“Asset Reduction Mortgage Will Work”
Mr. Petrowsky,
Your name was given to me by a friend you did a mortgage for a number of years ago and he speaks very highly of you. I recently moved here from the state of Washington. My situation is that I have a lot of assets, but no job and most likely will be going into business for myself. I feel comfortable doing a 20% down payment, but don’t want to use up my other liquid assets, as I may need those dollars in the future. I have just over $400,000 left once I put down the 20% and would like to buy something around $250,000. Is there any kind of mortgage that would be available?
I don’t get a lot of call for this kind of mortgage solution, but a mortgage would definitely be available for him. It is called an asset reduction mortgage. As long as you can show twice as much in liquid assets, this lender will grant a mortgage.
He was a little shocked when I let him know, he could start searching for a home.
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