Qualifying without an income is unheard of in the Traditional lending world. People who are retired and living on a low fixed income typically have a difficult time obtaining home financing through Agency lenders because the Debt to Income guidelines are too strict, preventing them from getting the loan.
New Castle Mortgage can qualify a borrower based entirely on the Borrower’s assets without taking into consideration whether or not they have an income. The program will use assets like Savings Accounts, Checking Accounts, and even Retirement Accounts in place of an income. These assets along with a good credit history can be used to qualify the Borrower for a loan.