Between Jobs – Leveraging Assets for Purchase of Second Home

< Back

CLIENT: Mark, a 55-year-old ski enthusiast

LOCATION: Ski condo in Maine

CHALLENGE: Qualifying for a mortgage while between jobs, using assets as income

Between Jobs – Leveraging Assets for Purchase of Second Home

Mark, a passionate 55-year-old ski enthusiast, was eager to purchase a second home—a cozy ski condo in Maine. However, Mark faced a significant challenge: he was between jobs during the purchase process, making traditional income verification impossible. Despite having substantial assets, traditional lenders were hesitant to approve his mortgage application without steady employment income.

Determined to make his dream of owning a ski condo a reality, Mark turned to Kate Garabedian of Keys with KG, known for her expertise in handling unique and challenging lending situations. Kate recognized that Mark's substantial assets could be leveraged to qualify him for the mortgage despite his current employment gap.

Kate meticulously evaluated Mark’s financial portfolio, including his savings, investments, and other assets. By demonstrating a strong and stable asset base, she was able to present a compelling case to the lender, using these assets as income for qualification purposes.

Thanks to Kate’s innovative approach and thorough understanding of asset-based qualification, Mark successfully secured the mortgage for his ski condo. Within weeks, he was enjoying his new home, ready to hit the slopes. Kate’s dedication and resourcefulness turned a challenging situation into a seamless purchase, ensuring Mark could continue his passion for skiing without financial hurdles.

Case Studies