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Asset Depletion Loans in Angels Camp
Angels Camp attracts retirees and second-home buyers who own significant assets but lack traditional paychecks. Asset depletion loans convert liquid holdings into qualifying income.
This loan works for Calaveras County buyers who sold businesses, inherited wealth, or live off investments. We divide your assets by 360 months to calculate monthly income.
Most lenders require $500K minimum in liquid assets to make the numbers work. Credit scores start at 620, though 680+ gets better rates.
You'll need 20-25% down for primary homes, 30% for second properties. Lenders count 70% of retirement account balances to account for early withdrawal penalties.
Only specialized non-QM lenders offer asset depletion programs. Regional banks in Calaveras County don't touch these loans.
We access 15+ non-QM lenders who handle asset-based qualification. Each one calculates depletion differently—some use 84 months instead of 360, which doubles your qualifying income.
I see this loan work best for Angels Camp buyers age 55+ with $1M+ in assets buying $400K-$600K properties. The math gets tight below those ratios.
Biggest mistake: waiting until after you move assets. Do the loan first, then reorganize investments. Moving money during underwriting restarts the entire approval process.
Bank statement loans work better if you run an active business. Asset depletion suits retired folks or trust fund beneficiaries with no business income.
DSCR loans beat asset depletion for investment properties since they ignore personal finances entirely. Use asset depletion for primary or second homes only.
Angels Camp sits in the Gold Country where property values stay reasonable. Your $800K in assets might only qualify you for $300K in loan amount, but homes here fit that budget.
Second-home buyers love Calaveras County for the historic charm and Sierra foothills access. Lenders charge higher rates on second homes, so budget an extra 0.5% compared to primary residence pricing.
Stocks, bonds, mutual funds, CDs, and savings accounts all count at 100%. Retirement accounts like 401(k)s and IRAs count at 70% of their value to account for penalties.
No. Asset depletion only works for primary residences and second homes. Investment properties need DSCR loans or traditional income documentation.
At 360-month depletion, $1M generates $2,778 monthly income. At 84-month depletion, the same assets create $11,905 monthly income—shopping lenders matters.
No. Lenders verify you own the assets but don't require you to sell them. You only liquidate what you need for down payment and closing costs.
Rates run 1-2% above conventional loans. Expect 8-9% as of early 2025 depending on credit score and down payment size.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.