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Asset Depletion Loans in Clovis
Clovis attracts retirees and high-net-worth buyers who don't fit conventional income documentation. Asset depletion loans let you qualify using liquid assets instead of W-2s or tax returns.
This works well in Clovis where established professionals downsize from Bay Area markets. Your investment portfolio becomes your income proof, not employment letters.
Lenders divide your liquid assets by 360 months to calculate qualifying income. A $1 million portfolio generates $2,778 monthly qualifying income under this calculation.
You typically need 20-30% down depending on property type. Credit scores start at 660, though some lenders go lower with larger down payments.
Asset depletion sits in the non-QM space, so you're dealing with portfolio lenders and private capital. Rates run 1-3 points above conventional, currently 7.5-9.5% depending on leverage.
Not all portfolio lenders offer asset depletion. We work with 15-20 that do, and their asset calculation methods vary significantly.
Most borrowers who need asset depletion should consider bank statement loans first. If you're still working but self-employed, bank statements often deliver better rates.
Asset depletion shines for early retirees under 59.5 who can't withdraw from retirement accounts without penalties. Your 401k can still qualify you even if you're not touching it yet.
Bank statement loans work better if you have business revenue or consistent deposits. Foreign national loans apply if you're not a U.S. citizen but have domestic assets.
DSCR loans make more sense for investment properties since rental income qualifies you directly. Asset depletion works for primary homes when traditional income doesn't exist.
Clovis home prices stay moderate compared to coastal markets, so your asset threshold goes further. A $700k home needs roughly $1.2-1.5M in assets to qualify comfortably.
Many Clovis buyers use asset depletion after selling Bay Area properties. You liquidate the old house, buy in Clovis with 30% down, and use remaining proceeds to qualify.
Stocks, bonds, mutual funds, and retirement accounts qualify. Lenders divide total liquid assets by 360 to calculate monthly income.
Yes, retirement accounts count even if you don't touch them. This helps early retirees under 59.5 avoid withdrawal penalties.
Most lenders require 660 minimum. Higher scores unlock better rates and lower down payment options.
Expect 20-30% down depending on loan size and credit. Higher down payments can offset lower credit scores.
Yes, rates run 1-3 points above conventional, currently 7.5-9.5%. This reflects the non-QM risk premium and varies by borrower profile.
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.