Question 1

What assets can I use to qualify in Oakland?

Accepted Answer

Checking, savings, brokerage, and retirement accounts are all eligible. Retirement funds are discounted — usually 60 to 70 percent of their value.

Question 2

Do I need any income at all?

Accepted Answer

No employment income is required. Your assets are converted into a calculated monthly income figure for qualification.

Question 3

What credit score do I need?

Accepted Answer

Most lenders require at least 680. Some non-QM lenders go lower, but expect a higher rate and larger down payment.

Question 4

Can I use this for a rental property in Oakland?

Accepted Answer

Yes. Asset depletion is not limited to primary residences. Investment properties and second homes are eligible with most lenders.

Question 5

How much do I need in assets to qualify?

Accepted Answer

It depends on the loan amount and depletion period. A larger loan requires more assets to generate enough calculated monthly income.

Question 6

Are asset depletion rates higher than conventional rates?

Accepted Answer

Yes, non-QM programs carry a rate premium over conventional loans. Rates vary by borrower profile and market conditions.

Asset Depletion Loans in Oakland, CA