Non-QM Loan?
- How to Compare Non-QM Loan Offers: Loan Estimates, Features and Fit
Asset Depletion Mortgages overview · New York non-QM overview
- Census ACS 2020-2024, table B25007