Question 1

How do asset depletion loans calculate qualifying income from my savings?

Accepted Answer

Lenders divide your total liquid assets by 360 months. A $100,000 savings account counts as $278 monthly income. That income stacks with any W-2, Social Security, or pension income you have.

Question 2

Do I need to have a job to qualify for an asset depletion loan?

Accepted Answer

No. Asset depletion loans don't require employment. Retirees, business owners, and self-employed buyers qualify on savings alone. You do need documented liquid assets — bank statements, investment accounts, money market funds.

Question 3

What's the minimum down payment for an asset depletion loan in Huron?

Accepted Answer

Typically 10–20% down. Some lenders go as low as 10% for strong asset profiles. A $300,000 home in Huron would require $30,000–$60,000 down. The rest comes from your mortgage. Your liquid assets are counted separately for income qualification.

Question 4

Can I use retirement accounts like an IRA or 401k for asset depletion?

Accepted Answer

Most lenders won't count retirement accounts because of early-withdrawal penalties. They focus on liquid, accessible funds: savings accounts, money market, non-retirement investments.

Question 5

How long does it take to close an asset depletion loan?

Accepted Answer

Expect 45–60 days. Asset depletion requires extra underwriting because lenders must verify and value your liquid assets. That takes time. Conventional loans close in 30–45 days.

Asset Depletion Loans in Huron: Qualify on Savings, Not Just Income