Joe Lonsdale explains a new loan program that lets you use retirement account balances as income to qualify for bigger mortgages. The update removes the old 62-and-a-half age requirement, opening it up to younger borrowers.
Interested in a new loan program that lets you use additional income to better qualify for your home loan, check out our new updates. So it used to be that all lenders could do what's called asset depletion. Once you reach 62 and a half years old, you're getting a home loan. If you have retirement accounts that you're not drawing money from, the lender could do a calculation and give you credit for a assumed draw amount from that as additional income to help you qualify. What we've done is we've removed that retirement age requirement. So now this is open for anybody that has a retirement account, even if they're not 62 and a half years old. So you can do a calculation, give you credit for the balance in your retirement retirement account and add that on top of your normal daily job income to help you better qualify. Now this is for conventional financing with at least 20 down on a primary or second home only.
