Can I purchase a home if I don’t have a lot of monthly income but received a large settlement?

Often times, yes!

There are many mortgage products that allow us to utilize asset accounts as income (retirement and non-retirement) without requiring a distribution or moving those funds to a new institution.

Whether it’s a large savings/investment account, inherited retirement and/or stock accounts, or settlement from a recent divorce, we can typically use those funds to help qualify for a mortgage even if your monthly income is low or not stable. While this depends on mortgage qualification as with every scenario, it is an important piece of understanding home buying options that most people overlook!